The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-05-01
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, April 3O.-Inere was quite
an extensive taking of profits today, after
the three days advance in prices. The
realizing sales clipped off something, from
| the days advances, leaving net gins in
the railroad list mostly fractional. In some
of the specalties, notably sugar, there re-
manned over a point of net gain. The bull
leaders this morning had to face the SEN
timental effect of early declines for Amer
| leans in London. extending to nearly
point in some cases. This meant that any
advance in the prices here would have to
carry the burden of arbitrage sales. Prices
were, however, bid up at every appearance
of confidence, and the offerings Of the ar
bitrage brokers were quickly absorbed. SUI
gar mounted nearly five points, and other
leading speculative stocks point or over.
The safe arrival of the steamship Paris
was adduced as a bull argument, and there
were vague rumors circulated that private
information had been received in the street
that the United States squadron had al.
ready fought successful engagement OFT
the Philippines. The aggressive leadership
| of the big bulls, coupled with the rumors,
kindled the enthusiasm of buyers, and the
small traders followed in the lead of the
big ones. Quite, fair amount of commits
sion house buying was also done. But
while business was still active and on
large scale, stocks began to be supplied
The offerings We're sufficient to feed the
demand, and prices ceased to advance, and
before long commenced retrograde move
ment. Before the reaction had passed far
the supply ceased Meantime handsome
total of stocks had been marketed at the
advance, and sellers felt the comfortable
assurance that their paper profts had been
tuavled into cash in the event or an unta-
vorable turn in any events over Sunday.
There was some renewal of the buying de-
mand in the second hour, but it did not
| reach proportions, and the fluctuations in
the prices after the close.
| The market for stocks and bonds In the
| early days of the week was the dullest and
narrowest that has been seen In years. On
Wednesday the aggregate sales of all
tO
dull a market there is usually natural
| tendency of prices to sag. But there was
a marked disposition in the market to re-
| sist any downward tendency, due to the
conditional orders in brokers offices to buy
stocks on any sharp decline. The hard
ness of prices encouraged powerful CO.
the market for a bull turn They COM
menced operations Thursday. The argu-
| ments they offered to justify the advance
were the naval victory by the United States
squadron off the Philippines was reasona-
bly, certain, and the Smelling Of the Spanish
works al Matanzas had conclusively proved
the skill and superiority Of United States
gunners and guns. Both these factors, it
early success of the United States arms.
The general public showed no signs of
purpose to put its money into the market
under the aggressive leadership developed
by the bull coterie. Undoubtedly the I'M
DERIVING cause of the recovery of prices
is the more assured condition in the money
ton. The future of the money market
hinged for some time on the action of the
government for war loan. The consulta-
ton of the secretary of the treasury with
la number of leading financiers served to
clear the situation The success of the
proposed loan at per cent was felt to Be
assured, and the plans for disbursement
seemed to be sufficient to guard against
sudden contractions and stringency. This
was felt to give promise of easier condi-
| tons in the money market, where reserves
have been closely held and accommodati tons
much restricted for some time past, in arr
ticipation of the demand for the govern
ment loan. The actual conditions in the
| money market have. in fact become appre-
ciably easier during the week, and the
rate for time loans was shaded from to
51s per cent. The continued demand from
the interior for money Is attributed to
the desire of the interior banks
ducemtns Of their. depositors, who
might subscribe to the bond issue. For
| eign exchange rose sharply early in the
week, but lost great part of the gain,
made yesterday and today. The strength
| in exchange early in the week is said to
have been due to some unexpected pay
ments abroad by the government and to de-
lay in the receipt of commercial bills
against grain shipments.
| The settlements are coming forward all
the time, and the demand for exchange
from importers is, at this time, small. An
| other feature IN the exchange situation is
worthy of consideration. The war has
| largely curtailed the prospective travelling
abroad by Americans this year, whose an
nual expenditures are estimated as high
as 500 900, 000
| A feature of the week has been the
| strength of silver, on demand from India
and from France. The takings by France
are believed by some authorities to be on
account of Spain.
The downward tendency of railroad bonds
has been arrested and some issues have
improved during the latter part of the
week on increased trading.
United States new tours have advanced
X, and the fives, coupon, u, while the old
fours, registered. have declined Y per cent
in the bid price. Others were unchanged.
Closinp Stocks