The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-14
AN Alb DAY Slump
NOT A SINGLE EFFECTIVE RALLY
IN THE NEW YORK
MARKET.
AMERICANS HEAVY ABROAD.
BELIEF IN AN IMPENDING CUBAN
CRISIS USED By THE
BEARS.
THE LIST OFF AN AVERAGE POINT
Changers Were Firmly Held I'm the
EARLY Trading, but Finally Fol-
lowed the PrOcessiOn.

NEW YORK, May 13.-There was not
single effective rallying point in today's mar
ket, and the only interruption to the sag
ging of prices was the occasional brief buy
ing of shorts In some few stocks to cover.
The strength of American securities in Lon
don and the buying by London in this market.
which have been factors in the last two days
in sustaining the market, were less conspicu-
Gus today. American stocks became heavy
and dull in London after the opening here,
that market apparently having become dis
couraged at the persistent distrust displayed
by the New York markets Of its own securi-
ties Quite serious view also was taken In
the street of the developments at Washing
ton, and the hints thrown out, by parties to
the conference, of information in the possess
sion of the government Of state Of affairs
existing in Cuba calling for Interference
This, coupled with the suggestive course OF
the senate toward the Morgan resolution.
and belief that 1t will pass, was taken as
foreshadowing more aggressive Cuban pol
icy on the part of the administration. and
the dealers in stocks were inclined by those
advices to discount a possible fall in values
from strained relations with Spain on this
question. A report also found credence that
It was in prospect to displace the tariff bill
in the senate by the Cuban question, as more
urgently calling for early settlements re-
port which was used by the bears with good
effect in adding to the weight on the market.
The announcement Of 100000 gold ship
ment by Saturdays steamer, in face of a
rather weak exchange market, shows that
the limit Of no profit is not yet crossed with
demand sterling at $4.S7A. The exchange
market stiffened to some extent just before
the close of trading, and further shipments
Of gold are felt to be not improbable. Al
though this probability was discounted sew
eral days ago by the selling of stocks, 1t had
an effect in depressing values in the narrow
and professional market, and in discouraging
trading. Although todays sales were larger
than those Of yesterday, there was no signs
of any outside interest in the market, aside
from the dealings for London account Lon
don was said to be selling as we'll as buying
for London account during the day, but the
purchases are estimated to have exceeded the
sales by 10,0 600 shares-a fact to be considered
in connection with the exchange situation.
The industrials, which were most largely
traded in, Sugar and Chicago Gas, were under
special pressure, and, although they were
Influenced by special causes, the volume of
the transactions in them impaired sympa-
thetic heaviness to the general list. The
grangers were quite firmly held in the early
tradings, but later succumbed and showed a
decline as great as the average The losses
were remarkably uniform In all the most
active stocks, the declines ranging from B
to tx, the latter in Leather preferred.
Railway bonds eased off on light dealings,
with the recessions unimportant in the lead
ing mortgages. Some marked losses were
scored, however, including st. Louis & San
Francisco trust fives which fell per cent,
and Peoria, Decatur & Evansville frsts TX.
The aggregate sales were $S720 900: Govern
ments were in demand and ruled firm on
purchases of $40, 900.
The total sales of stocks today were 151,-
O45 shares. including: Tobacco, 400; Sugar,
81 0OO Burlington, 1920; Chicago Gas, TO-
700; L. & NJ, 1900; Reading, 1890; Rock
Island, 5,40O; St. Paul. 1890; Western Union,
1850.
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.