Omaha daily bee., 1898-05-29
STOCKS AND s6NDs.
Holiday Tomorrow Causes n C~urtnil-
mcnt of spcculative Onerntionr.

NEW YORK, May 2S-The fact that to-
day was a holiday Ia London and that Mon
day would be a holiday both in New York
speculative operations in stocks. There
were two conflicting reports in circulation,
same point in the West Indies, alleging thai
the United States fleet had been sunk and
that Admiral sampson had been killed. and
trated the harbor OF Santiago and sunk the
Spanish fleet. The market sold of on the
first and recovered on the second, but the
dealings were not large nor the movement
wide In any case. Prices were sluggish
outside of special stocks and final changes
were small. Rock Island ana Peoples Gas
were pushed up again. after ~ preliminary
reaction apparently to shake off some weak
some difficulty at the close, and was ma
nipulatcd for the evident purpose of making
the last prices the best. The same thing
was manifest in other stocks. Great North
ern continued its upward course and added
nearly 5 per cent to Its recent remarkable
advance. Illinois Steel rose 4 per cent adj
ditional.. but reacted 2 per cent. New York
Air Brake rose 2 per cent. but lost nearly
all of it. There was a reaction after the
the bank statement which was on its face
favorable. But the expansion of over
in business, goes with the Knowledge that
supplies of commercial paper have not been
large in the market, nor has the demand
Is that the loan expansion outside of the
demand for speculative uses in the stock
market is TO De accounted 1Or largely by
loans made on sterling exchange as collat-
eral, an operation involving the lending
abroad money. which Is due on eXcnunse
bills, but not drawn. The close for stocks
was. however, near top prices, under the
manipulation and generally a fraction
above last nights closing price.
Prices of stocks show some substantial
gains over those of a week ago, though the
latter part of the. week has seen a falling
dency. The advance early in the week was
largely based on the ~unfounded report that
the Spanish fleet in Nest Indian waters
tendency is not surprising. The latter re-
s%istance to decline has been encouraging to
the Dull element, and the belief is general
in Wall street that the .powerlessness of
Cervera's fleet to do mischief has been
DEMONSTRATED, and its ultimate defeat by
the United States forces IS confidently ex-
pected. TIL financial world looks forward
to this defeat to bring into play many fac
Most potent of these is the condition of the
money market, which may now fairly be
described as plethoric. Although the vol
indicates a larger use of money than even
in 1892, funds continue to flow to New York
States treasury continues to feed out money
into the market. New York's banks gained
over SO, i0O,0 900 from this source this week
In spite of the large loan expansion of over
$S,000,000 the surplus reserves continue,
therefore, to pile up. Under ordinary condi'
lions the resulting cheapness of money
would start an export movement of gold
but the continued heavy excess of mer.
ChandiSe exports and active foreign de-
mand this week for our securities keep the
internationals heavily in our favor. Ths
country's net gold imports for the fisca
year Will exceed 500, 900, 900. which has never
been approached except in 1881, when they
were over $97, 700, 600. There has been at the
same time a largely increased output o.
gold, the home mines product for the pres
ent being estimated at SEQ, 900, 900. The idea
that government requirements for carrying
on the war will result in any stringency II
money rates has been entirely discarded
by financial authorities. With the heav!
expansion of the gold currency and a con
tinuing favorable trade balance which IL
added to by the falling off in foreign travel
and In expenditure by travellers abroad, IL
consequence of the war, 1t IS natural tina
an era of higher prices and of industrial
and speculative activity should develop
The firmness of prices of stocks is urdoubt
edly largely based on the expectation o
such II development.
The bond market has broadened during
the week and has given evidence of in
vestment buying at home points. Prices
are higher all around. United States 4
nave advanced " per cent and the 5s \
per cent in the bid price. Others are un
changed.
The Evening Posts London financial ca
blegram today says: The only feature wa
the demand for gold by Russia in the Lon
don market, Notwithstanding this none
ruled at 2 is and French exchange wa
i higher.
The following are the closing quotation
of the leading stocks on the New York mar
ket today: