Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-08-05
STOCKS AND BONDS.
BROAD AND CONFIDENT DEMAND
THROUGHOUT THE RAILWAY LIST.
ASSURANCE or GENERAL PROSPERITY.
This Comes, Too, After Year OF
UnexampIed Foreign Trnde-yery
Heavy Dealings I'm Bonds-wheat
Prices sustained.

NEW YORK, August At was very
obvious In the stock market to-day tina,
powerful spectators were placing very
large amounts Of money in the Granger
stocks. In anticipation Of a rise In prices.
There were many indications, also. that
some of the funds which were being
placed in the CANCERS were derived from
sales Of some OF The more prominent In
dustrial specialties, which have shown
recent large advances in price. so as 10
yield handsome profit on the sales. This
shifting Of speculation IS an episode which
invariably occurs in the course Of long
continued advance in prices. The pre-
llminary movement in the highly specua-
tive Industrials is generally quite APP
parent from any general condition Of busl-
ness or industry. The later awakening
Of the more substantial Of the railway
stocks IS looked upon as indicating
more vital stage OF speculation and in
vestment
There was q broad and confident de-
mand to-day through the whole Of the
railroad list much of which must have
this growing demand was met by n
steady stream Of offerings, which left
prices. I'm spite of large volume Of trans
actions only slightly higher than last
night. This outside buying gave marked
impetus TO the speculation I'm the Grang-
ers. which were taken up one after the
other and bid up quite confidently, to a
level nearly Il point over last nights
closing. The shifting OF speculative ac-
count, involving profit-taking in the In
dustrials. encouraged bear attacks, par
ticularly in Sugar, Rubber, Cotton-Oh,
and Tobacco. The whole railway list
held remarkably firm in the face Of the
weakness in the specialties. the close
showing a strong tone at or near the top.
ASSURANCES OF PEACE.
The assurances of peace, and the pass
ing Of the critical period for the crops,
making sure the harvesting of an unpre-
cedented volume Of products, gave assUr-
ance Of continued prosperity TO the cOun-
try, after a year of unexampled foreign
trade. This general condition is, Of course.
the basis of the expectation Of an upward
movement in the prices Of securities. due
Immediately to the speculative initiative
in the Changers.
There were very heavy dealings In rail
road bonds to-day, the demand being
very widely distributed, but most urgent
in the reorganization per cents. The
total sales-$7. 944, 000-are said to repre-
sent the largest days business on record.
There were large dealings in the gov
ernment Ss, at 1Oj, one block of $50 900
going at that price. a small block sold
at 10j IL United States old As. coupon,
advanced II in the bid price. There was
no other change.
MONEY AND EXCHANGE.
Money on call steady at 1Q1 1-2 per cent;
last loan at 1a1 II per cent; prime mer-
camille paper, 3l-2N4 per cent.
Sterling exchange firm, with actual bust
ness I'm bankers bills at Sis5 3-SqSiS IL
for demand and S4.S3 3-iqA.4 for sixty
davs; posted rates. S4A 1-2dFiS5 and
SiSGqSESG IL; commercial bills, s4.S2 "a.
Silver certificates, IS 1-2n59 IL; bar Sill
yer. 50: Mexican dollars, As 1-2.
Government bonds strong. State bonds
dull. Railroad bonds strong.