The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-25
STOCKS JUMPED UPWARD
NEWS OF AN AMERICAN NAVAL
VICTORY THE FIRST CAUSE
Final Advance Was Due to Covering
by shorts, and There Was Ample
Evidence That the Market Was
Being Manipulated by Profess
sionals-Money Continues In u
Condition of Extreme Ease.

NEW YORK, May M-The stock market con-
tnued more or less professional today and
Lnere was palpable evidence Of manipulation.
Inc success OF the campaign for the rise as
sisted by one or two factors Of strength, in
vited an extended interest and induced a
broadening tendency in the speculation. The
advance was primarily due to the rumors,
subsequently discredited, that the United
states fleet had won a victory over the
Spaniards In West Indian waters. The final
strength of the market cannot be attributed
to these rumors.
The final upward rush of prices was Largely
que to covering of shorts who had become
alarmed at the easy advance of prices and
the persistent resistance to decline, espec-
Tally after the contradicting of the reports
OF successful naval battle. This covering
OF shorts made final prices the best of the
DAY. Yet gains were well over point in the
international and granger groups Of the rail-
road list and ranged up to nearly six points
aities.
The widely diffused effect of the rumors OF
naval victories was shown by the advance in
Americans before the opening here, in Lon
don and on the continent, and the coincident
decline in Spanish fours.
Weakness in some OF the specialties unset
tied the market after the opening here but
the upward movement was in full force be-
fore the end of the hour, on strong London
buying, especially of St. Paul. and was un-
interrupted by light reactions during the re-
mainder OF the day The stocks of iron c5m-
panies continued to show strength and the
Southwestern railways as a group, showed
some strength and activity.
Dealings in odd lots were still largely In
evidence and were not a small factor in the
undertone of strength of the market
me money market continued in a condition
OF extreme ease, and sterling exchange re-
acted fraction under the influence OF buy
Ing CT securities for London account and a
further decline in the London discount rate,
which is now well below the New York rate
The weeks exports Of merchandise to New
York, which were valued at S2,149,857 the
largest total on record, indicating that the
recent rise in exchange as in noWise due to
lack Of supply.
With the continued tendency towards ease
In the London discount rate, the demand for
sterling for collateral is likely to cease. 1t
Is evident that this country can command
further supplies of gold If they prove desir-
abe to have.
The bond market developed increasing ac-
tiv1ty as the day advanced and shows net
gains throughout. Total sales, 1929, GOO.
United States bonds were steady, without
change.
Total sales of stocks today, 41S,2OO shares,
including 1880 Atchison pfd; 5,753 G. & O.;
1903 Burlington; 1860 L. G NJ; 1885 Man.
haitian; 15,4S0 Metropolitan; 1890 Missouri
Pacific; 5,46O New York Central; 772O N p:
1888 do pfd; Is, 720 Rock Island; 81, 797 St.
Paul; 1923 Southern pfd; 49, $50 Union Pa
cifc pfd; $40 U. p, D. & R. G. 6,584 Wa
bash .pfd; 1925 Tobacco; $3.50 Chicago G.
W.; 1850 Peoples Gas; 27,710 Sugar; S,s46
T. G. l.; $3.50 Leather pfd; APO Western
Union.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: