Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-08
STOCKS VERY ACTIVE
ALMOsT.A SCRAMBLE FOR sECuRI-
TIES TOWARD THE CLOSE.
The EFFECT OF DEWEY'S VICTORY.
II Has Aided In the Counting on mn
Early Termination of the Wnr-
May Wheat s1.7O n BusheI-Largest
Check Ever Made.

| NEW YORK, May stock broKeTs
| had a busy two hours during the session
Of the Exchange to-day. The market was
| furlously active throughout. and the
| keenness of demand for stocks gathered
/ force as the session progressed. until It
| had become very like scramble toward
/ the close. Occasional offerings by opera
! tors. content TO take their very substan-
tial profits, were swallowed up. with al
most no effect on prices. The elements
| OF apprehension which had caused the
| reaction at the close yesterday were
| cleared up. The release OF the lafayette
I eliminated the fear Of a complication with
France over her seizure. The reported
| announcement of the arrival Of the Nc
| Culloch at Hongkong. with dispatches
| from Admiral Dewey relieved the natu-
/ raj uneasiness that was beginning TO be
felt over the prolonged delay, in re-
celving official advlces from him.
The continued excitement and sd-
vancing prices in wheat gave added
strength to the stocks OF railroads run
ming through the wheat belt. The bank
| statement was also interpreted as dis
! tnctly favorable
The force of the upward tendency OF
prices was remarkable in the second
! hour. and the days net gains range De
tween l and points for most OF the
leading stocks.
DEWEY'S VICTORY.
The animation and strength Of the
stock market during the week has been
in strong contrast 10 the lethargy of the
g l. . &c
tabIished maxim OF markets that a nava'
or military victory will result in rise.
Commodore Dewey's victory. ir its com
pleteness. and the thoroughness with
which the work was done, would natu-
rally be particularly forceful. The demon
stration II gave of the inacapacity OF the
SPANISH naval resources, and the de-
moralized condition of Spanish financial
and governmental affairs at home, which
has followed, make an early termination
Of the conflict to be counted on. But II
is in the favorable conditions at home,
which will be given full play by the end
ing Of the war, that the stock market mas
found its greatest ground for confidence
in the future. The weeks developments
in the wheat market alone give the
brightest promise for the future growth
Of prosperity in this country.
MONEY AND BONDS.
The weeks developments in the money
market show that the long process OF
preparation to meet the country's war
needs has been completed. The period OF
contraction and timid piling up of re-
serves is over, and the conditions made
in lending money are more liberal
The bond market has fully shared In
the activity and strength Of the stock
market, and prices are higher all around
United States new As have advanced
33-4: old As, registered, l 5-4; SIS, coupon,
11-2: old As, coupon. !. and the u.s. regis
tered. "a, in the bid price
The total sales Of stocks to-day were
800 900 shares, including Atchison prefer
red. 1890: Chicago. Burlington, ana
Quincy. 26 e65; Louisville and Nashville
1885, Reading first preferred, 5'72O; MIS-
souri, Pacific, 7,46O; Northern Pacific, D.
POO: do. preferred. AS; Rock Island. %
Cos: St Paul, 81 .965; Union Pacific prefer
red. $500; Wabash preferred, 1860; Amer
lean Tobacco, 1880; Peoples Gas, b9S9'
Sugar, 1920.
MONEY AND EXCHANGE.
Money on call steady at per cent;
primo mercantile paper. 51-2a6 per cent.
Sterling exchange firm, with actual
business in bankers bills at $LSi Ia Tor
demand and $3.50 3-4Gf$4Sl for sixty days;
nosted rates. $LSl 1-2aA.S2 and 1850
Sass IL; commercial bills, $isOaSt@ IA
Silver certificates. 56qj6 Ia. Bar silver
561-S. Mexican dollars, 45.
state bonds dull. Railroad bonds strong.
Government bonds strong.
LONDON MONEY MARKET.
The Evening Posts London financial
cablegram says: The stock markets here
we're idle and dull to-day The only fea-
ture was the payment of the Chinese IN
demnity to Japan, of Gl2'WOVvo' alVo'oJv
in Berlin. and HOSES at the Bank or
england. this being the largest check
ever drawn. The money market was less
affocted than had been expected.
Americans were lifeless. Spanish As
were fiat, although exchange was
steadier. ma. ,oo =
New York brought about &2Oo'~o IN
gold. which arrived to-day from the
Cape, at rs, 93-id.
NEW YORK STOCK QUOTATIONS,