The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-06

NEW fORh, May o.-Professional operat-
ors all turned bulls today, after a brief peri
Cd OF doubt and hesitancy at the opening
OF the stock exchange AS matter of fact,
they were forced into this position by the
unmistakable temper of the outside public,
manifested by their disposition to come into
the market and buy stocks in large blocks
at the market price. Two professional op-
orators were made somewhat wary by the
failure of the London market to show any
Independent interest in American securities
yesterday, while Wall street was taking a
holiday. The same elements were appar-
emily rather suspicious Of the advance in
London this morning, and were disposed to
attribute 1t to manipulation from this side.
Prices here failed to respond at the opening
to the London advance, and ruled below the
London parity for a considerable time.
The market was full OF outside buying or
ders, and business was on large scale, but
had very heavy burden Of profit-takng
sales to carry, and the small openelng gains
were in large part wiped out during the
first hour.
The reaction here failed to impair the con-
fldence in London, where Americans con-
tinued very active and strong. The buying
here for arbitrage account was on a very
large scale in all the internationals, and
turned the scale to the bull side. Large OPP
orators who had taken profits on Tuesday
and this morning impelled by an impression
that the rise was progressing too fast, lett
renewed confidence on account of the sup
port accorded by London and the outside pub
Hc and turned buyers Of stocks again.
The market presented all the characteristics
of the rampant bull spirit. From time to
time the general strength was taken advan-
tafie of for heavy profit taking in special
stocks. At other times, when there was
disposition for business to languish, indl-
vidual stocks were pushed vigorously up
ward for the purpose OF sustaining the gen.
eral market. Traders were busy seeking out
obscure stocks which had not yet felt the
renewed impetus to lift their prices to the
higher level of the last few days. The num-
Der of small lots Of standard dividend-paying
ar liza n cOnEDicuOuS feature
the trading, arguing the reawakened conh-
dence Of the investing public and the greater
ease in the money market, where the rates
no longer so inviting Tor the employ
ment Of ready cash.
Rock Island was the center of largest
interest in the railroad list on account OF
was lifted 3A points to a parity with st.
Paul. Sugar was furiously active and VIC.
latile all day, covering an extreme range OF
Az points and gaining Sss points net. Man an
Consolidated Gas are over points hlgner.
The large majority Of stocks traded in are
at least a point higher, and net gains range
from that up to points.
There was no special development in the
situation to account for the buoyancy OF the
market beyond the general conviction mat
Spains capacity to carry on the war Is near
ly exhausted, and that the danger OF any
serious impairment of this countrys pros
perity by reason Of the struggle Is ABOUT
passed Confidence was felt, also, as to the
ability or the money IudIhel " SooiiJ -ANNe
ali requirements of the government for war
expenses. Lenders of money were conse,
quently not SO stiff in their requirements, ana
conditions were easier. A large number OF
trafic returns gave force to the general con-
fidence in the strength of the business stu
alton. The renewal of gold imports also
tended to the same end.
The bond market shared the activity city ybS ana
higher prices all around. Total sales, S2,o25,,,
600. United States As registered advanced
"; ditto coupon Is in the bid price. others
were unchanged eoo
Total sales of stocks today were 5l9' 60O
shares nsudng l5o GA Ate9is sso pro- Nv
% a50 Manhattan, 5000 Metropolitan, .2G3
Reading pfd 1880 n. y c. $3.50 N K p, p
T.. P. pfd, 81 ,235 Tobacco, 1851 Peoples Gas
q o5O General Electric 1856 Pacific Mail, so,932
Sugar, 1928 T. G. l., $50 W. ~ U: ., t,o
leading railway and Industrial shares FUR
nished ~ C.. H. F.. Smith 6 Co: members RS
New York stock exchange and Chicago board
do.