Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-13
ST0CKSDEMORALIZED
uEwosr uxvARrED DEPRESSION
TnnouGnour THE LIST.
BANK STATEMENT SHOWS STRENGTH.
~ wonsd Require n Very Severe
crs.s. Indeed 90 Bring Money 40
Acuse stage-Bad auarser-Hour I'm
wheat
wheat.

at che eHects tney acheNeo 'i Pi'o'
day. The bears. who attacked the mar
Ret nj the opening, had buying orders at
sbe pf.ces to which they desired TO drive
sfoclxs The market showed ITSELF so
wesk when these prices were reeched'
that the buying orders were quickly
wstndrawn. This covering movement
accounted for the sharp rally the mrs.
hour. and there were some recoveries at
she close. Otherwise, there was nothihe
To relieve the UNMARRIED depression which
prevailed through the whole list OF
stocks and. bonds The closely-held
stanuar,f stocks suffered with the purely
xpeciiatiee Issues. and in some cases
more severely. Lake Shore Is an eN-
ample. 1t sold at 1S5, decline OF
points. and closed with the bidding AT
only $50. Pennsylvania dropped tuil
points. ST. Paul suffered very acutciy'
probably on the uncovering OF margins
on recent speculative buying. and was
oSf.at one time s-S per cent. North
western dropped, IA, and Burlington .
points.
The total sales in the two hours of
frading-32s 3QO-were well up TO the ave-
rage OF full days business for the week.
exclusive : Of Monday, and blocks OF
several thousand shares were frequently
recovered Part of these offerings were
speculative holdings dislodged by ex-
hausted margins, but there can be no
doubt that sales of investment holdings
sueh as are not usually Influenced at all
by the speculative movement of prices,
are heginning 20 absorb an increasing
proportiof of the business on the Stock
; Exchange.
There was no specific item of the days
news that could be pointed to to account
for the Generalization OF the market.
II was caused rather by the general con-
yiction that the report of the Maine board
Of inquiry and a statement of the fur-
.sher policy of the government toward
Cllbd arc imminent, and the unwillingness
81 operators TO carry open contracts over
Sunday.
The weekly bank statement shows
that the gold imports received for the
week have not been sufficient to Offset
the continued Withdrawals to the inter-
Tor so that the cash holdings show "a net
decrease of $736. 700. But as the heavy
drawing down of the deposits has re-
duced the % per cent. requirement by
s263 .62J, the surplus reserve is enlarged
by $l,ss7,925.
THE WEEK > OPERATIONS.
The stock market ended the week as
81 began it--in a demoralized condition.
The New York Stock Exchange on Mon
day shared the depression existing on
every exchange for securities in the
world. On the London and the other
European exchanges the new demand
OF Russia upon China, and the tension
between France and Great Britain over
the West African situation were al
most as much causes Of alarm as the
relations between the United States and
Spain. So acute was the resulting de-
preston that so important an incident
as the Supreme Court decision in the
Nebraska maximum freight-rate case in
favor of the railroads was almost entirely
disregarded, although it has been eagerly
looked for each Monday since last year.
Spains prompt disavowal of any intention
TO demand ar even require General Lees
recall the satisfactory adjustment of
the difficulty over the sending of proyi-
sions to Cuba in warships, and the voting
by Congress of the $50,000,0O0 defence
fund, were all cited as evidence of i'm
proved conditions in our relations with
Spain. But that none Of these had any
deep-seated effect was shown by the
course of prices later in the week.
The course of the exchange market and
Tic. COnllliQSu VI SOiu uluSl pt az
cepted also as additional evidence Of
operations for emergencies. There has
been no interruption to the engagements
OF gold for import, which have now
reached a total of considerably over &c.
0O00OO. AS high as seven per mile was
asked by the Bank of France for gold,
and finally that institution went so far
on Friday as to refuse TO pay gold, alto
gether Gold is, however. being taken
from the Bank of England for New York.
In view of the current rise in money
rates. this insistent demand for gold must
probably be attributed TO uneasiness over
the future, and desire to increase the
reserves of the precious metal against all
possible contingencies.
Railroad bonds have shown full sym
pashy with the weakness of stocks. The
teaiings have been mostly in the specu-
iative issues. and the liquidation was not
large. United States new As have de-
rlined BIZ bid; the Us and the old As, l
bid and the old As. coupon, IL per cent.
hid.
The total sales OF stocks Were 32S,3cO.
Including Atchison preferred. $3.50; Chi
tago. Burlington and quincy, 2O,oOS; Louis
willie and Nashville. 1850; Manhattan, l6,-
200: Metropolitan Traction Company. 600;
Reading first preferred, $3.50; Missouri
Pacific. 5.9l7 New York Central, l0620;
Northern Pacific, $3.50; do. preferred. IL
600: Rock Island. 1920: st, Paul, 90 42O;
Union Pacific, $40; American Tobacco,
s.9s0; Peoples Gas. 1886, Sugar, A,S2Oi
Western Union, 1890
STOCKS IN LONDON.
p The Evening Posts London financial
rablegram says: The stock markets have
been dull and depressed to-day. on finance
md politics. more particularly the Gu
ban question. but the close was frac-
zion above the worst, ON feeble rally
from Paris. aided by recovery in Bra
xils on Rothschild buying.
Spanish securities Were FIAT. The re-
port that the next coupon of the exterior
debt was to be paid in pesstas Is official
~ contradicted. All the same, Spanish
rinance Is in a desperate situation.
Americans were Hat on the New York
lead. There was practically no recovery
lrhe Increased premium charged by the
Bank OF France on eagles, thus shifting
she demand for gold here, resulted In
n,ore Withdrawals from the Bank of Eng.
Hand to-day. More American bills are Of
Teted to arrive than for seme time. The
brokers usually quote 3 IL The bank Il
nov doing a large business. the discount
rate An the open market being 9 Is
There was a, further fall in Spanlst
bonds after business hours.
MONEY AND EXCHANGE
sP M.--Money on call steady at 2 pei
cent: last loan at per cent; prime mer
cantiie paper. l-2fsj liz per cent.
sterling exchange. steady. with actua
busInsss in bankers bills at uS3 S-iQSi s
for demand and $3.50 s-Sa$4.Si for sixty
dsvs. posted rates s4S2Q$4.SS and SiSs0