The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-12
SPANISH BONDS
WEAK IN PARIS.
Striking Contrast to Strength Of
American Securities.
THE ACUTE FINANCIAL STRAITS
OfSpain More Alarming TO Operators
Than the Prospect for War-An Or
ganizcd Raid on Letters Head
ell on by Heavy Buying.

NEW YORK. March 11.-There was a
brief show OF strength by some stocks IN
the carry trading TINS morning. due 10 the
price being announced ON the LONDON
Exchange aDOVe the New York parity last
night. Ihc advance did not rcdcn inc
London level. so that there was consld-
cradle arbltTagc buying IOr London dc-
count. Ihis buying soon came 90 an end
and gave color 10 the supposlbOn lhtt
the orders were merely placed Tor erect
The whole Inst soon yielded 10 depression,
and the decline was only 0ccaaloiaLIy
arrested by unimpOrtant rallies duIihs
the rest OF the day. The strength dls-
played by American securities IN INC
carry dealings ln London was m slIon6
contrast TO the weakness OF spanish boN-
eminent bonds. which were poorly sup
ported either IN London or farls. Inc
only rational explanation thdl seems
available for this movement IS mat Lon
don felt that there was a prospect OF
avoiding hOsulities between thc Cmtcu
States and Spain. but was alarmed 10y inc
Spanish Governments acute hndhciAl
straits Sentiment of the local exchange
with regard Co values was not lh "lOvi"
with that OF LOu0On, as ls SHOWN 10y tne
day s net declines, Which run between
and = points all through the ISL, anu
over that in exceptional cases. Ihe IAN
of prices was at no time violent, but
the offerings of securities we're CONSTANT
and there was no support apparent al any
point lu the list. There was ind.eu "a i,as
acute depression shown by ~. iaui IMAM
by tho other graugcrs, the price nav
ing crossed Burlington during the uay
and closing above. Kansas ana 1cNas
preferred was exceptionally weak. anu
len nt one time 3lf points. Inc eAli"0t-
binary weakness OF cNchahkc Wduc ~
possible to-day for the great importers 10
Withdraw gold from the Bank OF Eng
land in spite of the virtual premium ask
cd hy that institution. Inc demand in
Paris for gold was rejected also IN a"
stneulug of the discount rate in PARIS.
v..f.rd4yt- late decline iu local call
money rates proved TO have been mahlpu-
lated. and the rate sttadled 20 ~ per
cent. again to-day. The local BANKS con-
tiuuc 90 lose money 90 thc interior, anu
how far this movement ls OFFSET ny the
receipts of imported gold VIII not DtutIi-
uifcly known until iEmoiio" 5 pauN
statement The decline to-day pa INC eA-
change of the New York c"lcariuc-house
banks TO less than &lnH 0oOVoo indicates
fnf decreased use OF money. me bdHn9
.rs contracting their loans, but Qulie
LARGE Dart of this contraction goes 10
rslcn~t sterling exchange. which was used
a- collateral. and when Is htliS Hpui-
dated for thc importation of gold.
Tn, weakness boo the bond market TO-
dav was rather moro marked thah
hitherto. but business was not ON p large
SCALE. Total sales. S~@.2-0~Np. lhlteo
safes new fs are ] per cent. lower the
old Us. coupon. De- per cent. ana do' regis
tercI. d per cent. lower bid.
Tho total sales of stocks were dSb'fp
shares. including Atchison preferred
HNIHN. NUNTNEN. lHNIIANhN'N N". H-|-rf
Manhattan. 1880. Metropolitan street
railway. G.12J. New York Central. so
Northern Pacific. 100. do. preferred, ~
l.5. Rock Island. 1880. 81. Paul 4&3'l
Union Pacific. 1920. American Tobacco.
i7f5O. Peoples Gas. 1880. Sugar, 10.S2s
Western Union, co."
Tho Evening Posts London financial
,sblecram says. The stock markets mere
uIpnrd better to-day, then became MAJ
900 further liquidatiOns. but recovered
later. and closed steady 90 firm. One
Small flIurc was announced. BraZils re-
named flat ON rumOrs of "a further issue
of raper money by the government
Spanish securities were also heavily sofa
uu talk of "a default I'm coupons OF a re-
dIofi0u of interest. The latter ls possible.
but nothing definite is known ana closed
r4f. This was partly due To- further
foundations Bog weak men. helped by .Iu-
mors after business hours That me Jnllca
States was about 90 declare the llde-
u.uleucc of Cuba. The chinese lodi mas
h.,r deferred until March 2lst. a large
Australian company hoated mere ytst'I-
dtV with 90 capital of t2,1oD,Npo, was coy
,rtd nearly twenty times over. Inc ldli7
Huur-c was better after "a period OF duli-
ness. but the position Us most uhsalla
factory. and a financial panic is not M
rlDeeihlD. Exchange ON London 1s up 10
5~HI.u253fig. There is little DOUBT that
underneath the quarrel between iaIqut'
and lOuIl-sD Is the aut1-Semltlc iccIht,
and learn of more than one important
house Transferring its operations To Lon
DION. Additional premium charged 10y
.nr M Withdrawal of t1OO,OOO from the
llauk of England to-day.
MONEY AND ENCHANGE-Money on
call steady at 1l.d2 per cent: last loan
af . p.r cent. prime mercantile paper
iqi. per cent. Sterling exchange weak,
win actual business iu bankers bills at
t~4a. Ton demand and az 4eV'i for sixty
.| O. NkNIIAL and AAHI AfNH