The Wichita daily eagle., 1898-05-03
STOCK MARKET Is Up
Wall Street Seldom Sees a
Day Such as Yesterday.
ACTIVITY SIMPLY FURIOUS
All Markets Believe the War
Will Be Brief,
ACTIVITY SIMPLY FURIOUS

New York, May 2.-wan street saw a
day of speculative activity and fUrore
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 loss of from third to a half
of theopenin gain The upward move
ment was then renewed and there were
occasional periods of hesitancy after
ward, but no serious reaction. The mar
ket closed on another burst Of animation
and very buoyant in tone in prices, ex-
cept 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 IN the Philippines stood ready to
take their profits. Evidently the offer of
this coterie has been largest in Sugar, st.
Paul and Burlington. They were aware
that the news of Commodore Dewey's
victory had brought large orders to the
commission houses 10 buy stocks. and
up prices at the opening as far as lay
IN their power. They succeeded in effect
ing jump of 61s in Sugar and Of about
4 points in Burlington and st. Paul.
Their heavy selling TO realize in these
| stocks caused a reaction all through the
market The mea gre accounts Of the bat
/ tie in Manila made question IL the Unit
ed States squadron could get a basis OF
operations OF they would be obliged to
make for home. The London exchange
was closed for holiday and Paris was
! looked to for reflection of the foreign
view of the enga cement. There was
/ firmness in Spanish fours at that point,
the price having gained 5-16 net by the
time trading ceased. These elements of
doubt helped the reaction in the first
hour. But as additional scraps of infor-
nation came to hand, especially that
through British sources. there grew up a
better appreciation of the scope Of the
advantage gained and of its probable ef-
feet in bringing about an early termina-
ton Of the war. The volume of outside
orders from all over the country showed
large increase as the day progressed.
and the demand was so active and conf
dent that the effect Of the early reaction
was entirely overcome. The grangers
and the internationals showed remark
able strength as groups, an dthe market
Of these shares showed net gains Of over
points on the day. Even more striking
gains were shown in sine special cases.
Consolidated Gas rose over points, Pull
man s1s points. ex-dividend, and Lacka-
wanna II points over Saturdays bid
prices. Metropolitan Street Railway and
Pittsburg. Cleveland. Chicago and St.
Louis preferred gained points each, and
Oregon Navigation preferred "A per cent
Net gains otherwise are mostly found
within radius Of l TO points. The
scramble to buy at the opening was ter
rife, and simultaneously prices varied
from 2 to points in Sugar, Burlington.
St. Paul and Manhattan. Speculative
activity was at the 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 IS points.
Total sales of stocks today were s14,90O
shares.
BONDS.
The bond market leaped into activity
strength. the speculative fssles leading
with gains of about per cent Single /
blocks OF s15o. 900 Of the Northern Pacific /
and Atchison fours changed hands To- /
tai sales s.. .775.0 600
United States fours coupon ex-interest /
advanced to 11s]5. registered l. the old |
registered and the SIS Ghe coupon ex-in- /
teresD Il per cent in the bid price As /
registered on sales advanced IA per cent /
and the 5's coupon ex-interest = per cent 7
New As registered, rs. coupon, 11S:
fours 107is. coupon 10713: twos. 95; fves
registered and coupon 1O9lk; Pacific skies 1
of go 1929
FOREIGN STOCK MARKETS.
New York. May 2.-The Evening Posts .
London financial cabIegram says:
THE only points to note in the money
market here were the growing belief
that the war may collapse soon and the
revival Of the New York demand for
gold. New York bought 10000 pounds
Cape. and the price has risen to rs ED
The immediate future Of the money mar
ket hinges on the New York demand for
gold and tire effect Of the Chinese EnGem-
nifty payment on saturday next"
Paris. May spanish fours closed at
o27s. a net gain Of 5-l5 PEI cent Prices
opened steady today and later improved
OF the receipt II the news OF the com
pleteness Of the Spanish defeat. the
opinion predorlnat!ng that the war Will
not last long. At the close of the mar
ket the prices grew firm. the settlement
was easy.
Berlin, May 2-The tendency on the
bourse was toward firm prices. owing n
the favorable impression caused Nv the
victory Of the United States feet ~ Ma
nis1- There were large purchases 81 va--
ous securities az advanced rates Amer
can securities and bank and iron shares
we're particularly strong. The prices q
government securities were unchanged.
LOANS AND EXCHANGE.
New York. May Money on call nom
nally sG5 Per cent; prime mercantile pa
per 677 Per cent; sterling exchange
steady. with actual business IN bankers
bins at S4Ss. a4s4 for demand. sad a.
a SOS. a. s. for sixty days: posted rates
'ASli74s2 ard s. s5e74 81: commercial
bis si.So; silver certificates 5--sa5s- bar
silver 5SH: Mexican dollars s5li.
TREASURY STATEMENT.
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