The times. [volume] (Richmond, Va.) 1890-1903, 1898-08-05
ANTICIPATING A
RISE IN PRICES.
The Awakening Of Railway Stocks
Betokens More Speculation.
PROSPERITY ASSURED BY PEACE.
This Condition j. the Basis Of EXpccta.
ton of an Upward Movement in
Prices Of Securities b. United
states Bonds Advance.

NEW YORK. Aug. At was very OBJ
Vi0us in the stock market to-day That
powerful spectators were placing very
large amounts OF money iu the granger
stocks ga anticipation of "a rise I'm prices
There were many indications also that
some OF Tho funds which were being placed
fn the cranGcrs Werc derived from sales
OF some Of tne more prominent industrial
sgecialties which had shown recent large
advances in price SO as to yield hand
some profit on the sales. This shifting
Of speculation So an episode which iuva-
Tiably occurs IN tho course Of long
continued advance in prices. The prciin-
mary movement Boo the highly speculative
industrials is generally quite apparent
from any general condition OF business
or Industry. The later awakening OF the
more substantial OF the railway stocks
Is looked upon as indicating "a more vital
stage 81 speculation and investment
Ihcrc was broad and confident demand
to-day through the whole OF tho railroad
list, much OF which must have come from
Che outside. I'm many stocks this grow
ing demand was met by a steady stream
Of offerings. which left prices, in spite OF
q large volume ~ transactions. only
slightly higher tnan last night. This OUT
eide buying gave marked impetus 10 the
speculation in the grangcrs, which was
taken up One after the other and bid uD
quite confidently 90 lever nearly point
over last nights closing The shifting OF
speculative accounts involving profit
taking in the industridls encouraged bear
attacks particularly i'm Sugar Rubber,
Cotton on and Tobacco. The whole rail-
way list held remarkably firm in face OF
the weakness Boo the spccialties. the clos
ing showing "a strong tone at or near the
top. The assurances OF peace and the
Passing Of tho critical period for the
crops making sure the harvesting Of AN
unprecedented volume of products. gave
assurances OF continued prosperity 20 the
country after "a year Of uncXamplcd for
cicn trade. This general condition is, OF
course tho basis Of the expectation Of
an upward movement of prices of securi-
ties due Immediately 10 a speculative
initiative in fhe granCors
There were very few dealings In rail-
road bonds to-day the demand being
very widely distributed. but most urgent
in the reorganization Z per cents. Total
sales S7H4iWO. is said 10 Doe the largest
days business ON record. There were
large dealings in the Government 3's at
iD1. ono block OF $3.50 600 going at that
price A small block sold MT 100. United
states old as coupon advanced u in the
hid price. There were no other changes.
MONEY AND ENCFANGE-M on
call steady at 10ll per cent; last loan
at lUl4 per cent. prime mercantile Ia
per 3i4d4 per cent. Sterling exchange
firm. with actual business in bankers
bills az SfS5AQ4 S5ia for demand and at
81 S3aQ8S4 for sixty days; posted rates.
81 s4iHa4S and 81. SG04 SGi4. commercial
bills. "a 500 Silver certificates 5SiA0J9h:
bar silver. 20. Mexican dollars 45i4. Gov
eminent bonds strong. State bonds dull,
railroad bonds strong.