The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-13
PRICES AT A
LOWER LEVEL.
The Affair at Cardenas Causes Some
Depression,
The SPANISH CAPE VERDE FLEET
Uncertainty a. 10 its Whereabouts also
a Factor on Change. Spanish as
Again TumbIe-Thc Situation
of Mhcat-LOCal Markets.

NEW YORK. May i2-The natural re-
action from Yesterdays buoydnt tendency
IN Wall street was supplemented to-day
by some positive elements OF depression
as consequence OF which prices bencl-
ally ruled below yesterdays Level an Gay.
The speculative world apparently TOOK a
rather serious view OF the ahair az Sai-
denas. I'm spite of an assurance that re
loss incurred was trivial from "a military
standpoint the shedding OF the hfst
American blood had q depressing influence
which no amount OF reasoning could u,-
stroy. There was beside this an unset
Ting OF The conviction felt yesterday tla0
the Spanish Cape Verde hcel hao ctIttiH-
~ returned Co home waters. reacuon III
spanish 4s in London and Paris also dis
sipated some of the impression that thtH
recent advance fOreshadowed move To-
ward peace boy Spain. The absence OF au-
fhOritatiVc reports from AdmirM Sdlnp-
son and hts fleet induced some hesitation
amongst dealers in stocks. There was In
addition "a depressed market Tor RlhtIl-
cans in London before the opening mere
and there was free selling or the lnleIHa-
tional stocks for London account during
the carly trading. such "a stubborn re-
eIsfauce was shown 60 the hrst zip OF
prices that extreme caution was develop
cd about putting out short contracts. me
market displayed an equal reluctance 10
advance with any degree Of vigor Cow
orinC hy shorts in the late dealing over
came a portion OF the losses. but net de-
cllnes are a point over in many of the
stocks There were special stocks scat
tered through the list tnat malntaineu
show Of strength. notably, Consolidated
qae. which rose buoy3ntly at one time
points. THE Union Pacific. Denver ana
Guf securities. Rock Island. The vol
ume OF business was much reduced lIoih
yesterday and the market was extremely
frvcrIsh and irregular all day
The Evening Posts London financial
tablegr1m says. The stock markets mere
were fairly good to-day, but less active
and confident The settlement has been
satisfactorily concluded. Americans were
sold from good quarters. but New YORK
appeared TO absorb an the stock offered.
spain is buying silver. hence the rise. i
understand that Bank Of Paris, when
advanced The money for the Spanish july
coupons SIS financing the silver operation.
q must emphasize yesterdays dispatch
about the views Of brokers here relative
to Tho French political situation in west
Africa.
The bond market also was less active
outside Denver and Gulf Js, and with a
Few exceptions displayed a heavy tone.
Total sales. S3JJOOOO. United States new
4s advanced * and the old As, registered.
d in the bid price. Others were uhchahs-
Total sales of stocks were 43s,600 shares,
including. Atchison pfd, 30 4j; Chicago
Burlington and quincy. 1000, LoulslitLe
and Nashville 10 30; Manhattan. lO1tO;
NO. Pacific. a4lC: Northern Pacific. ;, igSi
do pfd 1925. Rock Island, 42S'i2; 81.
Paul. 1905. Southern r.. w pfd. 6.t's'
Union Pacific pfd, 81, 496' L. p. ID. and q.
1896. Chicago Great Western 9.3Sl' Gas.
ST25. Consolidated Gas. S3ts; General
Electric. 559j; Sugar, 1850.
MONEY AND EXCHANGE.-Money on
call steady. 202i4. last loan 2 Prime mer-
camille paper. jI4d6 per cent Sterling eX-
change. firm. with actual business in
bankers bills M S440IS5 FOR demand
and sS1I14S14 for sixty days posted
rates. as and 4S5ia, commercial bills.
4 eOEn4S1 Silver certificates. 300
ounces at 51i4. bar silver 81; Mexican dol
lars a. Government bonds. strong; state
bonds. dull. Railroad bonds irregular