The age-herald., 1898-05-25
In Wall Street.

New York May 24-The stock market continued more or less professional today and there was palpable evidence of manip- ulation. The success of the campaign for the rise, assisted by one or two factors, of strength, invited an extended interest and induced a broadening tendency in the speculations. The advance was primarily due to the rumors subsequently,, discredited that the United States fleet had won a vic- tory over the Spaniards in West Indian waters. The final strength of the market cannot be attributed to these rumors.
 The final upward rush of prices was largely due to covering of shorts who had become alarmed at the easy advance of prices and the persistent resistance to de- cline, especially after the contradiction of the reports of successful naval battle. This covering of shorts made final prices the best of the day. Net gains were well over point in the international and grangers groups of the railway list and ranged up nearly points for Metropolitan Street Rail- way in the special ties. The widely diffused effect of the rumors of the navy victory was shown by the advance in the Ameri- cans at the opening here in London and on the continent and the coincident decline in Spaish As. Weakness in some of the specialties unsettled the market after the opening here, but the upward movement was in full force before the end of the hour on strong London buying, especially of St. Paul and was only interrupted by slight reactions during the remainder of the day The stocks Of iron companies continued to show strength and the southwestern rail- ways then as group showed some strength and activity.
 Dealings in odd lots were still largely in evidence and was a small factor in the undertone of strength The money market continued in a Condition of extreme ease and sterling exchange reacted fraction under the influence of buying of securities c.. T ~@1<w.a in the London stock rate, which is now below the New York rate. The weeks ex- ports of merchandise to New York which were valued at SIP 149, ,S57, the largest total on record, indicate that the recent rise in , exchange was in no wise due to lack of supply. With the continued tendency to- wards ease in London discount rate the de- mand for sterling for collateral is likely to cease. It is evident that this company can command further supplies of gold if they prove desirable to have.
 Fhe bond market developed increasing ac- tivity as the day advanced and show net gains throughout. Total sales 8, ,225, ,000.
 United States bonds were steady without changes.
 Total sales stocks today AIS 200 shares, in- cluding .15,390 Atchison preferred 6,773 Chesapeake and Ohio; 1S,073 Chicago Bur- jfngton and Quincy; 19.450 Louisville and Nashville; 1855 Manhattan; 15,4S0 Metro politan; N,920 Missouri Pacific; 5.460 New York Central; T,72O Northern Pacific; 16,52S de preferred; 15,720 Rock Island; 55,797 St. Paul; 4,623 Southern preferred; 19,55O Union Pacific preferred; 3140 U. P. D. and G.; G. 5s4 Wabash preferred; 16,425 Tobacco; 65.- 690 Chicago Great Western; 12,560 Peoples Gas; 27,710 Sugar; 3.s45 Tennessee Coal and Iron; 9,25O Leather preferred; 4,120 Western Union.
 Money on call steady at 1k@1A per cent; i; last loan, 11A.
 Prime mercantile paper, 41aQ5k per cent tSerling exchange, easier. with actual business in bankers bills at s4.S6A@$4S6h for demand, and at s4.S4@s4.S4K for sixty days.
 Posted rates, s4.s41s and s4.s7k.
 Commercial bills s4.SS@$4 S31s
 Silver certificates. STAGES.
 Bar ilsver, 57k.
 Mexican dollars, 45A.
 Government bonds firm.
 State bonds dull.
 Railroad bonds strong.