The Saint Paul globe., 1897-05-27
LONG LOOK AHEAD
STOCK TRADERS ARE ALREADY
DISCOUNTING THE NEW TAR
IFF BILLS EFFECT
SUBSTANTIAL NET GAINS.
LATE PROFIT TAKING
SALES
PUBLIC STILL SHOWING INTEREST.
Marked Broadening to Speculation,
With Activity and Gains Out
side of Standard Shares.

NEW YORK, May 26.-The stock market
was notably active and strong in the early
hours of trading today. The animation OF the
trading somewhat subsided after the poon
hour, on account of the announcement OF an
additional shipment of $780, 900 in gold tomor-
row, and, proft-taking, some weak spots
developed in the list, which served somewhat
to check the rising tendency. Prices of most
stocks were, nevertheless, quite firmly held
until the close and substantial net gains were
the rule as the result of the days trading.
There were quite large sales here for London
account, but they represented nothing but
arbitrage operations by professional traders,
the higher level of prices here offering
sufficient margin of profit to invite the oper-
alton. There was a marked broadening ten
dency to speculation, many usually inactive
shares coming into demand and gaining In
price. The outside interest in the market
which first manifested itself yesterday, was
again a feature today, and various commits
sion house orders were in evidence. Such
transactions, however, were OF considerably
smaller volume than yesterday.
The fact that the senate is actually en-
barked upon the consideration Of the tariff
bill, and the belief that the measures taken
to expedite action by that body upon the
bill, will prove ef1cacious were the impelling
causes Of the more cheerful view of things
taken on the stock exchange. Wall street
waits upon a general trade revival as the
panacea for the ills that af1ict security values.
Traders in stocks act upon the belief that
progress towards the enactment of the new
tariff law justifes them in discounting the
good effect expected to accrue to business in
general in lettering the future conditions.
Improved railway earnings, especially from
the South and Southwest, are an encouraging
factor. For the third week in May the South
ern railway shows an increase in gross earn
ings of $18, ,304; L. & N. of $16170, and St.
Louis, Southwestern and Kansas City, Pitts
burg Gulf also very substantial gains On
the other hand, Wabash and Chesapeake &
Ohio showed losses. The st Paul statement
for April was also disappointing factor. The
decrease shown in gross earnings was $162,S2l
and In net earnings, $35, $50. This had quite
a marked effect in the afternoon check to the
rise in values. Net gains were generally a
fraction less than the extreme advance, but
were the rule throughout the list An ex-
treme advance of point or over was made
in Sugar, Atchison pfd, Tobacco, Burlington,
Chicago Gas, Northwest, Rock Island, Man
haitian Michigan Central Missouri Pacific and
Western Union. New Jei sey Central was very
erratic, but gained * per cent. Baltimore &
Ohio showed weakness on the belief that
the company will default it's June interest pay
ments, and declined 1B to 105s, closing near
the lowest.
The bond market developed aggressive
strength large transactions, which were
attributed in part to a-revival of outside in
terest. The aggregate sales were $2,362. .000
Governments displayed hardening tendency
on moderate inquiry The sales were SIS, ,O00
The total sales of stocks today were 1874 ,651
shares. including: Sugar, 1890; Burlington,
2o,500; B. & O., 3,400; Chicago Gas, 15, coo;
Rock Island, $500; ST. Paul, 49, 400; Western
Union, II 300; New Jersey Central. 18,00O
I The following were the fluctuations of the
leading railway and industrial shares fur.
nished by C. H. F.. Smith & Co., members of
the New York stock exchange and Chicago
hoard of trade: