The age-herald., 1898-05-28
Tn Wall Street.

New York, May 2.-The stock market en- joyed a period of strength this morning, but the early gains were practically all wiped out before the day ended, except in the few special stocks which had sustained the listfall day. Even some of those closed at prices low or lower than last nights closing. The late weakness all the more remarkable on account of the sus- taining force exerted by the buoyancy of Peoples Gas. The stock made a remark able display of strength and absorbed large proportion of the days total dealings. The extreme rise was almost 3 points and the advance was effected in the face of the pronounced heaviness of the general mar ket which was dropping under a persistent dribble of realizing sales. The advance in Peoples Gas was due to very confident buying on the part of inside interests. It may have been directed against a short interest which has been put out in the last few days on the strength of threatened litigation against the companies. After the stock touched par very heavy blocks were taken and there were prolonged pe- riods when 1t was practically the only stock appearing on the tape. It's net gain is nearly 21s points, Rock Island, in which the predominant financial interest is the same as Peoples Gas, was the most con- spicuous figure in the railroad district and was almost advanced points in the early trading, but saved only a little over a point of it's net gain. The grangers as a group shared in this early strength and there was good buying also in the Van derbilts. London was a buyer of the inter- national stocks in this market and there were conspicuous gains in the case of sev- eral isolated stocks. Later weakness in the market was undoubtedly due to a growing doubt as to the whereabouts of the Spanish fleet. But the sentiment on the exchange is by no means satisfied with the lethargy in the money market, the absence of demand for funds arguing a halt in busi- ness. Continued difficulties over the ad- justment of rate controversies cast a shad- dow on the market and St. Paul statement of April traffic showed so overwhelming a proportion of increased earnings eaten up by operating expenses as to emphasize this evil.
 The marked falling off in the foreign de- mand for grain on account of the declining apprehension of future short supply is also having its effect on stocks. Activity today was very largely1 confined to the few stocks above indicated.
 There was awakened activity at times in the bond market and few heavy individ- ual transactions. Prices were well held throughout. Total sales s2,575 000.
 United States old As registered were A higher and do. coupons 1 per cent. lower and the new 4s coupon M lower in the bid price. Others were unchanged.
 3 D. m.-Money on call steady at 1@1h per cent. last loan, 1k per cent.
 Prime mercantile paper. sA@41k per cent.
 Sterling exchange firm with actual busi- ness in bankers bills at $4.S6A9 .S61s for demand and at $4.s4A@4.s41s for sixty days
 Posted rates, $4S5@4S715.
 Commercial bills. s4.S364. S31a.
 Silver certificates. 5SA@5S%.
 Bar silver. 57B-
 Mexican dollars, 45K.
 Government bonds irregular.
 State bonds dull. 2. a
 Railroad bonds firm.