The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-05-03
Conditions as Shown by Transactions
on Wall Street

NEW YORK, May 2.-Wall street saw
day of speculative activity and Juror which
l has not been equaled before this year.
There were many varying phases in the
events of the day. The upward surge of
prices at the opening was met by enor
nous offerings to realize. which caused
loss of from a third to half from the
opening gain. The upward movement was
then renewed and there were occasional
periods of hesitation. The market closed
IN another burst of animation, and very
buoyant in tone, with prices exceptionally
strong. When the market opened the in
iiuential bull operators who bought stocks
last week in anticipation of a United States
victory in the Philippines, stood ready to
take their profits. Evidently the opera
tons OF this coterie had been largely in
Sugar st. Paul, and Burlington They
were aware that the news of Commodore
Dewey's victory had brought large orders
to the commission houses, and they met the
outside demand by bidding up the prices
at the opening, as far as lay In their power
they succeeded in getting a jump of SIS
in Sugar and about points in Burlington
in st. Paul. Their heavy selling to realize
in these stocks caused reaction all
through the market. The accounts of the
battle in Manila left it question whether
the United States had been able to effect
the establishment of base of supplies for
future use, or whether they would be
Obliged to make for home. The London
exchange ;S was closed for holiday. and
Paris was looked to for reflection Of the
Foreign view of the engagement. There
was firmness in Spanish tours at that CEN
Ter, the price having gained 5-16 net by
the time trading closed. The feeling of
doubt helped there in the first hour, but
as additional scraps of information began
to come to hand and especially that
through British sources, there grew I'D a
better understanding of the situation. of
the advantage gained, and of it's probable
effect In bringing about an early termna-
ton of the war. The volume of outside
orders from all over the world as the dav
progressed, and the demand soon counter
acted the effect of the early losses The
Changers and the internationals showed
remarkable strength as groups, and the
majority of these stocks showed net gains
OF over points in the day. Even more
striking gains were shown in some special
cases. Pullman gained 9h points, ex-diyi-
dend, and Lackawanna IL points over Sat
urday's close. Oregon Navigation preferred
gained 4A: Net gains otherwise are found
mostly within radius of 1 tsa3 points
The scramble to buy at the opening was
terrific, and simultaneous prices varied
from to points in Sugar, Burlington. St.
Paul and Manhattan.
The bond mar,,.t leaped into activity, the
speculative issues leading with gains of
about per cent. Dingley blocks Of $3.50 900
or the, Northern Pacific and Atchison
tours changed hands. Total sales, So, us, 0O0
United states coupons, ex-diyidend, ad-
vanced to 119la; do. registered, /; the old
registered and the fves coupon, ex-diy-
ldend. 4 per cent in the bid price. United
states tours, registered, on sales advanced
IA, and the fives. coupon, ex-interest, u per
cent.