The herald., 1898-06-01
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, May s1.-Today's stock
market was active and strong, but the
activity and strength were not by any
exercised a powerful sustaining influence,
and Rock Island was the feature OF the
group. st. Paul closed the day with
gain OF 2 points, the advance being en-
couraged by published reassurances as to
the permanent character of the improve
ments charged to the large operating ex-
penses for April. The newly published
statement of Burlingtons April earnings,
with a similarly large proportion absorbed
In operating expenses, was q drag on thai
stock early in the day, but Its tone i'm
proved later, and there was net rise of
~. The buoyancy in Rock Island was ac-
companied by a noticeable show of strength
in others of the Flower group. Peoples
Gas was the most conspicuous stock In the
list, and rose at one time 3A points. but
lost nearly a point on realizing. Brooklyn
Transit was also up nearly points at one
time. The recent rise in the Iron stocks
continued today, Minnesota Iron and Hi
nols Steel rising respectively and ~
points. The recent netry into the directory
of the Illinois company OF powerful imam
cial interest has led to rumors of extensive
combinations in the iron and steel business,
and this Is the ground of the rise in these
stocks. Chicago and Eastern Illinois rose
61a points, and Northern Pacific preferred.
Union Pacific preferred and Sugar also de-
veloped strength. A rise of 3ss in Delaware
and Hudson should also be mentioned. The
buoyancy OF so large a number of import
ant stocks was sufficient to carry the whole
market upwards, but the strength was
much less noticeable at other points In the
list. London bought stocks In this market,
and beneficial effect generally was felt
from the definite locating of Admiral Ger
veras fleet in Santiago harbor. But the
benefit from this factor was due principally
to its giving freer play to conditions spe-
cially affecting different stocks. Manl1dt-
tan and Metropolitan Street Railway gave
some positive evidences of depression. and
it was with difficulty that they rose at any
time above Saturdays level. A fair amount
Of commission house orders to buy had ac-
cumulated over the double holiday and
helped on the rise.
and were well distributed, gains being gen.
eral throughout the list. Total sales, $780,
900.
United States old coupons advanced y in
the bid price There was a sale at HIS,
decline of " from the last sale. Other
wise there was no change.
The May wheat deal, both at Chicago and
New York, ended rather ignominiously to-
day. Extreme weakness, instead of the
fireworks expected, marked the closing
scenes of one of the most famous corners
IN years. 1t had been confidently expected
for some weeks past that the Chicago clique
would run the price of May wheat there to
% per bushei and help the local market in
proportion. Too much publicity, however,
had been given the deal, and farmers in
az parts Of the country scraped their bins
markets to catch the phenomenal prices
predicted. At Chicago much of this wheat
was taken by clique operators as 1t arrived.
but locally, the grain became somewhat of
drug on the market. Only one result could
follow such proceedings, and that was a
general downfall in prices, beginning here.
days the May option had been declining
steadily: reaching today s1;15 at New York,
July broke In proportion. selling off to
$1.o4N,. after early sales today at s.115,
and closing at s1.07. News of all sorts
from weekly statistics of crop advices was
favorable to the bear attack which accom-
panied this decline in prices. The only sun
port came from foreign houses at the oper1-
ing and little covering by shorts near the
close. The feature was sale OF So. 600 bush
els of No. red, presumably for French ac-
count, at $l.OSQl0. and near lots sales Of
contract wheat. amounting to IT'S 900 BUSH
els, at sl.s491.s5. mainly sl,s5. The latter
to desire on the clique's part to stay the
decline. Future price levels were depend
emit somewhat upon crop prospects. unless.
as is already intimated, the cllqiie takes
hold Of July and booms 1t with the ala Of