The age-herald., 1898-06-01
In Wall streer

New York, May 31-The May wheat deal at Chicago and New York ended rather ignominiously today. Extreme weakness instead of the Fireworks" marked the closing scene of one of the most famous corners run in years. It had been con- fidently expected for weeks past that the Chicago clique would run the price of May to $2 per bushel and help the local market fin proportion. Too much publicity, how ever, had been given the deal, and farmers in all parts of the country scraped their bins and poured wheat into both of the above markets to catch the phenomenal prices predicted
 At Chicago much of this wheat was taken care of by clique operators as 1t arrived, but locally the grain became somewhat a drug on the market. Only one result could follow such proceedings and that was a general fall in prices beginning here. Shorts were speedily filled up and for some days the May option has been declining steadily reaching today 115 at New York, against sa es at S1.91 early in the month. ly broke in proportion, selling off to 104A, after early sales today at 111R, and clos ng at 1.0S..
 Total sales of stock today, 507 800 shares, including Atchison, S43s; do preferred, 24,- .7s6; Baltimore and Ohio, 5,150: Chesapeake and Ohio, 34s0: Burlington, 20143; Louis vile and Nashville. 15.22O; Manhattan, 10.- 600; Metropolitan, S,7O0; Reading preferred, 4,500; Missouri Pacific, 10500: New York Central 77O2; Northern Pacific, 7,O0O Rock Island, 44,4S2; St. Paul. 57.295; Southern preferred, 4,4S3 Union Pacific, 36,404; To- bacco 9,4s0: Chicago Great Western, 151; Peoples Gas. 51,275; Sugar, 33,691.
 New York, May 31.-Today's stock market was active and strong, but the activity and strength were not by any means uniformly distributed. The grangers exercised powerful sustaining influence and Rock Island was the feature of the group.
 Pat a of over 2 points, the advance being en- couraged by published reassurances as to the permanent character of the fmpost charged to the large operating expense for April. The newly published statement of Burlirgton's April earnings, with simi- larly large proportion absirbed in operating expenses was a drag on that stock early in the day. but it's tone improved and there was net rise of IF. The buoyancy in Rock Island was accomplished by notable show of strength in others of the flower groups. Peoples Gas was the most con- spicuous stock in the list and rose at one time 3A points, but lost nearly point on realizing.
 Brooklyn Transit was also up nearly 2 points at one time.
 The recent rise in the iron stocks, con- tinued today Minnesota iron and 1llin- ois Steel rising respectively 8, and 2h points.
 The recent entry in the directory of the Illinois company of a powerful financial in- terest has led to rumors of extensive conn binations in the iron and steel business and this is the ground for the rise in these stocks. Chicago and Eastern Illinois rose 61s points and Northern Pacific preferred, Union Pacific preferred. and Sugar also developed strength. rise of 3N in Dela- ware and Hudson should also be mentioned. The buoyancy of so large a number of im- portant stocks was sufficient to carry the whole market upwards, but the strength was much less notable with other points in the list. London bought stocks in this market and a beneficial effect was gener- ally felt from hte definite location of Ad- miral ververa's fleet in Santiago harbor. But the benefit from this factor was due principally due to it's giving freer play to conditions specially affecting different stocks.
 Manhattan and Metropolitan Street Rail- way gave some positive evidences of de- pression and it was with difficulty that they rose at any time above Saturdays level. A fair amount of commission houses orders had been accumulated over the double holiday and helped on the rise.
 Dealings in bonds were in fair volume, and was well distributed. Gains being general throughout the list Total sales $2. .950, ,000.
 United States old As coupon advanced N bid price. There was a sale at 111h, de- cline of M from last sale. Otherwise there were no changes.
 Money on call steady at 1A@2 per cent; last loan at per cent.
 Prime mercantile paper. sA@411 per cent.
 Sterling exchange easier. with actual business in bankers bills at $4.86@4S6N for demand, and at $4S4@4.84 for sixty days.
 Posted rates, $4.S5 and $4.S71k.
 Commercial bills, $4.83@4S3h.
 Silver certificates. 58HQ59c.
 Bar silver, 5Sssc.
 Mexican dollars, 451sc
 Government bonds strong.
 State bonds dull
 Railroad bonds good