The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-05-18
NO WEAKENING IN THE BACKING
SHOWN THE FLOWER AND
OTHER LEADING STOCKS
BEARS HAVE GROWN WARY
Are Coming Into Camp and Surren-
derfng While There Is Time TO
Escape Total LOss-MOney Market
Favored the Bull Element, and
London Helped Maintain the
Firm Feeling.

NEW YORK, May H.-When 1t was an
nounced on Monday morning that some
of the most powerful financial interests
! In the country had banded themselves
together for the support of prices in the
group of securities which had been SO
marvelously increased in price under the
favoring activity of the late ex-Gov.
Flower, 1t caused the professional opera
tors who always stand ready to attack
values of securities at any vulnerable
point to pause in their career and cover
short contracts left outstanding since
Saturday. The capitalists behind the
Flower group apparently felt SO much
encouraged with the firmness and conf
dence displayed by the market since the
crisis that they made up their minds to-
day to complete Its rehabilitation and to
put prices back to where they were on
Friday last. 1t was not until the latter
part of the day that this purpose seemed
to be seriously in hand. In fact the
Flower stocks as a group were not con-
spicuous during the early part Of the
day. Their position seemed to be left
TO the natural course of events and the
general trend of the market. 1t was the
events of today in the market that
seemed to corfirm the purpose of the
financial leaders These events were
very marked disinclination on the part
of personal holders of securities to pro-
coed with any liquidation. and a quiet
and persistent outside demand for wide
range of stocks. Some very large trans
actions In bonds, especially in recent or
contemplated issues of railroads of the
51a and per cent grades were also In
evidence.
Money was notably easy and advices
from different points in the interior we're
of large funds on hand. The statements
q no
week in May showing an increase of over
$4,000 compared with the corresponding
week last year, when the extraordinary
grain movement incident to the Letter
deal was in progress, was taken to in
dictate the continued prosperous char
acter of railroad traffic. London also
showed a favorable disposition towards
American railroads and advanced prices
before the opening here. And although
part OF the purchases were resold here
later having some possible effect in
strengthening the rate of exchange on
London, the sales were not sufficient in
view OF the low rate Of money here.
More mature Of trade statistics for
April disclosed the continued strong DO
sition of our international commerce.
notwithstanding unfavorabie comparisons
with some points with the unprecedented
period of last year. The market gradu-
various influences early in the day, Cen
trail and Southern Pacific, Chicago Ter
m1nal, the iron and steel shares, Sugar.
Tobacco and New York municipal eorpo :
ration stocks advancing sharply
In the late afternoon the market lead
ers undertook to push up Brooklyn Tran
SIT to where it was last Friday. This
they did through flood of offerings and
held there to the close, over seven points
above yesterdays close Peoples Gas
the Federal Steel stocks, international
Paper, Rock Island and Atchison pre-
TERED, are from one to over four points
higher Railroads shared very generalIv
IN the later strength of the market. the
close being buoyant and active at the
very top. ''-'
The large demands for bonds sought
persistently for pretty much all issues
n 10 9oo already at prohibitive prices. Sales.
S4,SSooOo. .. S. new As and the. old as
reg advanced * in the bid price. f7-,
STOCKS.
Furnished by Charles III. F. Smith g.
20, members of the New York stock ex-
cnange, P1oneer Press building, who have
sspecial wires to Chicago and New York
Gloslng prices are bid: