The herald., 1898-05-11
$4,000
2,1W
1000
1000
1900
$500
IN 0O0
1,400
1 .176
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, May 10.-The stock market
was largely influenced today by the wheat
market. This kind of support had no small
part In the undertone of strength in stocks
yesterday. Today the wiping out of paper
prices and the tumbling in wheat prices
Induced liquidation in this stock market.
The market during the early part of the
day absorbed very large line of offerings
to liquidate profits, and the selling for
London account was also heavy again. the
amount sold being estimated at over Is 900
shares. The general demand for stocks
through commission houses was sufficient
to take up the offerings at well sus-
tained level Of prices. There was evidence,
also, of the opposition of bulls here and
there in the list. notably in some Of. the
low-priced stocks, which are usually al
most always in active and immediate de-
mand. The strength impaired by these
stocks helped to support the market, and
IN the wheat market, there came period
Of aggressive strength in stocks, which
lifted prices substantially above last nights 8
level. The late decline was effected on a
much smaller volume of offerings than was
we'll absorbed in the morning dealings.
Short selling by the bears was conspicuous.
A slump OF over four points in Tobacco
also had its effect. There were fractional
recoveries before the close, which was firm
at net losses Of over point in some cases.
Time loans were offered today at per
cent up to four months, and prime mer-
camille paper was also quoted at or per
cent. The announcement of the shipment
from Australia of $2,5OO, 900 in gold for San
Francisco Is highly significant of the con-
tinued strength Of the country in the
worlds international changes. The mar
ket for railroad bonds showed a reactionary
tendency. In sympathy with stocks, but
the business was not large. Total sales,
81, 500 900.
United States new fours, coupons, sold
at decline Of v from last sales. Bid
prices remained unchanged.
The bears In wheat had a chance to re-
taliate today, and did so with vengeance.
particularly in the last hour, when their
persistent attacks upon the market re-
suited in wholesale tumble of wheat,
July losing nearly 10 cents. From the
Dy tar the widest seen in years. Specula-
tive trade was not quite so feverish as
yesterday, outsiders being generally alb
sent, although there were heavy dealings
IN the last break. There were frequent
changes in the market Of half cent a
bushel, but between opening and closing
there was wide gap
The opening was 51zc lower, at 123 for
July. based on severe reaction in the
Liverpool market. This depression did not
last long, however, as the crowd was very
nervous. and yielded easily to a strong
bull movement, which excited heavy COW
ering and rushed July up in quick moves
to 1.S1Z, which was the top price for the
day. There was quick reaction, with 20
as the closing figure.
On the curb further selling pulled the
price down to 1.20h. The feature of Nav
wheat was the late advance to 1.91, ex-
close being the top for the day, and 5ixc
higher than last night, although July and
the later months closed with net losses Of
4hQ6hc per bushel.