Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-12-11
STOCKS ON A BOOM.
ENORMOUS TRANSACTIONS ron
SATURDAY SHORT SESSION.
MANY -RECOR PRICES.
Large Interests Again Aggressivc--
After Some Hcsitnncy, Movement
becomes Active Again, and
strength General.

NEW YORK. December 10--The mar
ket was booming to-day, and On enormous
transactions for the short session many
hlgh-record prices were quoted for the
current upward movement London fol-
lowed Americas upward lead OF yester-
day. and was buoyant on st. Paurs ex
oellent statement for the first week in
December. Large interests were again
aggressive. Immense blocks of stocks
exchanged hands, with abundant pur-
chasing orders TO care for realizing sales.
After some hesitancy the movement was
active, and strength became general
again, in which standard stocks were
well maintained. All the Changers ad-
vanced from a slight fraction 10 over a
point, the latter in St Paul. Heavy pur-
chasing orders were placed over night In
Missouri Pacific to buy at the opening.
Prominent interests in the stock endea-
vored to open II UP as hish as possible.
and the ticker recorded simultaneously
sales OF 1850 shares at from 4S down 10
a. Yesterdays closing price was Al S-s.
The stock betrayed little feature after the
hrst furry, but continued TO be actively
traded in and closed well up 10 the top.
Among the industrials General Electric.
Sugar. Tobacco. Rubber. Federal Steel
preferred. and Edison Illuminating were
the features. and gained point or more.
The rise in Edison Illuminating amount
ed TO points. and that in General Elec-
trio and Rubber preferred TO 3 each. The
Atchisons, too. were conspcuously
strong. The market closed at the best
with bullish enthusiasm.
MARKET DURING THE WEEK
For the week stocks almost without
exception roee. In some cases the gains
were very large, and established new
high-prlce records on the present move
ment During the week stocks which
failed to reepond 20 the general tendency
later Joined fully IN the general trend %
prices. Early in the week the fact that
telegraph q cable communieation was
partly intt~lpted by the storm some,
what restricted business. the volume OF
which subsequently became enormous
Traders saw fit 20 interpret the Prcsi-
dents message as not being the bull ar
gument they had discounted, but its bet
ter reception abroad Inverted their eff
forts at depressing prices There was
much in the general situation having q
favorable bearing on market conditions.
November gross earnings were IN excess
Of 4 per cent. over last year. Exports.
too. surpassed the phenomenal record Of
last year. and bank clesrings were next
10 record figures.
BONDS UNUSUALLY ACTIVE.
The bond market displayed unusual ac-
tivity during the week. with a concentra-
ton Of dealings in speculative and mid
degrade issues which have recently as
sumed prominence. Considerable strength
was manifested throughout with the
net improvements material In many cases.
United States old As registered. advanced
~. the rs. registered and the old As
coupon 4. and the new as Il in the price
The total sales Of stocks to-day aggre-
gated 402 700 shares. including Atchison,
preferred. 81 SS4; Chesapeake and ONO
IL 40: Burlington. 1866; Louisville and
Nashville. II .2S0: Manhattan. 7477; Metro
pOlitan $3.50; Missouri Pacific N,7Oo;
Northern Pacific. 6736; Rock Island. 49,
455; St Paul. 81 i75: Southern Railway,
preferred, $3.50; Union Pacific, preferred
$40: Tobacco. 1920: Federal Steel. pre-
ferred. 30 TBS: Pacific Mail. 5102; General
Electric. 500; Western Union, SAG.
MONEY AND EXCHANGE.
Money on call steady at 2iA per cent;
prime mercantile paper, 3A0l per cent.
Sterling exchange steady. with actual
business in bankers bills al $LSll2qA;SiHl
for demand and $iS11aGShS2 for sixty
days: posted rates, S4.&&q$ASo12' COM
mercial bills. S4.S0A.
Silver certificates, 59i5M60i2; bar silver,
59i5: Mexican dollars, 461a.
State bonds inactive. Railroad bonds
strong. Government bonds STEADY.
BANK STATEMENT.
The weekly bank statement shows the
following changes: 90
Surplus reserve, decrease, $S5i,G50.
Loans increase, t4.56l 900.
Specie, increase, $2,604 200.
Legal tenders, decrease. Sl1f3,3OO
Deposits, increase, S262,LOO
Circulation, decrease, X3.SVO
Tho hanks now hold $16.743 300 in excess
of the requirements of the n per cent.