Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-06
STOCKS BULLlSH
OPENINGS GAINS, HOWEVER, IN
LARGE PART WIPED OUT.
MONEY ON CALL FIRM.
Cotton Closes Very Stendy-May
Wheat $50 n BusheI-Corn and
Oats characterization Dull st q
Decline.

NEW YORK. May 5.-Professional oper-
ators all turned bulls to-day. after a
brief period of doubt and hesitancy after
the opening. As a matter Of fact, they
were forced into this position by the un-
mistakable temper of the outside pubic
manifested by to-day's desire to come
into the market and buy stocks i'm large
blocks at the market price. The market
was full Of outside buying orders, and
business was on large scale, but had q
very heavy burden Of proht-taking sales
TO carry, and the small opening gains
were in large part wiped out during the
first hour. The reaction here failed ia
impair the confidence in London, where
Americans continued very active and
strong. Buying for arbitrage account
was also on a very large scale in all the
international stocks, and turned the scale
to the bull side.
A large number Of small lots Of stand
ard Gividend-paying stocks was also a
conspicuous feature Of the trading, aug
menting the confidence of the investing
public, and making greater the ease In
the money market. where the rates are
no longer so inviting for the employment
OF ready cash. Sugar was furiously ac-
tive and very volatile all day, covering
an extreme range of Az points, ana
gaining SIS points. net. The large ma
jority of stocks traded in are at least
point higher. and net gains range from
that up TO 8 points.
SPAIN NEARLY EXHAUSTED.
There was no special development i'm
the situation TO account for the buoy
ancy of the market, beyond the general
conviction that SPANS capacity To carry
on the war is nearly exhausted. and that
the danger of any serious impairment OF
this country's prosperity by reason OF
the struggle is about passed.
The bond market shared the activity
and strength of the stock market. and
shows higher prices all around. Total
sales. s2525,cC0.
United States new As. registered. adj
vanced -; do. coupon, Is in the bid
price. Others were unchanged.
The total sales of stocks were $1,000
shares, including Atchison preferred, H.
40: Louisville and Nashville. l5,S2O; Man
haitian l.. q. go; Metropolitan Traction,
$50: Hawaiian G. c., S.27j; Missouri Pa
$50: Chicago Northwestern, 1900; do, pre-
ferred. 51iS: Rock Island, 1920; ST. Paul.
q. $50: Peoples Gas. 1851; Chicago Gas,
1850.
MONEY AND EXCHANGE.
Money on call firm at 21-2H3 per cent:
last loan at 2 1-2 per cent; prime mercan-
tile paper, cal per cent.
Sterling exchange easier. with actual
business in bankers bills at A.SidA.Si IA
for demand and $3.50 3-4dSiH for sixty
DAYS; posted rates. S4.d l-2aA.& and $500
s4S5 10: commercial bills. $3.50 II.
Silver certificates. 56n51. Bar silver.
Sc is. Mexican dollars. 40.
Government bonds strong. state bonds
Dun. Railroad bonds strong.
STOCKS IN LONDON.
The Evening Posts London financial
cablegram says: The stock markets here
opened duh to-day on Lord Salisbury's
speech. but closed better, except for con-
soils and similar stocks, which were lower
on the rise in money.
Americans were good, closing at the
best. They opened above the New YORK
paritv. and that market responded TO the
rise here.
Spanish exchange was nominal at the
lowest on record. The insurance pre-
MUM on stocks at Lloyds. on the posi-
bilities of war between France and Eng
land has risen to ten guneas, but it is
mere betting.