Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-18
STOCKS ADVANCE.
MOVEMENT AMONG PROFESSIONALS
TO RENEW UPWARD COURSE.
RATES FOR TINE HONEY LOWER.
Bond Market Quiet, But Prices
Higher All Around-Wheat Weak
ened by Enormous Receipts and
Improved Weather.

NEW YORK, May 17.-To-day's ad
vance In the price OF stocks was the result
OF a movement among professional opera
tors TO renew the upward course of prices
The days trading started off with the ad-
vantage of an Improvement in London
| where prices of American securities were
| advanced a sharp fraction all around.
There was also some buying for London
at thu opening here but London later on
turned seller, and prices had rise. There
are a number of stocks which enjoy the
special support of friends and inside in
terests, and these impaired firmness by
sympathy to the rest of the market.
There was no evidence of any large out
side interest and any slacxening of the
professional demand precipitated dulness.
The absence OF outside demand was indi-
Gated clearly also by the way in which
prices fell away in the realizing move
ment ia the final hour. The days extreme
advances were curtailed from 1-2 to "a
by this movement, but net advances of
between l and per cent. for all the
principal stocks still remained.
TIME MONEY LOWER.
The rates for time money went lower
to 3 per cent. for sixty days, 3 IL per cent.
for ninety days, and per cent. for four
months. The abundant supply of money
in the country, and the prospect of a trade
balance for the year in our favor of over
$500 600 are taken much account OF by
those who study the speculative outlook.
The bond market was quiet, but prices
are higher all around. Total sales, 1885,
600 United States new tours fell IL, and
the SIS Ia in the bid price. There was
a. sale of the new tours at an advance Of
IL over the last sale, which was several
weeks since.
The total sales of stocks were $4,000
shares. including Atchison preferred, A.
279: Burlington. 21T0; Louisville and
Nashville, 1885; Manhattan L.. 1l.Zl5:
Missouri Pacific, $3.50; Northern Pacific
preferred, 1850; Rock Island, 32,935; st.
Paul. 90. AS; Union Pacific preferred, q 6o2;
American Tobacco, 1881; Peoples Gas
6.22O; Sugar. 54.0i6; United States Leather
preferred, 56.673; United States Rubber
preferred. 555l7.
MONEY AND EXCHANGE.
Money on call steady at 11-2q2 per
cent; last loan at per cent; prime mer-
camille paper. sac IL per cent.
Sterling exchange dull, with actual busl-
ness in bankers bills at $4S5d$iS5 81 for
demand and $4s2 3-4G$l.S3 for sixty days;
posted rates. s4S31-2 and A.S l-2aASI;
bills, $4Sl 1-2aSi2.
Silver certificates, 81 1-4q57 "a. Mexican
dollars. 45lJi5 Ia.
Government bonds strong. State bonds |
dun. Railroad bonds weak
STOCKS IN LONDON.
The Evening Posts London financial |
cablegram says: The stock markets here |
opened a trine better to-day, in the abb |
sence of further disquieting speeches, but |
closed dull except for Americans. where |
the pressure to sell has abated, and which !
closed good on New York support. The |
New York power Of absorption excites
surprise. Il is believed that in yester-
davis sale to brokers there was as much |
as 10000 shares. The ease in money is
dine 10 the release of more japanese
money. and the operation of the Bank Of
England's policy in making advances
free Of interest repayable in gold bull
ion.