Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-01
STOCKS IRREGULAR.
MYSTERIOUS UNDERGRADUATES ALL
DAY IN WALL STREET.
PERSISTENT DECLINE IN PRICES.
Impression That II is Manipulated
fn Behalf of Evident Demand for
Provisions Firm.


rather mysterious undercurrents all day
in the stock market. which TO public
news served to explain, and for which the
gossip in Wall street found numerous
and contradictory explanations. The
opening prices here proved TO be the low
est OF the present period, and there was
an eager demand Immediately manifest
for stocks, ali through the list. This de-
mand continued with only short periods
of cessation throughout the morning ses-
sion, and rallied prices almost or quite
TO last nights closing level. The strength
In the New York market found re-
Spouse In a rally on the foreign exchanges
In the prices Of American securities, ana
also Of Spanish securities, which were de-
pressed early in the day on pessimistic
reports from Madrid. The latter portion
OF the day saw persistent decline In
prices in New York, with only occasional
periods of steadiness, most stocks fall
ing below the opening prices, and closing
at or near the lowest. The appropriation
by the New York Legislature OF one
million-dollar emergency fund for de-
fence was the nominal motive of the
later decline.
Although nearly the whole of the days
business was done at prices below last
nights level, and although the net
changes are all on the side of losses, ex-
tending between / and points for most
stocks, and over that in special cases, 1t
was very obvious that a large and rather
eager demand for stocks was evident du-
ring the day, and the prevailing impress
sion was that the decline was manipu-
lated to give effect to this demand.
The money market felt the effect of the
political outlook more than the stock
market. The general neglect of the time
money market, and the resort Of the bor-
rowers to call loans, resulted in stiffen-
ing call rates to-day.
The exchange market was dull and neg
lected, the further importation of gold
being largely dependent on the outcome
of the controversy between the United
States and Spain.
The bond market was less active than
stocks. and prices showed tendency to
sag throughout the day. Total sales
1.775,OOO. United States new As, regis
tered, and the old As, registered. were Il
higher, and the SIS Ia higher, bid.
asa. $40 shares. including Atchison prefer
red 10,7l5; Chesapeake and Ohio, 5.5lii
Chicago, Burlington and Quincy. 40sli
Louisville and Nashville, 1928; Manhat-
tan, 23OS5; Metropolitan Street Railway
II. 12O: New York Central, 9,425; Northern
Pacific. S765; do, preferred. 1920; Chi
cago Northwestern. 5215; Rock Island
ex-dividend, 1880; st. Paul $3.50; Union
Pacific preferred, H.20S; Union Pacific
Denver and Gulf. 67S5; American Tobac-
co. II ,9S9; Peoples Gas, 1880; Sugar, 12l,-
| 800.
MONEY AND EXCHANGE.
Money on call firm, at 2d3 IL per cent.
| last loan at 2; prime mercantile paper
| sac IL per cent.
Sterling exchange firmer, with actual
| business in bankers bills at SASS 3-i6$i.S
| for demand. and $3.50 S-4Gs4S1 for sixty
| DAYS: posted rates, $4d 1-2nS4S2 and
s4S41-2dsls5; commercial bills, $3.50 1-iG
| $4SO3-4.
Silver certificates, So 3-4qJ6 1-2. Bar sill
yer. 551- Mexican dollars, 40.
| Government bonds strong. state bond'
| dull Railroad bonds weak.
STOCKS TX LONDON.
| The Evening Posts London f1nancia
| cablegram says: The stock markets her'
| were unsettled to-day, prices seesawins
| within wide limits. A feature was th'
sharp drop in Spanish As from 81 to 81 IA
| due entirely TO the large block OF stocl
changing hands over the market for I'm
| mediate liquidation. They improved later
| and closed at 81 IL Americans were
| good. and closed steady and strong pu
| there Is a disposition to check all deal
| ings pendlng political developments.
| &c believed that unsettled politics VIII
nroblbit the closing Of the Stock Elk
| change as usual on Easter Saturday.
More gold will probably leave the Ban'
of England tomorrow for New YORK. IN
| sIigbt easing off in to-day's money mar
| ket was due to the fact that no chans
was made in to-day's bank rate IN
market probably owes the Dahk HOY
about e4,CCO0OO on short loans ana 80
100000 on bills discounted.