The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-05-04

New York, May 3.--After yesterdays vio-
lent advance in prices of stocks some re-
action was to be expected today Inc
market opened as was the case yesterday,
with heavy selling orders by large oper-
ators who were DESTROYS of taking profits.
The resumption of trading after the holiday
in London brought in an element which
made it more difficult to manipulate the
market for a rise. London refused TO ac-
cept to the full extent the sanguine view
taken yesterday of Wall street of the bene-
fits to accrue from Commodore Dewey s
victory at Manila.
American securities with one or two ex-
ceptions showed declines on the London
exchange before the opening hour. Yester-
days events in Wall street had so Tar
awakened interests in the market, that
commission houses found their books filled
with orders. The heaviness in London
affected opening quotations but they were
not down to the London parity and they
were sustained by heavy commission houses
buying during the first hours. This invited
arbitrage selling and the shares of differ
ent stocks sold for London account here
were estimated at as high as 10000 shares.
The market showed remarkable resistance
to the pressure of this selling as well as
to the heavy realizing by large operators,
who believed the rapid advance of the last
three four days had gone as far as was
safe. The failure of the market to add
vance served to discourage the outside in
terest and buying orders were withdrawn,
the market gradually saggi.ig to a lower
level There WAS rather an inviting field
presented for a bear raid. But the fact
that tomorrow will be a holiday made the
professionals timid about putting out short
contracts just as it influenced those of
them who were long of the market to take
their profits. The frmness of the market
and strength shown by particular stock
turned the professional element in the final
hour to the bull side
There was quite heavy buying movement
which carried prices of the market nearly
back TO last nights level and established
numerous noteworthy net gains through
the list. A feature of the day was the lift
ing of a number of inactive stocks to high
er marker level. The scope of the trading
of stocks The money market showed some
tendency to harden in the commercial paper
department and for call loans. A further
engagement of 81 900 900 of gold for import
was a result. The rise of 4 cent in the
actual rate for sterling exchange in face
of these developments was explained.
The bond market was active and strong
in the early dealings but there were later
realizations in the speculative issues which
carried their prices below last nights level.
Total sales S17J0,00O. United States 4s
registered advanced IL; do. coupon, Ia, the
old as ! and the 5s IL per cent. In the Did
price.
Liquidation in long accounts in antcpa-
lloH VI loIhOfIOW uOlludy CduSeQ d Qeclino
of to 10 points In cotton, the weakness
being originated by the unfavorable char
acter of cable advices from Liverpool,
which showed a decline of Q to 3-64 in the
future list.
In the afternoon the feeling here was
weak under renewed liquidation led by
Wall street and Chicago The market
closed easy at a net loss of 7@10 points.
Total sales of futures, $780,
Total sales of stocks today. 355,700 shares,
including 3,541 Atchison preferred; Burling-
ton, 2S, 597; Louisville and Nashville, 1O,09o;
Manhattan, 4.647; Metropolitan, l1.573; Mis-
souri, Pacific, 4o65; New York Central. 6,565;
Rock Island e, 164; st. Paul, 29Sf7; Southern
preferred, 4,183; Union Pacific, 31,2O7; To-
bacco, 45, 625; Chicago Great Western, $3.50;
Peoples Gas. 6,145; Sugar. 46.l55; Western
Union, 1897.
;, try49lhn Inn Inn HIM HIM hm HIM Inn hmm
y Money on call firm at 2la43R per cent;
last loan, 21s per cent.
Prime mercantile paper, 6@7 per cent.
Sterling exchange firm, with actual busl-
ness in bankers bills at $4.S4A@4.S41 for
demand and at $4s1@4.S1A for sixty days.
Posted rates. SS1k64.S2 and $4s5@4.s5h.
Commercial bills. $4,000 S0l9.
silver certificates, 5534Q56la.
Bar silver, 55%.
Mexican dollars, 45A.
Government bonds, strong.
State bonds, dull.
Railroad bonds, irregular.