The San Francisco call., 1898-05-08
EASTERN MARKETS.
NEW YORK STOCK MARKET

NEW YORK, May 7.-Stock brokers had a busy two-hours during the short session of the exchange to-day and there were no intervals of idleness The market was active through out and the keenness for the stocks gathered force the session progressed until it had be- come very like scramble toward the close. Occasional offerings by operators content to take their very substantial profits were swal- lowed up with almost effect in prices. The element of apprehension which had caused the reaction at the close yesterday cleared up The release of the Lafayette eliminated thu, fear Of complication with France over her seizure. The reported announcement of the ar rival of the McCuIloch at Hongkong with dis patches from Admiral Dewey relieved the na- tural uneasiness that was beginning to be felt over the prolonged delay in receiving official advices from him. There was some hesitancy in the trading until official confirmation had been received from Washington of the good news from Manila. The completeness of the victory and the almost entire exemption from damage of the United States forces em- phasized the new important bearing of the event upon the prospects for speedy termfha- The depression of some American securities nored and the advance in prices inaugu- rated from the opening. The strong intimations that important news Is expected from Admiral Sampson by Sunday and reports that the Span ish fleet has been sighted off the French West Indies, aroused an exnectation that the first step toward the destruction of Spain's naval force in the Atlantic was near at hand and could safely be discounted in the market. The continued excitement and advancing prices in
 
 railroads running through the wheat belt. The bank statement was also interpreted as dis tendency of prices was remarkable in the sec ond hour and the days net gains ranged be- stocks The animation and strength of the stock mar ket 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 speculative stocks Friday and Saturday of last week in anticipation of good news from Commodore Dewey in the early part of this week It is not unusual to see prices of stocks react upon the actual occurrence of an event which has thus been discounted, sell operators who took their profits on Monday and Tuesday on the news of Deweys victory fail reaching results of that event. Their heavy realizing sales were easily absorbed by the reaction following the upward rush of prices the week has closed with the furor to buy at of the week, with from 20 to Il points net gain in the active railroad stocks. Some of the specialties exceed even that.
 The weeks development in the money market shows that the long process of preparation to pleted. It is also significant that the gold which continues to come from abroad no ing that the imports of gold made on cur rent accumulatiops of exchange. Business in conditions The confidence that the progress toward prosperity Is about be resumed Is the real ground Of the buoyancy In the stock The bond market has fully shared in the activity and strength of the stock market, and new As have advanced S2 per cent; old 4s reg istered, 1$4 per cent; '5s, coupon, IF per cent: tered, F per cent in the bid price.
 Total sales of stocks to-day were 3S2 900 372o c: & O.. 2e,9s5 C.. B. & o. 1885 L. & N 41l5 Manhattan. 3655 Metropolitan. 5720 Read ing preferred. 7460 Missouri Pacific 4970 New York Central, 9220 Northern Pacific 10 ls5 do preferred, 1850 Ontario and Western, 29 605 Rock Island, 32. 900 St. Paul, 5000 Southern preferred 2S.000 Union Pacific. 765O Wabash preferred 24, S30 Tobacco, 4s00 Chicago G. W, 5s50 People Gas, 36. 720 Sugar, 1850 T.. c. & L. 44s5 West ern Union.
 CLOSING STOCKS
 Atchison .......... 12A St 6 Om....... 75
 Do pref ........ 29h Do pref ,.. 160