Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-08-07
THE STOCK MARKET.
ITS TONE CONTINUES STRONG AND
SHOWS GREATEST CONFIDENCE.
CAPITALISTS HOPE FOR THE FUTURE,
Past Uncertainties Have Been Dissi-
patcd-spIendid Results to Follow
the Wnr-Crops Are Good and the
Iron Trade Active.

NEW YORK, August 6.-The tone Of the
stock market to-day continued very
strong and confident. and the stream Of
money flowing into stocks and bonds
showed a steady augmention. The two
hours' session of the Stock Exchange was
full OF business and the demand was
eager for a large list of stocks. The re-
ference is decidedly for the assured divi-
dend-paying interests as yet. but 1t was
influenced by the possibilities in some
cases OF dividend increases, and showed
n tendency also to overflow into non-diyi-
dend-paylng stocks, on which there is fair
prospect Of future dividends by reason OF
Changers continued the favorites, but
Burlington fell slightly into the back
ground to make way for st. Paul and
Rock Island. the FORMER rising an ex-
IRENE IS and the latter 1 Ia. Dealings
in these two stocks were very large.
Considering the weeks rise in the prices
the firmness at the close is remarkable.
CONFIDENCE is GROWING.
The embarkation upon large speculative
and investment outlays I'm the stock
market which the week has witnessed is
a striking evidence of growing confidence
on the part of capital in the business out
look. The confidence Is based on many
different factors. The development which
precipitated the upward movement was
undoubtedly the growing conviction that
peace with Spain is close at hand and is
to bring with it very large advantages
to the country-material. normal, and
sentimental.
UNCERTAINTIES DISSIPATED.
All uncertainties which suggested them
selves early in the summer have been
gradually disslpated. The wheat crop is
evidently by far the largest on record
The weeks rains in the corn belt have
gone far TO remove fears regarding the
corn crop. The only doubt about the
cotton crop is whether the world can
consume It, even at the low price pre-
vaiing. The conviction is growing that
even with good wheat crops, there will
be found a safe market for our surplus
crop, owing to the large depletion of re-
serves of old wheat 10 meet last years
needs. The foreign demand for wheat
and flour and even for corn continued
good. 1t is now concusively shown that
there is no cause for uneasiness over the
effect on the money market
THE IRON TRADE ACTIVE.
The activity in the iron trade is one OF
several signs of industrial and trade re-
vival which, together with the movement
Of crops. is expected 10 give largely-ex-
tended uses OF money. There will un-
doubtedly be large embarkations of capt.
tai in Porto Rico, Cuba. and the Philip
pines. Confident expectation of such de-
mands for money must be looked to to
explain a present import movement Of
gold, in view of the present plethora OF
money.
United States old As. registered, have
advanced 1ls: do, coupon, and the new
As. registered, /; the SIS, registered, y;
and do. coupon, and the new AS, coupon,
IA per cent in the bid price.
MONEY AND EXCHANGE.
NEW YORK, August G.-Money on call
steady at 1G1ls per cent; last loan, IL per
cent; prime mercantile paper, 3l2q4A per
cent.
Sterling exchange steady, with actual
business in bankers bills at N.S5iAqA.SS
for demand. and at sl.SS2t for sixty days.
Posted rates. $4S4izd$4.S5, and siS612; com
mercial bills, t4S2izd$iS3.
Silver certificate sales, 10000 ounces at
b9H. Bar silver, 59s.. Mexican dollars,
45i5. State bonds dull. Railroad bonds
strong. Government bonds firm.