Omaha daily bee., 1896-05-10
Usual Covering Incident to II Half
HOIidnN WINS Noted TOdmN.

NEW YORK, May 9.-The usual covering move
ment incident to the half holiday was noted to-
day in the stock market. There was absolutely
no news bearing on the financial situation, but
tho appearance of very moderate commission or
ders helped a cheerful sentiment. The market
opened higher. but soon eased off a fraction I'M
der realizing orders. The inquiry from the
shorts, how Yer, served to sustain values and
on the sui sequent operations some share adj
vances were scored. The absence of foreign
81 Hing and a slightly higher tendency in Amer
lean stocks in London wer1 favorably regarded.
The industrial list furnished the chief move
shares which had suffered severely in the de-
pr,ssion early in the week. Rubber preferred
p 2%%PSf to IS gs' C Say g State to- G ias moved a%S,ddf irr Ssa lm,
within a range of about a point, but left OH only
s buEe Bref %qr"fG adva n"ld'? I pe eio[ cent to *. being beIng
influenced by the risa In the common to 20.
Street gotsip dos not account IT., for the strength
other Leading railway shares We're featureless.
aside from the fact that st. Paul reached the
largest total OF any in the entiri list. The eX-
port probabilities were but lightly touched upon,
but bankers usually wei informed, look for at
man steamer. The speculation closed firm in
tone at general fractional gains Pur,ly frac-
tional considerations We're the important fac
tors in shaping Wall street sentiment during the
The withdrawal Of IS. $50. 600 in gold from the
treasury during the week and the indications that
the drafts upon the government reserve would
which would appear to lie premature at this
time, owing to the fact that the treasury hold
HES OF Tree Ehlu 1T Nl.N liillt hllbhblL 10 SliSt~
S9S, i91. Experienced bankers contend that this
reserve Will be abundantly sufficient until the
balance of trade shall have turned in favor Of
the United States.
II should be recalled that the efiux OF gold
at this scasCa of the year is normal, and that
the gold Is simply forwarded in thu settlement Of
international trade balances. At the moment
the cheapest form of remittance is the precious
metal. At the outset II was believed tn ship
mcnts would BE- checked by n general advance TO
5-22c In gold freights by the steamship lines,
hut the action taken failed to stop tn exports,
THE advance referred to involved a rise OF about
c1c In the gold point for bills. The adoption OF
the gold standard by the Russian government
and tha EFF orts now being made to compls tie
this most important financial project have re-
suited in the payment OF a premium for the
metal forwarded to Germany. regardless OF eN-
change conditions. In addition to the outward
NOV ment to Germany, gold was also shipped To
the transactions. In the early dealings Their
was some spirited selling, both for foreign and
domestic account, and general material cones
sions occurred, which were the more prom 1unced
on the international stocks and the industrials,
The trend Of prices was checked for a time ~
Of an early Adjournment OF congress, but
Reports that the senate would not concur To the
res luton adopted by the house, together with
apprehension OF revived Cuban belligerency agi-
started renewed selling The crop news
was conflicting. and was reflected In changing
prices in wheat and stock values.
a favorable item was the heavy oyefsub-
scription to 81. 900 OF the New York city
the issue would probably 10 abroad. Railroad
earnings We're satisfactory In the main in
Guiding some OF the annual reports OF the Van
derbilt lAes, and although the last mentioned
were very favorable, they were unable 10 pre-
vent the respective stocks from recording Inn