Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-29
STOCKS GAIN A BIT.
CLOSE GENERALLY A FRACTION
ABOVE FRIDAY NIGHTS CLOSING.
YHE SPANISH FLYING SQUADRON.
Belief I'm Wall Street That It's Power
Iessness to DO Mischief Has Been
Demonstrated. and That 1t II Doom
ed to Defeat-Wheat slump.

NEW YORK. May 2s.-The fact that
to-day was holiday In London, and that
Monday would be holiday both In New
York and London, had the effect OF cur
failing speculative operations In stocks.
| There were two conflicting reports in cir
| culation, both coming by different routes
from the West Indies, one alleging that
| the United States fleet had been sunk
and the admiral killed, and the other
that Admiral Cervera had vacated the
harbor OF Santiago and escaped with MS
| fleet.
The market Yves not large nor the move
ment wide to-day, and changes were
small. There was reaction Co
| incident with the publication OF the Dank
statement, which was on its face faVo-
rable. But the expansion or over SSVVo'VOV
| in loans, while suggesting activity IN
| business, goes with the knowledge that
supplies of commercial paper have not
been large in the market. nor has the
demand for time loans been eager. Inc
close Tor stocks was, however, near the
ton prices. under the manipulation, and
generally a fraction above last nights
closing price. Prices of stocks snow
some substantial gains over those Oh
week ago, though the latter part OF the
week has seen a falling on in activity.
THE SPANISH SQUADRON.
The later resistance to the decline has
been encouraging to the bull element,
and the belief is general in wall street
that the powerlessness Of Cervera's fleet
to do mischief has been demonstrated,
70 IInlta6
States forces is confidently expected.
The financial world looks forward to
this defeat to bring into play many fac
tors of strength in the speculative out
look. Most potent Of these Is the con-
dition of the money market, which may
now fairly be designated as plethoric.
The country's net gold imports for the
fiscal year will exceed SlOO,OOO,UOO, winch
has never before been approached, except
in 1891, when it was over %I OOO,eo. There
has been at the same time largely in
creased output of gold by the home
mines, the product for the present year
being estimated at s6O.OOO,O0O.
The bond market has broadened during
the week, and has given evidence OF In
vestment buying at home points. Prices
are considerably higher all around.
United States old As have advanced IL,
and the SIS IA in the bid price. Others
are unchanged.
MONEY AND EXCHANGE.
Money on call easier at 1-4q1 IL per
cent; last loan, l 1-2. Prime mercantile
paper, 3-4G4 IL per cent.
Sterling exchange steady and nomlnal,
with actual business in bankers bills at
S.S6 1-4dSLs6 IL for demand, and at
81 "a 1-44S4.S4 IL for sixty-day bills. POST
ed rates, S4.S and s4a IL; commercial
bills, $4SSaSI.S3 IL.
silver certificates, bSa59 Bar silver
81 rs. Mexican dollars, As IL.
State bonds dull. Railroad bonds strong
Government bonds strong; new As regis
tered.
BANK STATEMENT.
The weekly bank statement SHOWS the
following changes:
Surplus reserve. increase, s2sSs,S0o
Loans, increase, IS 202, 4O0
Specie, increase, 81, 459, 200.
Legal tenders, increase, 22Si'So
deposits. increase. sl50lS6OO
Circulation, decrease, $500.
THE banks now hold $50, 7Oi,6o0 in excess
NJ the requirements of the % per cent.