Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-18
STOCKS ADV ANCE
CLOSE BUOYANT AND ACTIVE AT
THE VERY Tor.
FLOWER GROUP PUT UP AGAIN.
Brooklyn Transit Closes Over Seven
Points Above Tuesdays Close
Provisions Lower.
Provisions Lower.

NEW YORK, May 17.-Whsn II was an
nounced on Monday morning that some
of the most powerful financial interests
in the country had banded themselves to-
gether for the support OF prices In the
stock market, IT dissipated very largely
the timidity OF holders oe the group of
securities which had-bcen so marvellous
~ increased In price under the favoring
activity OF the late Ex-Governor Flower
1t also caused the professional operators
who always stand ready to attack values
Of securities at any vulnerable point 10
pause in their purpose and cover short
contracts left outstanding since Saturday.
The capitalists behind the Flower group
apparently felt SO much encouraged with
the firmness and confidence displayed by
the market since the crisis that they made
up their minds to complete its rehabilita-
ton, and 10 put prices back TO where
they were on Friday last. 1t was not IN
I'll the latter part Of the day that this
purpose seemed to be taken seriously In
hand. In fact, the Flower stocks as a
group were conspicuously quiet during the
early part of the day. Their position
seemed to be left TO the natural course Ok
events and the general trend OF the mar
ket.
1t was the events of the day in the
general market that seemed to confirm
the purpose Of the financial leaders.
These events were a very marked dis
inclination on the part of recent holders
OF securities to proceed with any liqui-
dalton. and quiet and persistent outside
demand for a wide range OF stocks. Some
very large transactions in bonds. espe-
cially in recent or contemplated issues
OF railroads OF the 3 ID and per cent
grades, were also an evidence Of the
pressing demand for investment Of
large reserve Of capital. The money mar
ket was notably easier, and advRes from
different points in the interior were Of
large funds on hand.
THE RAILWAYS.
The statement Of St. Pauls gross
earnings for the second week i'm May,
showing an increase of over S2i.Ooc com
pared with the corresponding week last
year, when the extraordinary grain
movement incident to the Letter deal
was in progress, was taken to indicate a
continuedly prosperous condition of rail-
road traffic. London also showed a IA
vOrable disposition toward American rail-
roads. and advanced prices before the
opening here; and although part of the
purchases were again sold here later,
having some possible effect in strengthen
ing the rate of exchange on London the
sales were not in sufficient volume to
threaten the money market here. More
mature consideration of the trade statis-
tics for April disclosed a continually
strong position of our international com
merce, Notwithstanding unfavOrable COM
PARSONS at some points with the unpre-
cedented period of last year.
The market gradually but perslstently
hardened under these various influences,
early in the day Central and Southern
Pacific, Chicago Terminal, the Iron and
Steel shares, Sugar and Tobacco, and
New York municipal corporation stocks
advancing sharply. In the late afternoon
the market leaders undertook to push up
Brooklyn Transit to where II was last
Friday This they did through a food of
offerings, and held it there to the close,
over points above yesterdays close.
Peoples Gas, the Federal Steel stocks,
International Paper, Rock Island, and
Atchison preferred are from l TO points
higher.
CLOSE AT THE TOP.
The railway STOCKS shared very gener-
ally in the later strength of the market,
the close being buOyant and active at the
very top.
The large demand for bonds sought per-
sistently for pretty much all issues not
already At prohibitive prices. Total sales,
81. $4,000. United States new As and the
old as, registered, advanced is in the bid
price.
Standard Oil. 475d477, ex-dividend.
The total sales of stocks to-day were
$50 400 shares, including $3.50 Atchison
preferred: 1880 Central Pacific; 1,0o0 Chi
cago, Burlington and quincy; 1850 Louis
vile and Nashville; 2. $50 Manhattan; H.
3S5 Metropolitan Street Railway; 62J0
Reading, first preferred; $50 Northern
Pacific; S425 Rock Island; 1000 Union Pa
cific 5l75O Southern Pacific; 22,2l0 st.
Paul; II, 716 American Steel and Wire; AZ
American Tobacco; 1927 Federal Steel;
20,19j do, preferred; 49,1S Peoples Gas;
So $50 Brooklyn Rapid Transit; 1895 Con-
tnentai Tobacco; 63,170 Sugar; 600 Ten
nessee Coal and Iron.
MONEY AND EXCHANGE.
Money on call steady at 21-2a3 IL per
cent; last loan at 21-2; prime mercantile
paper, 3 legal per cent.
Sterling exchange strong, with actual
business in bankers bills at Si6 LA
S4S7l-2 for demand, and H.S 1-4q$i.S IL
for sixty days; posted rates, $i.S6qS4SS;
commercial bills, s4SiQA.S4 1-2.
Silver certificates, 6la62. Bar silver, OIL.
Mexican dollars. 1884.
Government bonds strong. State bonds
inactive. Railroad bonds strong.
N a