The herald., 1898-05-22
Conditions as Shown by Transactions
on Wall Street

NEW YORK, May H.-Dealings were not
large nor important on the stock exchange
today. Operators almost without excep-
ton maintain their attitude of waiting for
the situation In West Indian waters to
clear itself. The report that the Spanish
fleet had come into Santiago and had sue
ceeded in getting away again was not gen.
orally credited, coming as it did from Span
sh sources. But it is exercising some de-
pressing effect, nevertheless. 1t was prob
ably the cause Of the decline in prices after
the rise. The rise in Spanish tours in Lon
don and Paris showed that 1t was not with
out its effect also In foreign markets. There
was selling for London, which kept UP
depressed tone in some of the interna-
tlonals, New York Central and Louisville
being conspicuousy sufferers. Rock Island
also showed the absence of inside support,
but was bid UP quickly on the final sales
to a level above last nights close. The
rally in. the market was due to the strong
bank statement. Prices rose to fraction
above last nights close and in some cases
a point or more. A feature of the trading
again was the isolated movement of OBJ
scure and dormant stocks. Pullman and
Great Northern preferred, each with a
handsome surplus to be some time divided
Wheeling and Lake Erie and Rio Grande
western stocks were quite conspicuously
active and all morcd strongly upward. To-
bacco, Sugar and Leather preferred, among
the .industrials, were all in demand. The
closing was strong at top prices.
Inc stock market has nos moved widely
curing the week, and 1t has become evident
that operators regard the present level of
prices as favoring a fair equilibrium be-
tween the conflicting factors in the out
LOOK, On the one side Is the chance of a
naval reverse. This is considered remote.
But 1t must be conceded that in Wall street
more weight attaches to this possibility
than was the case a week ago
AS 1t is, prices are substantially higher
the grangers naturally leading, owing to
the extraordinary movement of grain.
mere We're numerous indications of a
strong industrial and financial outlook
winch are coming to have more and more
influence, regardless of the incubus of war.
Railroad earnings show striking increases
not only over last year, but over previous
years. and in some cases all records are
broken for this season of the year There
IS an increase also in the bank cleo rings
OF the country. The wholly unprecendented
condition of our foreign trade balance has
also received attention. the more SO as the
neavy excess of exports over imports still
continues now, which Is the season when
Inc ms. paiance generally turns against us.
With favorable trade balance Of sid. 00O
0oO for ten months of the fiscal year. against
the 6na pest previous record of less than $500
0OUOUO for full fiscal year, there is no room
ieIt Tor tlm1d apprehension about the coun-
trys future money resources
increased activity in the week in the
pond market resulted from large releases
OF money seeking employment. The de-
mana was, however. largely confined to the
more speculative issues. Prices are quite
generally higher and held steady. even
through the reactions which occurred in
the stock market. '
United states new tours declined 2Z fLe
old tours, registered, u Der cent and TIC
nVes "a per cent in bid price,