The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-03
Commodore Bull 0vercame Comma
d0re Bear Yesterday.
SPECULATIVE ACTIVITY
UNEQUALLED BEFORE SINCE
THE YEAR BEGAN.
Market Closed In Burst of Anima-
ton With Prices at the Top Level,
and All Along of the Faith That
the War Would End Soon-U. S.
Fours Advanced.

New York, May 2-WaH street saw
day of speculative activity and furore
which has not been equalled before this
year. There were many varying phases
in the events of the day. The upward
surge of prices at the opening was met
by enormous offerings to realize. which
caused a loss of from a third to a half
from the opening gain. The upward
movement was then renewed and there
was occasional periods of hesitancy af-
terward, but no serious reaction.
BUOYANT MARKET.
The market closed in another burst of
animation and very buoyant in tone, with
prices. except for a few stocks, at the
top level. When the market opened, the
influential bull operators, who bought
stocks last week in anticipation of
United States victory in the Philippines,
stood ready TO take their profits. Evil
IDENTIFY the operations of this coterie had
Burlington. They were aware that the
news of Commodore Dewey's victory had
brought large orders to the commission
houses TO buy stocks, and they met the
prices at the opening as far as lay IN
their power. They succeeded in effectfnS
a jump of 61s in Sugar and about points
in Burlington and St. Paul. Their heavy
selling to realize in these stocks caused
reaction all through the market The ac-
counts of the battle in Manila left IL a
question WneIner the united States WOulu
be able to effect the establishment OF
base for further operations or whether
they would be obliged TO make for home
The London exchange was closed for
holiday, and Paris was looked to Tor a
reflection of the foreign view of the en-
gagement There was firmness in Span
ish As at that center, the price having
gained 5-16 net by the time trading
ceased.
NEWS GREW BETTER.
action in the first hour. But as addi-
tional scraps of information began TO
come to hand, especially that through
British official sources, they begat a bet
ter appreciation of the scope of the adj
vantage gained and of its probable ef-
feet in bringing about an early termina-
ton of the war. The volume of OUTSIDE
orders from all over the country showed
a large increase as the day progressed
and the demand was so active and confl-
dent that the effect of the early reaction
was entirely overcome. The grangerS and
the internationdlS showed remarkable
strength as groups, and the majority or
these stocks showed net gains of over
8 points on the day. Even more striking
gains were shown in some special cases
Consolidated Gas rose 8 points, Pullman
915 points ex-dividend and Lackawanna
IL points over Saturdays bid price. Ore
gon Navigation preferred gained 4&4. Net
gains otherwise are mostly found within
a radius of l to points.
SCRAMBLE TO BUY.
The scramble to buy at the opening was
terrific and simultaneous prices varied
from 2 to points in Sugar. Burlington,
st. Paul and Manhattan. Standard Oil
liouidating certificates We're the feature
of the outside market. with an advance
of 10 points.
The bond market lapsed into activity
and showed notable strength. the specu-
2 per cent. Single blocks of s15O,OOO of
the Northern Pacific and Atchison As
changed hands. Total sales. s.. us. 0e0
United States new IS coupon. ,ex-divi-
dend advanced to 1.19la; United States
new As registered, the old registered and
the SIS coupon, ex-dividend. 4 per cent in
the bid price. United States:fs registered
on sales advanced IA and the IS coupon,
eX-interest, Y per cent.
MONEY MARKET.
Close: Money on call, steady. 2GS per
camille paper, 6d7 per cent. Sterling ex-
change. steady, with actual business IN
bankers bills at 4.S3&lG4.S4 for demand
rates, 4S113G4.S2 and 4.S5a4.S515 Com
Silver certificates. 561kG571z. Bar silver.
565s. Mexican dollars, 45le.P
Government bonds strong, state bonds
dull, railroad bonds strong
SALES OF STOCKS.
Total sales of stocks today. 614,9oO
shares, including: Atchison preferred.
,S41: c. & o., 1896 Burlington. 1921; L.
& N, 2O950; Manhattan, 2O,47O; Metro
politan. 15.256:- Reading preferred; 400;
Missouri Pacific, 1878; New York Central,
II, $50; Northern Pacific, 24250; Northern
Pacific preferred. $3.50; Rock Island. So
$50: st. Pau. 800; Southern preferred,
16. 655: Union Pacific preferred. 81, 2S0:U. P.
d. & c., 1880: Tobacco. 211SO; Chicago
Great Western, ALSO; Peoples Gas. Il, $50;
General Electric. 1850; Pacific Mail, 1910;
Sugar, 1O4.O5O; T. C. & L, 400; Western
Union, 4,162.