Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-14
STOCKS UNSETTLE D
LONDON REPORT THAT SPANISH
WE'RE OFF SANDY HOOK.
GENERAL PRODUCE DECLIN
May Wheat Loses Fifteen Cents
Provisions Drop-COrn ana oats
Follow suit-Money on Can steady.
Sterling Exchange strong.

NEW YORK. May 13.-To-day's stock
market continued in much the same I'M
settled state as was the case yesterday.
Early depression was reflected from
London. where the professionals were
selling American stocks on a rumor that
the Spanish feet was off Sandy Hook.
The improbable character Of TINS gives
an explanation OF a decline which was
obviously due TO bear pressure.
In spite Of a strong drive by the bears
apparently acquiesced in by the buils'
which resulted at one time In declines
running from TO 3 points, there was no
very large volume Of stock dislodsed'
and the bears FASTENED 10 cover. some
very large financial interests are credited
with having profit on the recent RISE ana
with being willing TO see a reaction lor
the purpose Of getting it again. As a
consequence. net changes on the day are
extremely narrow. and are for the moss
port Iosse. on the Industrials.
MONEY RATES COLLAPSE.
Rates for time money collapsed to 3 10
s1.2 per cent. for periods up to SIX
months. Rates for sterling exchange
rose half q cent for the pound. This
movement is said TO be due to reneWal
- denominations of exchange for invest
ment due TO the higher money Id'o9 ~
vailing abroad. ..,,- 4,
rhs bond market was quiet, outside OF
q Few sneculatiye issues, and the tone
was rather heavy.
u'bo total sales were S2,JVOVJO
T-nited States new tours declined 5-S;
the old fours. registered, II IN the pid
rrice There were sales Of the old tours
REGISTERED. at a gain of a half over the
last sale. or coo
The total sales of stocks were SF69o
ebares Including Atchson, preferred L.
oio. harrington. 1925; Louisville ana
Nashville. 1920: Manhattan l., lS'le9'
Netropolitan. 9lH; Missouri Pacihc' o.
ca. Northern Pacific, 5.795; Northern "a
cific preferred, $3.50; Rock Island -I''f2
ST Paul 81, 4ja; Union PACING preIe l..''s
o. qo5. Union Pacific. Denver ana Euli'
1855: Tobacco, j.152; People Jas
dividend. Is $50; Sugar, BITS
BANK CLEARINGS.
rho totaI hank clearngs IN the Cnlteu
states for the week were >lo'oViO,,' 20 o,,,
rcpt increase. 376: exclusive OF Ne"
! YORK, SltZ,vt5.eyof PC N'--''
MONEY AND EXCHANGE.
Money on call steady at per cent; last
loan at per cent; prime mercah'ile pa
per 1-2aG 10 per cent. ...,
Sterline exchange strong, witn ac.u Ia
t,.siness in bankers bills at $50 La
! stS51-2 for demand. and $iS24StS2 IL LOT
| eivtv davs: posted rates, AsfaSioi l.
| silver certificates 50 3-4p5' IL. Bar sIl-
,er G7-S Mexican dollars, a.
Government bonds weak. stas Dohus
| ann Railroad bonds heavy.
STOCKS IN LONDON.
The Evening Posts London hnanci 'il
-.,.io-rar, saws. The stock markets here
o,,Srod dat to-day. on the spreading oil
Tord saIisbury's gloomy speech regardlng
n,a west African situation, reported |.
Layo been made him at a private banque'
subsequently. prices rallied on goo
enc ~ the Paris Bourse, the reporleC
American victories. and the belief ina
~ new spanish cabinet is more peace
! e,pv inclined. Americans closed uui
! again. however ,-..,,,o,.,,
Eafirs were duh, on President Kruger
| inaugural. .,o rsleose nj
obo1t 10000. in japanese money MoI'
| will he released soon.