The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-03
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest Of Exchange News-Minine Stocks.
Metal 0uotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York. May 2-wan street saw a
which has not been equalled before this
year. There were many Sdrying phases
IN the event OF the day. Inc Upward SURG
OF prices at the opening was met by
enormous offerings to realize which
caused a loss Of one-third to one-half
from the opening gain. The upward move
ment was then renewed and there were
ward but no serious reaction.
The market closed I'm dnothe- burst Of
animation and very buoyant in tone with
prices, except for a few stocks. at the
top level.
When the market opened the influential
bull operators who bought stocks last
week in anticipation Of a United States
victory i'm the Philippines stood ready to
take their profits. Evidently the opera
lions OF this coteric had been largest IN
Sugar. st. Paul and Burlington. They
were aware that the news of Commodore
Dewey's victory had brought large orde ;
to the commission hous es to buy stocks
and they met the outside demand by bid
ding up the prices at the ope Ing "a far as
lay in their power. They succeeded In ct
fecting a jump Of 6ts In Sugar and about
4 points I'm Burlington and st. Paul Their
heavy selling to realize In these stocks
caused a reaction all through the market.
The account of the battle in Manila left
1t a question whether the UniteI states
would be able to effect the establishment
of a base for further operations or whetn-
err they would be obliged to make for
home.
The london exchange was closed for a
holiday and Paris was looked to for a re-
faction of the foreign view of the en-
gagement. There was firmness In Span-
ish As at that center. the price having
gained 5-16 net by the time trading had
ceased.
These clements of doubt helped the re-
action In the first hour. but as additional
scraps of Information began to come to
come to hand, especially that through
British official sources, they began a bet
ter appreciation of the scope of the ad-
vantage gained and OF Its probable effect
I'm bringing about an early termination
of the war.
The volume of outside orders from all
over the country showed a large increase
as the day progressed and the demand
was so active and confident that the ef-
feet of the early reaction was entirely
overcome. The granger and the interna-
tionals showed remarkable strength as
groups and the majority OF these stocks
showed net gains of more than three
points on the day. Even more striking
gains were shown in some special cases.
Consolidated Gas rose 5 points, Pullman
9k points. ex-dividend. and L~ackawana
IL points over Saturdays bid price. Ore
gon Navigation preferred gained 4k. Ne;
gains otherwise are mostly found within
a radius of I to 3 points.
The scramble to buy at the opening was
terrific and simultaneously prices varied
from 2 to 8 points I'm Sugar. Burlington,
st. Paul and Manhattan Standard Oh
l~iquidating certificates were the features
OF the outside market. with an advances
Of Is points.
The bono market leaped into activits
and showed notable strength. the specu'
lative issues leading with gains OF about
2 per cent. Single blocks OF 5000 0 Of the
Northern Pacific and Atchison As changed
hands. Total sales. s3,076. 700. L.. s. new IL
coupon. ex-dividend. advanced to 1lsi4
L.. s. new As registered I per cent: the ole
registered and the SIS coupon ex-dividend
u per cent. IN the bid price. u. 5. Is reg
istered on sales advanced Ia and the 81
coupon. ex-interest, y per cent.