Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-17
STOCK MARKET DULL.
NO VERY ACTIVE INDICATIONS OF
Apr EXTENSION, HOWEVER.
TOBACCO SUFFERS 4 LOSS OF 81.
Market for Railroad Bonds Intensely
DulI-Goyernme bonds All Lower.
Wheat Stronger, on Prospect OF
UostfIittc.-Cotton steady.


transactions. outside OF operations by
professionals were insignificant Sell
ing by traders found few seekers. and
prices consequently yielded very readily.
On the other hand when the profession
ais turned buyers, they found few stocks
Offering, and prices. consequently, easily
recovered. Some stiff recoveries in the
second hour were duo to covering by the
shorts, but they wero not well held, and
the list showed net declines in nearly all
cases. for the most part confined TO frac-
tons.
Tobacco absorbed a large part Of the
dealings and suffered a loss Of 3-S. net,
on very heavy offerings, brought out by
the recent jump in price from a squeeze
Of the shorts.
THE GOLD MOVEMENT
The weekly bank statement disclosed
a stronger position for the banks than
last week The drain of gold from Lon
don has raised the discount rate there,
and stiffened exchange on London at
Continental centres. but the gold move
ment 10 New York continues. without
sign Of abatement The prevailing high
rate for time money 70 per cent. for all
periods Is considered to be largely sup
Elemental though it is based on the eN-
pectatiOn that rates will rise in conse-
quence OF war The dissemination to Dor
row money on time at the existing rates
is. however. almost as marked as that
Of the lenders.
The market for railroad bonds has been
intensely dull, and prices have been
lower Government bonds are all lower.
declines in the bid price reaching : l-8
in the new As. coupon, in the seconds
] IL in the new As, registered, ia in
the old As. registered, ! in the old As,
coupon. and - in the IS.
The total sales Of stocks to-day were
13S. 800 shares. including Chicago. Burling-
ton and Quincy, 1922; St. Paul. 1880,
Union Pacific. yreferred, $3.50: Union
Pacific y. and c.. $40; American Tobac-
co Company, 66,3sl; Sugar, 1880
MONEY AND EXCHANGE.
Money on call steady at per cent;
last loan at 2 per cent; prime mercantile
paper, 1-2q6 per cent
Sterling exchange steady, with actual
business In bankers bills at SiS La
!i8l-2 for demand and s4.79 3-4a$iS0 for
sixty days: posted rates. $3.50 1-2QA.d
and s4Sia$4Si1-2; commercial bills, $i.79
GH79 IL.
Silver certificates, IS 3-id56 IL: bar sill
YER, So rs; Mexican dollars, Is IL
State bonds dull. Government bonds
weak. Railroad bonds steady.
STOCKS IN LONDON.
The Evening Posts London FINANCIAL
cablegram says: Pending the result Of the
vote on the Cuban resolution in the
United States Senate, the markets here
were dull and stupid, with prices lower.
Consols were to-day Is 10 Ia per cent.
lower. Americans were from II 10 dol
lar lower, with no business doing. the
markets simply following Wall street
Spanish As were about q IL.
Gables from New York report an i'm
preston in that market that Americans
are chiefly manipulated now for London
This must not be confused with opera
lions by English SPECTATORS Such man
ipulation as exists in this market is on
behalf of New York operators.
The money market was easier to-day
BANK STATEMENT.
The weekly bank statement shows the
following changes:
Surplus reserve, increase, $4,000.
Loans. decrease 1851 900
Specie. increase, A5jiieo
Legal-tenders, decrease, 3.2i2n
Deposits decrease. $6,3l1G0O.
Circulation, increase. $1,000.
The banks now hold S37313,0ij in excess
Of the requirements of the D per cent
rule.
The Financier says: Despite the heavy
and continued demand for funds from the
interior. the clearinghouse banks, dc-
cording to their statement for the current
week. were able, not only TO nold ther
own in the way Of cash, but added over
making the latter item the largest re-
norted since January LIST. In the light
of present events, the statement mu'\ De
regarded as favorable, since II rcFealS
the wonderfully-stron position OF tHe
hanks. Ordinarily, il would mean lower
money rates this week, but unless
pacifc solution of the Spanish crisis pre-
sents itself no such reduction may DC
ANTICIPATED ,...,..
The operations Of the week proubn'
about a shrinkage of SL697SV I'm loans
due IN continued liquidation and the
entire absence Of new business ''tD
hanks confning themselves To the hceds
of their own customers. Out-oi-toN
hanks il is worthy of note. are dolnb
some buying in this market, tempted ~
the stringent rates. . ,.,.
Deno.its were reduced S6,3l76O. owing
largely TO Withdrawals Of balances.
The interior movement is shown III the
yoss of 1884 200 in legal tenders.
Specie imports account for the gam oil
q "A 400 I'm gold. and the net result was
an increase of nearly three-quarteis ol
million I'm cash. The loss in deposl's loN
cred the reserve requirements N'7''' t.''
This added 10 the cash gam sNtI''u '"N
surplus as above. The country mas no"
iunported or engaged over %|VVo''V Va
cold. but the New york banks to-u"S
hold only 100000 more cash IMAM VINE"
the movement started. The specie re-
eer,,o has merely replaced the Win
drawals by interior banks ana il -
r~oblem whether the future demand on
XIV york will be as heavy as anticipated.
Dor,estic exchange is at heavy as
count II interior cities, and from all that
can ne learned the cash Withdrawals are
not being employed at home.
Tbe ract that outside institutions are
leaning money here is not without sl6nl-
dc,nce The outlook favors continued
iunorts of gold. and these, with the heaVy
I'sbursements being made by the Urea
cry may operate 70 produce an easier
..,ota ~ affairs. 1t would not be sur
nrising II rates proved to be the maximum
,or tho year. The country has so much
money that it IS prepared to meet eNpeh-
ditures Of an extraordinary magnitude
,,.,thout embarrassment. The trouble now
e that this is being boarded rather than
put into use.
NEW YORK STOCK QUOTATIONS.
Closing.
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