The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-06-02
In wan street.

New York, June 1.-Wall street today in
terpreted Commodore Scleys engagement
at Santiago as success for the United
States forces. Even the rather meagre de-
tails of the affair and the counter claims
coming through Spanish sources did not
greatly disturb these convictions. 1t Is not
entirely sentimental result that prices of
stocks should rise upon news of naval VIC
tories, for dealers in stocks take the prac-
tical view that it insures an early termna-
ton of the war, and consequent revival
of commerce and industry.
Prices bounded upward at the opening,
and furious activity developed together
with the buoyant tone, the buying dema7
permeating pretty much the whole list. But
IL must be remembered that there has
been quite a large volume of buying re-
Gently, in anticipation of a naval victory.
There has been also remarkable advance
in Rock Island, carving with 1t group
allied stocks in anticipation of today's ac-
tion at the annual meeting on the div
dend. This meant according to'invariab'e
rule, large selling to take profits on the
elimination of the event There was, in
fact, large profit taking during the day,
which was most marked in Rock Island
and Peoples Gas. The placing of Rock Is.
land a s. per cent dividend basis, and
the distribution of 10 per cent stock divi-
dend. was even better than many of the
rumors on the subject had foretold. But
this did not save 1t from the inevitable re-
action on real 2 ng. There was very pros
nounced undertone of strength all through
the list and 1t was sufficient to sustain
fairly well the profit taking In the stocks
which have recently in their turn sustained
the list. The days net changes are In con-
sequence very much mixed, many impor-
tant stocks showing losses, and the ex-
IRENE advances In o hers being very much
reduced by declines in sympathy with the
weakness of special stocks. London was
buyer In the New York market, and there
was a large commission house demand.
There was very large individual transac-
lions in bonds. and prices advanced
throughout the extensive active list. 10 al
sales 5.225. 000
United States seconds and the old As reg
fstered advanced ", and the old AS cou-
pons, the new As and the SIS u in the bid
price. There were sales OF the new As,
coupons. at 1221k, gain of Is over, the
last sale. .a--s...
Total sales stocks today 447,S00 shares.
Including 1885 Athison preferred; S,495
Chicago Burlington & Quincy; S,OiO Chi
cago and Eastern Illinois; 1855 Louisville
& Nashville; II, o10 Reading preferred: 3,72s
New York Central $500 Rock Island; AZ
GA S.. Paul; 5 155 Sou hern; 5.061 Southern
preferred; 1886 Northern Pacific; 20,7fz
Sugar; 1917 Western Union. -
Money on call easy, 1K@11k per cent last
loan ~ per cent; prime merchant paper
4nm5 per cent Sterling exchange weak,
4.s-Xm4.S6 for demand, and at 4.SS34 T44 for
co DAYS; posted rates 4S41s4-S5 and 4S7;
commercial bills 4S304.S3A. Silver ce'tih-
Gates 50%65-A. Tar silver ssh; Mexican
dollars Az.
Government bonds strong; state bonds
dull: railroad bonds strong
New York. June More activity was OBJ
served in the stock markets here today.
Speculative interest is reviving, and the
market for Americans and Grand TURKS
especially widening. Numerous brokers
have deserted the Kaffir market for Ameri-
cans.
Americans were bought largely. here and
by New York The buying of bonds
New York was unusually large. notably
Union Pacific and Atchison As There was
also ciore buying of Union Pacific. Nor
folk & Western and Northern Pacific pre-
ferred. Prices closed one-half a dollar I'M
der the best The Bank Of England dis
count rate will probably go to per cent.
tomorrow. Il
BY Private Wire to Paine. Murphy & Co.