The age-herald., 1898-05-14
RIoRDAN & co.
In Wall Street.

New York May 13.-The stocz market continued today on pretty much the same lines as yesterday. Early depression was reflected from London, where the profes- slonals were selling American stocks on a rumor that the Spanish fleet was off Sandy Hook. The improbable character of this report gives an explanation to a decline which was obviously due to bear pressure. Apparently there was a disposition also on the part of the leadrs of the bull element to stand by and see a test of the markets strength. The recent large and sustained advance it was thought had invited large buying on light margins by purely specula- tive element This class of holdings Is weakness for a bull movement on account of it's inability to withstand a movement towards a decline. Occasional reactions of sufficient dimension to force the liquidation of such accounts are therefore considered heathful In any bull movement. The days market did not indicate that the volume of such accounts was very large. In spite of a vigorous drive by the bears, apparently acquesced in by the bulls, which resulted a tone time in declines running from one to three points, there was no very large volume of stock dislodged and the bears hastened to cover. Some very large finan- cial interests are credited with having taken profits on the recent rise and with being willing to sec reaction for the purpose of getting in again. Commission house buying in the early dealings was very large. But offerings were no more than absorbed with out carrying prices above yesterdays level. After the market had thus been tested business fell into dullness and assumed waiting attitude Confidence that the Spanish fleet had been finally located off Martinique and that an engagement with .-.k also begot disposition to await the cul- mintiaon of the event. Metropolitan and Manhattan developed late strength, which was attributable to the course of the rapid transit commission. The course of the money market demonstrates effectually that all apprehension of stringency from the re- quiremenfs of the government are past. Rates for time money collapsed to 3@3h per cent for periods up to six months Rates for sterling exchange rose half a cent pound. This movement is said to be due to accumulations of exchange for in- vestment. The bond market was some- what better. Total sales, $2,600.0oO. United States new As declined B, the old As regis tered Id bid There were sales of the old As registered at a gain of half a cent over the last sales.
 Total sales stocks today. 447.600 Including Atchison, 17,040; Burlington, 16,s50; Louis- vile and Nashville, 14,320; ManhattNl, 1S,- 1S0; Metropolitan, 91S1; Missouri Pacific, 5,645; New York Central. 4.22S: Northern Pacific, 5796; do preferred, 6,320; St. Paul, s7454; Union Pacific preferred, 29.s25; U. P. D and G.. 14,S75; Tobacco. 35,57; Peoples Gas. 1S,63O; General Electric, 3030; Sugar, 2S,77S
 Money on call, steady. 2 per cent: last loan, per cent.
 Prime mercantile paper, 51a96ik per cent.
 Sterling exchange, strong, with actual business in bankers bills at $4.S5A@$4.S5lk for demand and at $4.S2GS4s2A for sixty days.
 Posted rates, $4.S21s@s4.S6.
 Commercial bills, $4.S015@$4.S1.
 Silver certificates. b6A@571s.
 Bar silver, 56%
 Mexican dollars, 45.
 Government bonds, weak.
 State bonds, dull.
 Railroad bonds heavy.
 yutra to paipa Murphy X. Co