Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-12
STOCKS SHOW GAINS.
AN ENORMOUS VOLUME OF BusI-
NESS IN WALL STREET.
BELIEF IN AN EARLY PEACE.
Spain Understood to Have Secured
Money on Condition That She End
Host;litics-A Slump In Wheat
Provisions Boom.

NEW YORK. May 1.-THE active de-
mand for stocks and bonds was renewed
with great vigor and confidence to-day.
An enormous volume of business was
done on the Stock Exchange. and prices
are substantially higher all around. A
large number of the leading stocks show
net gains exceeding two points, and a
great many more have risen one point
or over in the price, as a result Of the
days trading. The upward movement
was not resumed until after a period of
hesitation and uncertainty at the OPEN
ing. during which prices in nearly ali
cases declined.
This heayiness was due TO the sharp
declines established in London for Amer
lean securities before the opening. The
demand for stocks in the first hour was
urgent. and many blocks Of 1000 shares
were eagerly bought. BY the time the
news Of the Wall Street attitude lad
reached London, that market faced about
and sent orders to New York to buy.
Although there was realizing on a large
scale at different times during the day
the recessions I'm prices were insisnifi-
cant. The day closed with renewed
burst of activity. and with prices at
about the top level.
EARLY END OF WAR.
4 belief that the termination Of the
war is near at hand was the impeling
motive for the strength Of the market.
The continued recovery of Spanish bonds
found an explanation that was cOnsid-
cred even more significant. The re-
cOvery seems to be- without doubt due
TO the making Of provision for payment
Of the July coupons. il is believed that
the money advanced for this purpose was
on condition that Spain should end hos
tilities.
Strong traffic returns by prominent rail-
way companies and the continued ten
dency toward easier conditions in the
money market also had their influence
IN encouraging the rise.
\ small engagement of gold for i'm
port demonstrates that exchange Is stili
at the gold point.
BONDS.
The bond market shared quite fully in
the activity and strength of the stock
market. Atchison adjustment Is adj
vanced 1874 per cent. Total sales, 49,,
10000.
The prices Of government bonds were
unchanged throughout
The total sales of stocks were 609.J00
shares including Atchison preferred
800: Baltimore and Ohio SO2J. Chicago,
Burlington and quincy. $3.50; Louisville
and Nashville. $3.50; Manhattan l., $50;
Reading, list preferred, 1910; Missouri
Pacific. 14.622: New York Central, 772J;
" gf a. rod A.
Reading. $500: Rock Island, $3.50; St.
Paul. 1920; Southern Railway preferred
S.3g7; Union Pacific preferred. 52l7O;
Wabash preferred 1885; American To-
bacco, 40. 450; Chicago Great Western
i go: Peoples Gas 1870; Sugar, 1880;
Tennessee Coal and Iron. 1913; United
States Leather preferred, 7'lSI
MONEY AND EXCHANGE.
Money on call steady, at 2a2 IL per
cent: last loan at per cent; prime mer-
camille paper. l-2G6 per cent.
Sterling exchange steady, with actua!
business i'm bankers bills al A.Si La
Sls43-i for demand, and Si.Sl 1-iqA.a l-2
for sixty DAYS. Posted rates. $LS2 and
SiS5I-2; commercial bills, $3.50 3-4.
silver certificates. So 1-4Gj1. Bar silver,
561-2. Mexican dollars. IS.
Government bonds steady. state bonds
duh. Railroad bonds strong
STOCKS IN LONDON.
The Evening Posts London financial
cablegram SAYS: The stock markets
here opened dull to-day, but speedily re-
covered. or the belief that Spain will
soon Give in. and prices finally closed
hooking in the case of Americans and
Spanish As.
The revival OF Kaffirs continues.
some uneasiness Is felt here In lead
ing bank parlors over France and West
africa. Insurance risks or stocks against
var with France have been effected
- Lloyds at as high as % guineas for
wear. The stock Exchange at present as
,o,-ards the matter, but It should be
noted.