Evening star., 1898-05-02
Lively Scramble for Stocks Resulted
From Victory at Manila.
PRICES ADVANCE IN WHOLE LIST
Slight Recessions From Top Figures
Occurred at Noon.
GENERAL MARKET REPORTS

Special Dispstch to TIE Evening star.
NEW YORK. May 2.-Ysstaraay's tn
nrnph OF the American navy was celebrated
In wall street this morning by a se.ss-
tional advance in Prices. Opening Asefes
reflected improvement varying from 2 10 Z
per cent the short int srest being especlally
indifferent 30 the prices paid for the active
issues. The first half horr Of BUSINESS war
little more than scramble to buy stocks
in anticipation OF prolonged advance.
More rational trading resulted in q gradu-
al recession from the ma ximum level Of the
morning and midday prices reflected de-
clines varying from / TO 3 per cent from
the top point.
The urdertone Of the market was remark
ably strong ant some very confident buy
Ing was reported from time TO time during
the afternoon The prevailing opinion IL
that the details Of yesterdays engagement
will be more nattering TO the American side
than the mere deduction made from onis-
sions in the Spanish reports
The Cuban war is now regarded as an az
graTation TO be borne with temporarily. but
always with the assurance that aggressive
action Will terminate it's existence Tle
victory In the Philippines had been general
iy predicted, and the success OF these fore
casts inspires confidence In the predicted
outcome OF the Cuban var
There was almost unanimous belief in
the future Of the market, and trading for
the decline was nowhere noticed except
for fractional turn. Owing 10 the fact
that the news upon which the market de-
pended was too recent to be general. the
public demand for stocks has not yet as
sumed proportions worthy Of note. Com
Mission houses did a fair amount OF the
total trading, but the largest buying was
for the accounts OF the professional ele-
ment
The holiday in London was a factor tend
ing toward a restricted volume of legiti-
mate business, but IL is believed that the
market at that center will respond readily
to the new estimates of value cabled from
this side.
Small declines in tomorrow's cables would
excite no surprise, as the discrepancy be-
tween Londons Saturdays closing and our
Closing today may be too liberal for imme-
date adjustment.
American Sugar, the Traction stocks and
the Industrial list generally responded cas-
lily to the changed conditions and led the
list in the extent of their fluctuations. The
granger roads attracted a good volume Of
business and moved up nearer the level Of
their actual value. The Northern Pacific
and Union Pacific issues were in excellent
demand and recorded substantial advances
in consequence.
The shares OF the corporations last named
are relied upon to reflect every possib BILE
development of a favorable character, as
their earnings are showing gratifying in
creases. The low-priced and purely specu-
lative issues. were also bought on the theory
that the surplus strength of the general
market might be employed TO assist them
to an initiative rise. The market hinges on
war news, and, unless disappointment
comes, today's level will be vastly i'm
proved during the coming season.