The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-07
Demand Was Sufficient to Overcome
All Obstacles.
INFL UENCE OF WAR NEWS
CAPTURE OF FRENCH STEAMER
CAUSED SELLING.
Market Succumbed to the Burden of
Liquidation at the Close, and
Losses Were Established--London
Wool Sales-Condition of Live
Stock Markets.

New York, May 6.-There were striking
elements of strength in todays stock
market, Notwithstanding the fact that
most of the days changes are on the side
of losses. The bun sentiment had several
severe drawbacks TO contend with, and
the selling pressure on the market was
at. times very heavy. Again and again
the buying demand was sufficient to over
come all obstacles. and TO absorb ali Of
ferings. carrying prices upwards on a
large volume of business. 1t was not I'M
til the final hour that the market finally
succumbed to the burden of liquidation
and yielded practically all earlier gains
and established losses ranging up TO 2 per
cent in some of the speciaItieS. American
stocks were heavy in London before the
opening hour. in sympathy with g gen
eral depression In that market. Although
prices of international stocks had declined
to in some cases nearly Il point below
last nights New York closing. there was
sufficient demand here al the opening 20
overcome the greater part of London s
declines.
Arbiirage selling was made profitable.
Selling on London account was the heaV-
lest for many weeks. and was estimated
at 5000 shares at least. The dragging
tendency Of this selling was easily per-
ceptible in the international stocks dur
ing the morning. But the balance of the
list showed a disposition TO forge ahead
on its own account. Some of the special
ties were consDicuously strong, notably
IObaccD-
The market showed tendency late in
the day TO rally strongly on report
that tho cable communication had been
established with Manila and Commodore
Dewey. The capture of the steamer La
fayette under the French flag, assured
growing Importance in the eyes of trad
erS during the last hour, and induced SELL
ing to realize and the dealing of shorts
by bears. which carried prices to the low
est of the day at the close when the sell
ing movement was still actively in force.
The bond market showed the effect of
selling for London account in some of
the speculative issues, as did the stock
market. Otherwise the tone was strong.
and prices are generally higher. Total
sales, &. $4,000.
u. S. new As, registered and the old
As, coupons. advanced y per cent, and
the new As, coupon, and the old As, regis
tered and the IS. Il per cent in the bid
price. There were sales of the old As,
registered. at an advance of IA per cent
over the last sale.
Total sales of stocks today were 400. 800
shares, including: AtchisOn preferred. H.
391; Baltimore & Ohio, $3.50; q. & o., 800;
c.. b. & O.. 1927; L. & N, 14,510; Man
haitian H. AS; Metropolitan, $3.50; Read
ing preferred. 10, 235: Missouri Pacific. 49,
$50: New York Central, 1850; Northern
Pacific, g. 403; Northern Pacific preferred,
Is, 27S; Reading, 7,270; Rock Island. 37249;
st. Paul. 1850: Southern preferred, 1897;
Union Pacific preferred, Is, 145; Wabash
preferred, S,SS5; Tobacco, ,532; Chicago
Great Western, L. 720; Peoples Gas, $3.50;
Sugar, so, 3Sl; I. c. & l., 66I5.