Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-12
STOCK PRICES DOWN.
VET DECLINES OF FROM TO =
POINTS ALL THROUGH List.
FURRY IN WHEAT MARKET.
- threatens for Time TO sweep
Mig Bulls OF Their Feet-Coarse
Grains Comparatively steady-Pro-
,isious Lower.

NEW YORK. March u.-There was n !
brief show Of strength by some stocks In |
r.s carly trading this morning. due 70
prices being announced on the London
Exchange above the New York parity last
..ert The advance did not reach the
.rdon level so that there was consider
able arhitrago buying for London ac-
count This buying soon came 20 an end
and gave color to the supposiuon thai
... orders were merely placed for effect
lhe whole list soon yielded TO depression.
and the decline was only occasionally ar
rested by unimportant rallies duyi.g the
rest If the day. The strength displayed
ty American securities in the carly deal
.rgs IN London was in strong contrast
rr She weakness OF Spanish Government
BONDS. which were poorly srppottd,
either in London or in Paris The only
rational explanation that seems available
s.r ,nis movement is that London felt
-s., there was a prospect of avoiding
.Hsuuues between the United States and
spain. but was alarmed by the Spanish
Governments acute financial straits.
sentiment OF the local exchange with
regard 10 values was not in accord with
..at OF London. as is shown by the days
net declines. which run between / and
points all through the list, and over that
.r exceptional cases. The fJll Il prices
was at no time violent but the offerings
OF securities were constant. and there
was no support apparent at any point in
thr list There was. indeed, a less acute
depression shown by ST. Paul than by the
utrer Changers. the price having crossed
Burlington during the day, and closing
above. Kansas and Texas preferred was
exceptionally weak. and fen at one time
Sl-4 points.
The extraordinary weakness of OK
change made IL possible to-day for the
great importers TO withdraw gold from
the Bank OF England, in spite Of the vir-
usI premium asked by that institution.
The demand in Paris for gold was reflect
ca also in a stiffening of the discount
rate in Paris.
Yesterdays late decline I'm local call
money rates proved TO have been manipu-
lated. and the rate steadied 10 ID yer
cont. again to-day. The local banks con-
t.nue 20 lose money 20 the interior, and
how far this movement is offset by The
receipts of imported gold VIII not be
definitely known until to-morrow's bank
statement appears. The decline to-day in
the exchange OF the New York clearing
house banks U less than SlO9 600 900 indi-
Gates the decreased use Of money The
banks are contracting their loans, but
quite a large part Of this contraction
goes 20 release sterling exchange which
was used as collateral, and which is
being liquidated for the importation of
gold
The weakness in the bond market to-
day was rather more marked than
hitherto. but business was not on large
scale. Total sales, 81. 10000. United
States new As are l per cent lower
and old as. coupons. - per cent, ano
DO. registered. ii per cent. lower, BID,
The total sales Of stocks were $1,000
shares. including AtchisOn preferred, o.
go: Chicago, Burlington and Quincy, 40
Go: Louisville and Nashville, 300; Man
haitian 10 500; Metropolitan Street Kan
way. 6.725; New York Central, |S@O' North
ern Pacific 1920: do. preferred, 1890
Pock island. 1880; ST. Paul. $42,377; Unior
Pacific 1890. American Tobacco, lIltO
Peoples Gas. 1885; Sugar, 55,S2S; West
ern Union. 6,720.
MtNE1 AMI A<-NNAA-A@'~
p. M.-Money on call steady at ! l-2a
per cent; last loan at per cent prlni
mercantile paper, 4li4 1-2 per cent
SterIinq exchange weak, with actua
business i'm bankers bills at &S 81 To-
demand and $3.50 ga for sixty days post
"a rates. S4S2qS4S3 and SA&a$iS5 IL
commercial bills. $3.50.
silver certificates "a 1-iQ55. heXicai
dollars, A "a. -,
Government Nbonds weak. state bond
dun. Railroad bonds weak.
BANK CLEARINGS.
The total bank clearings in the Unite
states for the week were 81 2S2' al, pc
cent. increase 3SS; exclusive oil Ne'
York. $50. 26S. 1888; per cent. increase 'I'o'
STOCKS IN LONDON.
1rno 1,yenine, Posts London fnancia
y.hIeorsn, saws: The stock markets her
orered better to-day then became nat o
fTrther foundations. but recovered latei
md closed STEADY TO firm. one smdll IAN
,rs was announced. BraZils rename
est on rumCrs of further issue OF pa
DER money by the government.
S,apish securities were also heaNii
gold ON talk of a default in coupons OF
reduction OF interest. The latter IL po.
eple INT nothing define is known. spar
ISL bonds closed fiat This was paItl
49,, -, further llauida tons by weak mel
6eIned nv r,lmors after business noun
that the United States was about 10 az
rIare the independence OF CUBA.
rho chinese loan has been deferred u
81, N1.rcb DIST. A large Australian con
~, aoated here yesterday with cap
tal Of 81. .O0O was covered nearly '"e'
IS times over. ,o..or ,fter
- ~ dulness, but the postum
most unsatisfactory, and hliaiOi
80 90 not impossible. Exchange q
-, f. ND 10 25.31 1-2025.% L. lhe'
a. ii,.ts do,,bt that underneath the qua
-, Sa,,yeen "parauet" and "coulisse
aa,t-Seroific feeling. and learn
we - one important Jewish nous
.,or.,o-rinp ,tg operations TO LONDON =
tsi,io,,a1 nremium is charged oy u
p.rL ~ France on eagles, thus V" -
I'm n.,,hdrawal Of elOO,OOO from the Bar
az England to-day.
NJ" iOhN closing stock
,.o,,s,.. ,roneka aud santa re .-'' '' "a
49, sCo ureferred. ..ss.' l8
Baltimore aud ONO .'-'''''-''.... 80
canada Pacihc....s -.''''' 49, .....s as
Canada SOuthera......' '''''''.......... 1
Central Pacific. .....s.''' -. lb
Cb..aDsaKe aud OaiO... ...'-'''''' 200
Chicago Auc Aiton -. '.,, -, ....... 80
ChtcaFo Burlington and SIinO' 81
Cht.agO aud Eastern hh"0'' ..... 81
C. O. G. and ~. LOUIS. 80 -. 10
O. q q and St. LOUIS pfeieil0N''' IO1
Delaware aud Hudson 80. ..;;;;:s,arn, $50
Delaware. Lackawanua anu "V' 80. II
Denver and Rio Granoe. -. 80. .:a .... A.
Denysrand Rio Gran1e, prefeIi0N' 12
n