The herald., 1898-05-08
Conditions as Shown by Transactions
on Wall Street

NEW YORK, May 7.-Stock brokers had
busy two hours during the short session
of the exchange today, and there were no
intervals of idleness. The market was ac-
tive throughout, and the keenness for the
stocks gathered force as the session pro-
gressed until it had become very like a
scramble toward the close. OCCASIONAL Of
ferings by operators content to take their
very substantial profits were swallowed up
with almost no effect on prices. The ele-
ment Of apprehension which had caused
the reaction at the close yesterday cleared
up. The release Of the Lafayette elimin-
ated the fear of a complication with France
over her seizure. The reported announce
ment Of the arrival of the McCulloch at
Hong Kong, with dispatches from Admiral
Dewey relieved the natural uneasiness that
was beginning to be felt over the prolonged
him. There was some hesitation in the
trading until an official confirmation had
been received from Washington of the
good news from Manila. The complete
exemption from damage of the United
States forces emphasized anew the i'm
portant bearing of the event upon the
prospects for speedy termination of the
war. The depression Of some American
securities in London before the opening
here was ignored, and the advance in prices
was inaugaurated from the opening. The
strong indications from official circles in
Washington that more important news is
expected from Admiral Sampson by Sum-
day, and reports that the Spanish fleet had
been sighted off the French West Indian
Islands aroused an expectation that the
first step towards the destruction of the
Spanish naval forces in the Atlantic was
near at hand, and could safely be dis
counted In the market. The continued ex-
citement and advancing prices in wheat
gave added strength to the stocks of rail-
roads through the wheat belt. The bank
statement was also interpreted as dis
tinctly favorable.
The force of the upward tendency of
prices was remarkable in the second hour,
and the days net gains ranged between
one and three points for most of the lead
Ing stocks.
The animation and strength Of the stock
market during the week has been in strong
contrast to the lethargy of the early part
Of last week. Professional operators laid
In a large supply of leading specialties in
stocks on Friday and Saturday of last
week, in anticipation of good news from
Commodore Dewey in the early part of this
week. 1t is not unusual to see prices of
stocks upon the actual occurrence of an
event which has thus been discounted SELL
Ing to realize profits. But the professional
operators who took their profits on Monday
tory, failed entirely to estimate the force
and far-reaching. results of that event.
Their heavy reaIizations were easily alb
sorbed by the large outsider demand for
stocks, and instead of reaction following
the upward rush of prices, the week has
closed with the furor to buy at boiling
point, and with prices at the top level Of
the week, with from 20 to IL points gain
in the active railroad list Some Of the
specialties exceed even that
The weeks Developments in the money
market show that the long process of pre-
pairing to meet the country's war needs
has been completed. 1t is also significant
that the gold which continues to come
from abroad no longer goes to the liquida-
tion Of loans, indicating that the imports
Of gold are made on current accumula-
tions OF exchange. Business in other fields
feels the benefit of easy money conditions
The confidence that the progress toward
prosperity will be resumed is the real
ground of the buoyancy in the stock mar
ket.
The bond market has fully shared in the
activity and strength of the stock market,
and prices are higher all around United
states new fours have advanced 3N per
fives, coupon. IL per cent, old fours, cou,
pom, per cent, and the fives, registered,
u per cent in the bid prices,