The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-15
TO LEAVE STOCKS
SEVERELY ALONE.
That Disposition Manifested in the
Market Yesterday.
A QUIET FEELING IN LONDON.
Due Co the Address of Hon. Joseph
Chamberlain Regarding an Anglo
Saxon Alliance Bond Mar
kct Shows Reaction.

NEW YORK, May 1f-There was
very obvious disposition to-day in specu-
IatlYe circles TO leave tho stock market
Hlono pending the development or the
next moves of the Spanish and American
EQuadrOns. I.OudOns quiet feeling was
due 20 the plain speaking OF the British
secretary OF State for the Colonies, air.
Chamberlain, ass 20 the likelihood Of an
European lcOaltlOn against Great Brl-
tain. Apparently no account was taken
BY dealers IN securities OF the speaker =
assurance that Intervention in favor OF
Spain would not De assented 10 by Great
Britain. I'm fact all considerations turned
on tho expected news from Admiral
Simpson. The offerings for London ac-
count were well absorbed, iu spite OF the
prevailing dizziness. and prices were liited
above the London parity. Fractional net
losses were The rule 40 the close
The latter part OF the week mas been
reaction la stock market, but the last
prices are still substantially above those
Of last Saturday. except 10 some OF the
speCialties. Net gains range from n lId'-
ton mp 10 four points. The market mas
had 20 absorb continued offerings OF
American securities for foreign account
due 90 The more stringent money condl-
lions abroad and 90 the ehort 10 mltls"le
the demand for gold 20 settle exchange
balances These offerings were well do-
sorbed early in the week but in the duller
market since Wednesday they have had
moro marked effect. A more reliable indi-
cation or the IlaIlNisAt bAtibpiN - +N4''N 80
the money market.
me bond market has moved in sympa-
fnv with stocks. the latter part or the
week showing some reaction from carrier
strength and activity. United states
new as advanced a. the 5's and the old
as. coupon. - and The old as, registered
the total sales Of stocks to-day were
Jas 800 shares, Including Atchlson pro
TAs5. Chicago. Burlington ana QUINCY,
THi5. Manhattan, $3.50; Rock Island
> Gs5. American Tobacco, S'33i' sugar
g. 277
The Evening Posts London financial
tahIeEram says. The stock markets here
opened Nat to-day on Colonial Secretary
Chambcrlains speech. ana aiter leeule
rally. closed dull Americans wore espe-
CfaIIv weak ass also Argentines. learn
That the Argentine Government rs ar
ranging 20 place d ncr cent treasury Dllls
here. Russia is buying gold again
MONEY AND ENCHANGE.-Mon on
cali steady at . per cent; prime nof-
c1ntile paper. 500i2 per cent sterling
exchange strong. with actual business M
bankers bills az 4s5ll for demand ana at
4s2i. for sixty days. posted rates, 4s3p
lsGl'. commercial bills, 4sOi4qisl Silver
certificates. 56HQj7t; bar silver g6&
Mexican dollars 40. State bonds dull'
railroad bonds weak; Government bonds
steady
BANK STATEMENT.-The weekly
bank statement shows the Following
changes. 800 800
surplus reserve. increase ......S30s. .o.750
Loans. increase ..... ..s.......' $500
Specie. increase ..-... ......'.' 9'oft'9-'I1
LeTal tenders increase ......... l,-Vo' -
Deposits increase ........'''''' 'i002,.t'1nD9
Drf 5d t5Ts 3 move hold Si5a57 225 in ex
cess of the requirements Of the - per
cent rule.
banke according 70 their statement Tor
g.u, reserve Of nearly S41,WnoJ)' the
largest reported since last july Ihe
downward tendency OF the money mar
krt which manifested itself earlier 10 the
week. finds "a logical explanation I'm the
statement with its reported heavy cams
al cash. The amount actually ADDED 10
the reserve was not so important IN ue-
determining the immediate course OF the
market ass the causes underlying tne
change for the week. Thus. it is known
fuar The movement in the Interior Whlch
has been "a constant factor IN the sltua-
ton for weeks past is almost, II not quite
wholly 40 AN end, and the diminishing
probability OF an early bond issue mas
brought banks Co the point where they
prefer 90 put their money 10 use, rather
ihau allow 30 TO lie idle. The Govern
mont continues it's heavy disbursements,
and gold imports arc also widening N
stock OF money in stock. The whole
outlook therefore. favors ann easy mar
ket not only here but ci. u-re. The
expansion in loans is fave ir indica-
ton of better business con .ous. and
while some of the increase .. presented
Tor the week is due to stoco exchange
activity. there BIS more doing Boa mercan-
tile paper, and the banks have not been
GLOW 90 increase their Investments IN
this line at rates considerably under
those quoted for some time past. The
national bankers are now being expected
t0 show unusually heavy reserves held
bv the interior banks. and this viii be
important Boo determining the course OF
money for tho rest of the season. I'M New
York the banks have fallen of heavily in
principal items. but n Chicago ana other
cities gains seems 20 bee the rule. a rec
NcN movement 90 this centre would. ut
course demoraIizc the market but once
it is known that a bond issue is not DO
hc mad, for some time 20 come, such
"a movement BE- bound 10 follow. The husi-
ness conditions throughout the West are
So favorable. however. that use may be
found for great deal OF money that
ot herwIse would be added to the IDLE
capital here. That money can maintain
its present level is doubtful. The gains
u deposits for the week were made in
great part nv four or five OF the leading
hsnks and inc loan increase Is also trace
able Co them. but the causes operating 10
produce them will soon be reflected In
other institutions with results not al all
difficult TO foresee.
STOCK QUOTATIONS.
Closing stockA