Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-07-17

THEY REFUsE TO ADVANCE, IN
SPITE OF sAxTIAGO's FALL.
MONEY SEEKING INVESTMENT.
Result of Certainty That War Loan
Would He Absorbed by small HID
ders-strength of Corn Prevents
Decline In wheat.

NEW YORK, July l6.-Wall street ap-
paTently remained unconvined to-day
that tho values of securities had been IN
creased by the capitulation OF Santiago
and prices stubbornly refused TO advance
| In spite OF that event. The upward ten
dency of the Americans In London was
viewed with apathy, and the few advances
at the opening here were not up 10 the
London parity. The accumulated orders
in commission-houses were Of very small
volume, the outside public being spps-
rently taken up with other interests than
speculation In stocks. The bears were
confident and aggressive. and were
prompt TO take advantage Of the absence
of buying demand TO attack the market.
There seems no pending development IN
the war situation 10 require caution on
the part of the shorts.
The bank statement is not readily ana
lyzed. The DECREASE in cash or $i'Vw,W
Is practically all accounted for by the
gains of the sub-Treasury during the
week, on account of the bond supscrp-
tons The governments gain on this
account is not reflected In the deposit
average In the banks az was the case iast
week The loan expansion IL eonsioeraoly
eurtailea but still reflects GOOD nusi~
ness. The legal-reserye requirement IN
very little changed by reason OF the siidn
decrease in deposits, so thar the uecHhe
in cash is almost all reflected III the ae-
crease of surplus,
RELEASE OF FUNDS.
Early in the week there there was
very conspicuous pressure OF money seeh.
ing investment, as result propaoiy oi
the certainty that the government loan
would be easily taken up ny sDail pro.
ders. thus releasing funds held against
Kids made for larger amounts. The move
ment was most conspicuous In what arg
called speculative bonds, the present hish
nrices Of well-secured bonds beng almost
prohibitive. OF the speculative bonds one
class is made up OF securities on oanN-
rupt roads. with a reorganization in pros
pect and an exchange OF existing securi-
ties for new issues. Another CLASS con,
sists of the bonds Of newiy-oFgahi]eu
roads. still held by large underwriting syn
dicates, which have not realized on theni'
and presumably, therefore. they nave
not found their true price level. Another
class is made up Of the so-caiied income
and adjustment bonds, the amount OF the
payment upon which Is contingent upon
earnings. All three Of these classes nave
been largely dealt in during the week,
the total par value of sales each Gay
running nearly to s60W.OO ana not
falling below $4,000 until fridaS'
The Htchison issues have been most con-
snicuous. and the demand for the ADJUST
ment bonds have overfowed to the pre-
ferred stock, the CAIN Oh wnieh " va"
ings comes next
The new United States as, coupon,
gained /. the new As registered, y, and
the old as, registered, Ia In the pid price,
MONEY AND EXCHANGE.
Money on call steady at W. per cent;
nrime mercantile paper, 3%iG4 per cent
Sterling exchange steady with aes9a,
business i'm bankers bills at s4.soAqA.so
Tor demand. and at $iS4l.asisiA for sixty
days; posted rates, aS,sesAsN coi''''e'-
cial bills. &ssqs4s8h. H.,
silver certificates. 59059H. Bar silver
80 is Mexican dollars, IS b-S.
state bonds dull Railroad bonds stehds'
Government bonds steady.
A