Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-03
THE RIoHM0ND DISPATCH WEDNESDAY. NAY 5, 1888.
STOCKS MAKE GAINS.
ALTERNATE WEAKNESS AND
STRENGTH THE FEATURES.
MARKET LEAVES OFF STRONG.
GENERALLY, the Close IL Mt Rest
Prices OF the Day-some Recessior.
i'm Bond Market-Tbe cr,t
Provisions Lower.

NEW YORK. May 2-stock rr,css
ranged over wide radius to-day. and
ehuea IN good gains for the day. A con-
siderable advance. ranging from 1 to 4
points IN the Specialties occurred in the
hrst half hour, aided by purchases Of
round amounts Of the international stocks
Tor London account. Stock values then
suffered. on a Continuance of Yesterdays
heavy liquidation, and receded sharplv.
the Specialties losing from 2 to nearly 8
points each. By noon liquidation had prac-
ticaliy ceased. and there were rallies
winch among the Specialties, ranged from
90 TO 81. The standard railways moved
lar less widely. except for Burlington
ana Deiaware and Hudson, which made
net gains OF IA and ga. respectively.
among the Specialties the net gains ex-
tehd TO lfls in Air-Brake, 81. in Metro
poHtan US In Manhattan, ga In Brooklyn
transit ana an average OF points In
federai Steel, Sugar, National Steel, and
tennessee Coal and Iron.
Call-money rates ruled al about e per
cent most Of the day. and their steadi-
ness was a source OF confidence. as was
the easier tone in sterling exchange.
ing Of stocks.
FORD TAX BILL
Another reason which might be assign
ed for the rally was the fact that the
Ford franchise tax bill would not figure
In the tax levy for this year, and the hope
OF those interested in the securities af-
fected that a delay of year might
bring about a modification of its pro-
visions. A sharp speculative contest took
place between the bulls and bears in
brooklyn Transit which ultimately re-
suited in favor of the former. The dis
semination of a story that the sugar in
siders were indisposed TO come to terms
with present rivals, because OF the fear
that other syndcates stoody ready 10
start up new opposition. was supposed
TO have something to do with the dip in
Sugar. but the readiness Of large house
10 absorb offerings brought about a rally,
in which the earlier loss was more than
recovered. Besides the franchise tax bill,
the gas-rate war induced liquidation in
Consolidated Gas. but covering OF shorts
and other purchases caused the stock TO
rise above last nights figures.
RAPID FLUCTUATIONS.
The rapid fluctuations with alternate
pronounced weakness and strength.
caused a reduction In the outside interest,
and left the market much of the day in
the hands Of the professionals.
Late IN the afternoon, when the market
broadened out and a general movement
was under way. activity on the rart Of
commission-hOuses was again noted. The
market left of strong, at generally the
best prices.
Standard Oil. 4S5GiSs.
Some recessions occurred In the bond
market. sympatheticaily with the early
liquidation i'm stocks, but there were later
partial recoveries Total sales, $2.525, COO.
United States 3s, coupon. and new As.
coupon, declined Il in the BID price.
The total sales of-stocks were 7ls.1O
shares. including 20.l65 Chicago. Iurling
ton and Quincy; IL. 800 Atchison. preferred;
5000 Louisville and Nashville: G.9ss Man
haitian; 1000 Metropolitan Street Rail-
way: 20900 Mexican Central; 5,lO Read
ing 1st preferred: II. 300 Missouri Pccifc:
$50 New York Central: $3.50 Northern
Pacific: 6175 Ontario and Western; $3.50
Rock Island; $3.50 Union Pacific; s.5i5
Union Pacific. preferred: 27.si2 American
Steel and Wire; $3.50 Southern railway;
1850 Federal Steel; 6615 Federal Steel.
preferred; 1851 Peoples Gas; 1880 Con-
sOlidated Gas; 10l 295 Brooklyn Papic
Transit. 4O1sO Continental Tobacco. $500
Silver Certificates: a. 35 Sugar; $40 Ten
nessee Coal and Iron.
MONEY AND EXCHANGE.
Money on call firm at 4ikQs per cent;
last loan at per cent; prime mercantile
paper. 3laqrt per cent.
Sterling exchange weak, with aStu2l
business in bankers bills az ASAn
StS7s, for demand and si.S5llSiSa. for
sixty days: posted rates, $i.9qSisbia and
81 Ssib: commercial bills. Si.@QASh.
Silver certificates. Gp62A; par silver,
6lss: Mexican dollars, IS.
Government bonds weak. State bonds
inactive. Railroad bonds weak.