Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-10
STOCK MARKET FIRM.
DAYS BUSINESS THE HEAVIEST
SINCE LAST FALL.
GREAT EXCITEMENT IN WHEAT.

tive.

NEW YORK. May 9.-Probably to-day's
stock market owed its frmness, and. at
some points its strength. 10 the eXtraor-
binary course OF prices in the wheat mar
ket. With May wheat selling i'm this
market al $3.50 a bushel before the middle
of the month. and with the July option
almost keeping pace with it. there is as
sured promise of abundant increase Of
wealth for this country. The outbreaks OF
vengeance and the bloodshed in Italy and
Spain on account Of the lack Of bread.
and the advancing price for that necessi-
~ at other points I'm Europe. are only too
convincing evidence that the high prices
for wheat are not due to speculative
manipulation. but TO the urgent need of
foreign consumption. With this demon
stration Of the cOuntry's potential COM
mand of wealth, it was natural that the
prices Of securities should continue to
advance. But the market had to carry
the burden Of an extensive liquidation Of
profits i'm many stocks, and Of large sell
ing for foreign account, induced by the
stiffness of money rates abroad.
The days business was the heaviest
since last ldll, the lOtdl safes OF al StOtkS
reaching G292O0 shares.
\ feature of the day was the sharp adj
vance Of PC in sterling exchange Not
only the easier tendency of money here.
but the large demand for exchange ere
ated by the selling Of stocks for foreign
account had to do with this advance. The
sales for foreign account reached over
10000.
BONDS SHARE IN ACTIVITY.
The bond market shared in the activity
of stocks. and was strong throughout
Total sales, $4,000.
United States new As advanced 81. the
SIS and the old As (coupom -. and the
old As (registered) IA i'm the bid price.
There were sales of the new Is coupon
at 81 1-4-an advance Of 3 Ii over the
last sale.
The total sales Of stocks were 5000
shares, including Atchison preferred,
%. 200; Chesapeake and Ohio. 7,7Oj; chi
cago Burlington and Quincy, 25.7iO: Lou
isvile and Nashville 1880; Manhattan.
ll,G2O; Metropolitan Street Railway, $3.50;
Missouri Pacific. 1870: New York Cen
trail. 1920; Northern Pacific. 1000; do.
preferred. PABLO Rock Island. 45.725; st.
Paul. 6S.620 Southern railway prefrre0.
9125; Union Pacific preferred, 46l2O;
Wabash (preferred), 1920; American
Spirits. 1000; American Tobacco. 4Of0;
Chicago Great Western. 1880 Peoples
Gas. 24.S3O; General Electric. 6O,O2j; Pacific
Mail. $50: Sugar, $3.50; Tennessee Coal
and Iron, 5000; Western Union. 9.5lJ.
MONEY AND EXCHANGE.
Money on call steady at 2 II per cent;
prime mercantile paper, Sal per cent
Sterling exchange firm. with actual
business in bankers bills at SiA 3-ld
S.S for demand, and A.a l-24ASl 81
for sixty days; posted rates $i& and
1886 IL; commercial bills, $Lea$iS -
silver certificates j6dJ6 81. Bar silver,
561-S Mexican dollars, A..
Government bonds strong. state bonds
duh. Railroad bonds strong.
STOCKS IN LONDON.
The Evening Posts London cablesram
saws. The stock markets here opened
dul to-day. but rapidly improved. The
recovery was led by a marked Improve
ment in foreign bourses, notably IN
paris. A rumor spread that Spain was
asking the Powers to intervene. NothlnS
definite was known. but the buying was
so good and general that color was gwen
to the report. -,.
Interest to-day centercd in Americans
in which business was unusually heaVE'
The firm prices in New YORK IN
duced redllzdlOHS Hclc' WIN -
TRACE dealers readily absorbed. opera
tors have apparently made up their minds
that the war will not interfere WIN
Americans. while the recognized rise IN
wheat adds to the spending power OF the
United States.
Spanish as opened at 3Ol-2 declined To
% "a but advanced rapidly to % Is, on
covering" by bear SPECTATORS IN an
ticipation of the coming Stock Exchange
settlement Their net gain for the day
was 21-4 points. The advance was as
sisted by unconirmed rumors that money
was in hand for the payment OF the july
coupons.
-,,,. o-rD,Sy oTnT.