The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-05-03
EtnamcraI.
Stocks Surge Inward.

a day Of speculative activity and Juror
which has not been equalled before this
year. There were many varying phases
in the events Of the day. The upward
surge of prices at the opening was met
by enormous offerings to realize, which
caused a loss Of from third to half
movement was then renewed and there
were occasional periods of hesitancy
afterward, but no serious reaction
The market closed in another burst of
animation and very buoyant in tone,
with prices, except for few stocks, at
the top level.
When the market opened the infiuen-
tial bull operators who bought stocks
last week in anticipation of United
States victory in the Philippines stood
ready to take their profits. Evidently
the operations of this coterie had been
largest in Sugar, st. Paul and Burling-
ton. They We're aware that the news
of Admiral Dewey's victory had brought
large orders to the commission houses
to buy stocks, and they met this out
side demand by bidding up prices at
the opening as far as lay in their pow
err They succeeded in effecting jump
of 6B points in Sugar and of about 4
points in Burlington and st. Paul.
Their heavy selling to realize in these
stocks caused reaction all through the
market
The meagre accounts which it had
been possible to obtain of the naval
battle in Manila left it a question
whether the United States forces would
be able to effect the establishment of
a base for further operations or wheth-
er they would be obliged to make for
home. The London exchange was clos
ed for a holiday and Paris was looked
to for reflection of the foreign view
of the engagement There was firm
ness in Spanish tours at that center,
the price having gained five-sixteenths
net by the time trading ceased. These
elements of doubt helped the reaction
in the first hour. But as additional
scraps of information began to come
to hand. especially that through British
official sources, there grew up better
appreciation of the scope of the advan-
tage gained and of it's probable effect
in bringing about an early termination
of the war.
The volume of outside orders from
all over the country showed large in
crease as the day progressed, and the
demand was so active and confident
that the effect of the early reaction
was entirely overcome. The grangers
and internationals showed remarkable
strength as groups, and the majority
of the stocks thus designated showed
net gains of over points on the day.
Even more striking gains were shown
in some special cases. Consolidated
Gas rose points, Pullman 91a points,
ex-dividend, and Lackawanna II points
over Saturdays bid price. Metropoli-
tan Street Railway and Pittsburg, CO.
| lumbus, Cincinnati and St Louis pre-
| ferred gained points each and Oregon
| Navigation preferred Az points Net
gains otherwise are mostly found with
| in radius of l to 3 points. The scram-
BILE to buy at the opening was terrific
and simultaneous prices varied from 2
| to 8 points in Sugar, Burlington. Man
| haitian and ST. Paul. Speculative ac-
| tivity was at boiling point, except for
a few intervals of comparative dull
ness. In the outside market there was
equal strength and activity. Standard
Oil liquidating certificates were the fea-
| ture at an advance of 10 points.
The bond market leaped into activity
| along with stocks, and showed notable
strength, the speculative issues leading
with gains of about 2 per cent. Single
blocks of $150,000 of the Northern Paci-
fic and Atchison tours changed hands.
The total sales aggregated $3,775,000.
| United States new fours coupon ex-
dividend advanced to 1917, United
States new fours coupon registered l,
the old fours registered and the f1ves
Cthe coupon ex-dividenO n per cent.
in the bid price. United States old
fours registered on sales advanced IA
and the fives coupon ex-interest " per
cent.
NEW York STOCK MARKET.