The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-08
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest OF Exchange News Mining Stocks
Metal Quotations-Wool Prices and
Movements Grain and n
duce-Review OF Trade.

New York, May stock brokers had a
busy two hours during the short session
OF the exchange to-day and there wee 10
ir:orvals of idleness. The inirse; was ac-
tive throughout and the keenness for the
stocks gathered force as the session pro-
crossed. IL became much like a scramble
toward the close. Occasional offerings by
operators content to take their very sub
stantial profits were swallowed up with
almost no effect on prices. The element
of apprehension which had caused tine re-
action at the close yesterday was cleared
up. Tho release of the Lafayette eiirni-
mated the complication with France over
her seizure. The reported announcement
OF the arrival of the McCullocn at Hong
Kong with dispatches from Admiral Dew
ey relieved the natural uneasiness that
was beginning to be felt over the p%rolong-
cd delay In receiving Official advices from
him.
There was some hesitancy In the trading
until an official had been re-
ceivcd 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
emphasized the new important bearing OF
the event upon the prospects for a speedy
termination of the war.
The depression of some American Sc
I curities in London before the opening here
was ignored and the advance In prices
was inaugurated from the opening. Tine
strong intimations coming from ofhciai
circles in Washington that important
news Is expected from Admiral Sampson
by Sunday and reports that the Spanish
fleet had been sighted of the French
West Indies aroused an expectation that
the first step towards the destruction OF
SPANS naval force In the Atlantic was
near at hand and could safely be dis
counted I'm the market.
The continued excitement and advanc-
ing prices in wheat gave added strength
10 the stocks of railroads running through
The wheat belt. The bank statement was
also interpreted as distinctly favorable.
The force Of the upward tendency OF
prices was remarkable I'm the second hour
and the days net gains ranged between
and 3 points for most OF the leading
stocks.
The animation and strength OF the mar
ket during the week has been I'm strong
contrast to the lethargy of the early part
of last week. Professional operators LAID
I'm "A large supply of leading speculative
stocks on Friday and Saturday of last
week I'm anticipation of good news IRON
Commodore Dewey i'm the early part oil
this week. IL is not unusual to see prices
of stocks react upon the actual occur
renee of an event which has thus beer
discounted. selling to realize profits. But
the professional optidtpIS Nho 'o'h '"''
profits on Monday and Tuesday on th'
eve of Dewey's victory. failed entirely I,
estimate the force and far-reaching re-
suits of that event. Their heavy realizinl
sales were easily absorbed by the large
outside demand for stocks. and instead oi
reaction following, the upward rush ol
prices this week has closed with the III
rore TO buy at boiling point and VIII
prices at the top level of the week, WITH
from 10 to II points net gain In the active
railroad stocks. Some of the speclaltie'
exceed even that.
The weeks developments In the money
market show that the long process ol
preparation TO meet the countrys wal
needs has been completed. IL il also sig
nincant that the gold. which continues Il
come from abroad, no longer goes TO th'
iouidation of loans. indicating that th'
imports of gold are made on current ac'
cumuIations of exchange. Business IN 9th
er fields feels the benefit of the easy mon
ey conditions. The confidence that th'
progress towards prosperity is about Il
be resumed is the real ground OF I'M
buoyancy I'm the stock market.
The bond market has fully shared In thu
activity and strength of the stock mar
ket. and prices are higher all around. L
s. new As have advanced ia per cent.
old As registered Ia per cent. as coupon
To per cent, old As coupon ! per cent
and the So registered q per cent. In tn
- Il