The age-herald., 1898-05-11
R1oRDAN & co.
In Wall Street.

New York. May 10.-The stock market was largely influenced again today by the wheat market the movements in which un- settled the tone in all speculative markets. No doubt successful speculators of yester- day in wheat immediately placed part of their profits in the stock market. Thls kind of support had no small part in the undertone of strength of stocks yesterday. Today wiping out of paper profits and the tumbling of prices in wheat resulting in the uncovering of margins inducekd nquldatioh in the stock market. This was particularly noticeable in the late dealings after the plunge in the price of July wheat at Chi cago from SIPS to $160
 The stock market during the early part of the day absorbed very large onerlngs to liquidate profits and the selling TOT London account was also heavy gain, the totai sales for that account being estimated at uNer % ,000 shares. The general demand for stocks through commission houses was sufficient to take up these offerings at well sutained level of prices. There was evidence also of the operation of bull pools here and the list, noticeably, the 1ow-prlceq stocks, which are usuayll almost fnactlYe and immovable. The strength imparted to these stocks helped to sustain the market and with the rally from the opening weak ness in the wheat market there came a period of aggressive strength in stocks which lifted prices substantially above last nights level. The late decline was effected ] on a much smaller volume of offerings than was well absorbed in the morning dealings. Short selling by the bears was conspicuous A slump of over points in tobacco N''fo had it's effet in the late weakness. n were fractional recoveries before the sss which was firm at net losse over 5o.nt in some cases. Time loans were ollsieo today at 4 per cent, up to four mon'hs, and prime mercantile paper was ago quoted lower at 5 to per cent There
 nevertheless decline in the rates Tor
 ling exchange amounting to about hal. oi yesterdays gain. This development in sterling exchange in the face Of inc easier tendency of money, the large selling or securities here for foreign account and the announcement of teh shipment from h,ls- tralia yesterday of $2,50O000 in gold foi San Francisco Is highly significant of the con- tinued strength of the country in the worlds international exchanges
 The market for railroad oon1s showed q reactionary tendency in sympathy with stock but the business was not large. To- t,u sales g. 000
 United States new 4s cr,''r.'rs soil at a decline of Ac fir pm the li Bid prices were unchanged
 including 26,S7o Atchison preferred; 3.sS7 c. le O.; 2S0 Burlington; 15,57O l.. & N; 7,SOO Manhattan; 3430 Metropolitan; 4,610 Read ing preferred; 6,260 Missouri Pacific; SAD M. K. & T. preferred; 4,77O New York Gen. tral; $40 Northern Pacific; s.s3o N. P. pre- ciffcferred; S7.O37 St. Paul; 3,695 Southern preferred; 24SS0 U. D.; 47.62o Tobacco; 1b915 Chicago G. w.; 1880 Peple's Gas; S2.1 .1lO Su- gar; 6,3S7 Tennessee Cal and Iron; 3O,Slb Rubber, and 4269 Western Union.
 Money on call firm, 2Q3 per cent; last loan 8. Prime mercantile paper 5@6 per cent Sterling exchange easier, with actual busi- ness in bankers bills at 4S4M@% for de- mand. and 4s1H@M for sixty days: posted rates 4S2@4S5ld; commercials bills 41shq4Sl; silver certificates 56QN; bar silver 667s; MexIcans dollars 45, government bonds steady; state bonds dull; railroad bonds heavy.
 Rv Private Wire to Paine, Murphy G Co.