Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-03

ness OF spanish As on lOrelsu eNcHdiBtS.
Broadly stated, II seems remarkable
that there should be a sharp net advance
i'm the prices OF securities on the Stock
Exchange in the week which witnessed
the publication of the report of the
Maine board Of inquiry, ana the appd-
rent abandonment of diplomatic negotia-
lions looking TO the conservation of peace
with Spain. The fact is that prices are
from 10 10 4 points higher I'm all of the
principal stocks of the bulk of business
in the Stock Exchange. This Is due in
part to technical conditions in the mar
ket. Not for years has there been seen
so violent an advance in prices as in
Mondays bear panic. The bulge in prices
seems to have been designed originally
by some Of the large bear operators
themselves, with the purpose of shaking
off some Of their undesirable followilg g,
by forcing them to cover their contracts,
and thus leave the way open for fur
ther decline. The big bears were sup
posed TO have been caught in their own
trap and it was generally believed Mon
day night that the short interest had
been practically eliminated from the
market. Later developments, especially
on Wednesday. showed that there was
still large outstanding short interest.
and the belief prevailed at the end of the
week that this short interest was still
large. The persistent sensitiveness OF
the market TO the faintest suggestion OF
a peaceful adjustment of the Cuban ques-
ton goes to confirm the belief.
Aside from this question the business
conditions are felt to be stronger than
for many years. The demands on New
York from other domestic centres for
money show a marked increase, and the
losses In currency in the latter part Of
the week are probably not adequately re-
fiected in the banks returns. Estimates
and opinions vary widely as TO how far
the imports of gold which now amount
to over 100000 from Europe, have
been drawn against current grain and
Of ha
mulated exchange against Europe still
remains In New York as collateral for
loans. That there is still a liberal sup
ply Of exchange TO be liquidated is gene
rally believed. The large banking and
financial interests in Wall street are be-
lieved to be in substantial accord re-
garding the course to be pursued TO In
sure the greatest safety and stability in
the event Of the shock of war.
Bonds have moved in sympathy with
stocks. but have not been active Prices
are 2 TO per cent. higher-in exceptional
cases to per cent. Government bonds
weakened in the latter part OF the week.
but they show net advances over last
Saturday. amounting to 2 3-S in the new
As, coupon; in the new AZ, registered;
l in the old As, coupon, and IL in the SIS
and rs.
The total sales of stock were 277.SOO
shares, including Chicago. Burlington and
Quincy, 321i0 Louisville and Nashville,
5,2iO Manhattan. 1850; Metropolitan
street ItdllWdN, lZt1o0s New 1oTk ttUlTdl,
$3.50; Northern Pacific preferred). S765;
st. Paul. 27,TO; Union Pacific (preferred),
20,Ol5; Union Pacific. Denver and Gulf.
CLIO; American Tobacco, 7,0l5; Peoples
Gas, $3.50; Sugar, $3.50.
MONEY AND EXCHANGE.
Money on call firm at 2a3 per cent.
last loan. 2 per cent; prime mercantile
paper. sac per cent.
Sterling exchange steady, with actual
business in bankers bills at $i8 l-2p
$483 ga for demand, and $3.50 3-4QaSl
for sixty days; posted rates, A.a l-2D
$4S2, and Si.S4 l-2QA.S5; commercial bills,
$3.50.
Silver certificates, IS 5-Sa56 IA; bar sill
yer. 5JlI55 10; Mexican dollars, 40.
State bonds dull. Railway bonds weak.
Government bonds weak.
STOCKS IN LONDON.
The Evening Posts London financial
cablegram says: The stock market mere
opened fiat to-day. but there was no
panic. The condition was apathetlc, with
a certain amount Of nervousness In places,
The account is generally really too small
to warrant anything like panic. Inc
chief apprehension is In the money mar
ket, on fears of a further gGd drain 10
New York, in the event OF war. Inc
Bank Of England reserve last week was
the lowest since 1898. War rates at Lloyds
are nominally quoted at 4Oc.; but such
transactions are merely OF betting ma
lure not genuine DuSlUtSS. 1OloplS nNAp
III IA and Spanish fours, AZ 1.-the close
being al the lowest. Americans were nat,
but above the New York parity all day.,
Particulars are now published OF GIL
gantic trade combination in cotton-spin-
ming, consisting of seventeen prominent
firms, chiefly in Manchester and Bolton,
and OF fifteen other firms or doupiers.
The share capital is 100000, and there
are also G2,0OO,00 in debenture STOCK.
BANK STATEMENT.
The weekly bank statement shows the
following changes:
Surplus reserve, increase, N,ob9,3zo.
Loans, decrease, si3lIZp.
Specie, increase, 20, 266tOO.
IegaI-tenders. decrease, A,2o7N.
Deposits decrease, S3,4l3,tOO.
Circulation, increase, A,lOO
The hanks now hold SIS, 40. 800 In excess
Of the requirement Of the 20 per cent
rule. ,,, ..,ov. -,
the Associated Banks OF He ~ shows snow an
increase of 81, S69.325 In excess reserve,
but IL is evident that the goid imported
IN date does not show In the totals.
Since the present movemeRWt Iee ovsr 's COO
900 600 in specie but the specie increases,
as renorted by the banks, since the nrst
receipts are less than 100000. This,
IL should be stated. is inclusive OF DO
mestic receipts. o,. ,,,ora no,
widely different from what had been an
ticinated. Loans show a further shrlnk-
ave OF S4317, 200, due to general hqulda-
RON i'm Stock Exchange circles and the
sale OF sterling exchange collateral, whiie
denosits decreased 81, 437O0. The shrink
age I'm deposits probably represents III
mart Withdrawals by interior banks, since
the movement of currency is once more
against this centre. but the loss or y, 90
zoo in legal tenders appears 10 be in ex-
cess of the known shipments TO country
hanks The decrease Of S,4l31OO in de-
posits lowered the reserve requirements
SS53 425 and this, added to the gain or
81 Oi5 900 In cash. makes the expansion
in excess reserve as reported above.
The banks are on very so1d tootlhB.
Their business has been narrowed 10 close
limits. and their cash reserves nave IN.
creased i'm proportion. Counting the goiu
now I'm shipment, and the larger amounts
which can be obtained without trouble,
they are prepared TO meet emergencies.
FIXTURE money quotations depend on this
weeks developments in Congress but IL
"a assuring 70 know that chances or
Squeeze have been minimized 10 large
extsnt nv the preparations already made.
Any rapid advances are bound 10 bring
add,t,onal and heavier gold imports, and
AS the interior banks have taken at least
$40 c0O0 600 from New YORK INSTITUTIONS,
their reserves should be heavier than
ever. A.. A.. -,
IL is interesting TO note that the law
ful reserve OF the national banks. ac-