The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-07
ELEMENTS OF STRENGTH
STRIKINGLY DISPLAYED IN
SPITE OF NET STOCK LOSSES
ing Unable to Break the Market
Until Aided by the Fear of Com
plfcatfOns Growing Out OF the
Capture of u Liner Under the
French Flag.

NEW YORK, May 6.-There were striking
elements of strength in teday's stock market,
notwithstanding the fact that most OF the day, g
changes are on he side OF losses The Dull
sentiment had several 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 overcome all obstacles and to
absorb all offerings, carrying prices upwards
on a large volume of business. 1t was not
until the final hour that the market finally
succumbed to the burden of liquidation and
yielded practically all earlier gains and es-
tablished losses ranging UP to points In
some Of the specialties.
American stocks were heavy In London be-
fore the opening here, in sympathy with a
general depression in that market. Although
prices OF internationals had declined to in
New York closing, there sufficient de-
mand here at the opening to overcome the
greater part of London's declines. BY es-
tabhshing range Of prices here above the
profitable and invited. The selling for Lon
don account was the heaviest for many weeks
and was estimated at $4,000 shares at least.
The dragging tendency of this selling was
easily perceptsble in the internationaIs dur
ing the morning. But the balance of the list
showed disposition to forge ahead on its
own account. Rock Island Omaha, Northwest,
New York Central and the Southwestern
stocks were conspicuously strong, the latter
on the excellent prospects for the winter
wheat crop In the Southwest. The interna-
tanned, the foreign offerings being largely
absorbed. Some of the specialties were con-
splcuously strong, notably Tobacco. The
market showed q tendency quite late in the
day. after the London offerings had been alb
sorbed. to rally strongly on report that
cable communication had been established
with Manila.
The capture Of the steamer Lafayette under
the French flag, assumed growing Importance
IN the eyes of traders during the last hour
ana induced selling to realize, which carried
10 Of Io,,
when the selling movement was still actively
in force.
The resumption of the gold import move
ment has been cited as bull argument but
the withdrawals of gold from London and
Europe have resulted in a renewal of strin-
gent money conditions there This in turn
weakened the speculative market and has
induced large selling of Americans because
OF the good market for them existing here
and more particularly for the purpose of re-
nenns the demand man for exchange The ndi
would have successfully absorbed these Of
ferings had 1t not been for the development
OF the Lafayette episode which caused some
tm1dity amongst buyers.
The bond market showed the effect of SELL
ing Tor London account in some Of the spec
ulative issues. Otherwise the tone was strong
ana az prices generally higher. Total sales were
y, 49, 600. U. S. new As registered and the
old rs coupon advanced " and the new As
coupon, the old As registered and the SIS Y
per cent in the bid price. There were sales
the last sale.
Total sales of stocks today were 400 200
shares, inciuding: 1881 Atchison pfd: 945O
.. q o; s, 200 c: & o; 24,227 Burlington; a. SO
L. L. q q n; ATS Manhattan; $3.50 Metropolitan
1886 Reading pfd; 1860 Mo. Pacific: 7 05ol
n. y Central; 6,403 Northern Pacific: S27S
90 pfd; 7,27O Reading; 37,269 Rock Island
4o'65o St. Paul a 44s7 Southern pfd; 45,145 ..
a2,72O Chicago G. W; 6,735 Peoples Gas. * :,
ISL Sugar; 6,675 T. G.. & 1. 90
me following were the fluctuations of the
nished 6y c. H. F. Smith &, Co memhers
New N sro York stock exchange and Chicago board