The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-20
THE WAR SCARE SELL
ING.
NET LOSSES OVER A POINT.
DAYS MOVEMENT ERRATJC IN THE
ABSENCE OF A FOREIGN
LEADERSHIP.
EUROPE AGAINST THE CURRENT
Buying Orders From London at the
Low Point of the Local Stock
Market.

NEW YORK, April 19.-Nothing outside the
news Of the war between Turkey and Greece.
had much interest in Wall street today. The
traders in stocks are accustomed to look with
reliance to the course of prices ON foreign
exchanges to guide them in their dealings in
properties likely to be affected by European
affairs. The absence of this index today, on
account of the continued closing of the ex-
changes in London and Paris, over the Easter
holiday, left the minds of the traders In
some confusion, and, as a result, the move
ment of prices was at times very erratic
without any corresponding change in the
tenor Of news to justify it. 1t was evident
at the opening, however, that this market
bearing the brunt Of whatever selling
was a result Of the war, not only by local
holders but by those In London and Paris and
In Boston where the exchange also was clos
ed. The scene at the opening ex-
citing one and there was heavy pressure to
sell throughout the whole day. There had
been many stop orders, placed before the
opening in anticipation of a slump, and these
were speedily uncovered, running sales of
from 1900 to 1000 shares being made at the
opening In many stocks.
The international stocks, of course, were
most affected and declined the most, Louis
Vile & Nashville being the most conspicuous
example with fall Of S$ Other interna-
tional shares lost over a point in the initial
dealings and Of the Vanderbits New York
Central and Lake Shore were each off g. The
grangers showed marked declines, extending
to rs in st. Paul. The whole list sympa-
thized and lost from a fraction to nearly 2
points. An apprehension Of gold exports had
it's added effect in depressing prices, the rates
for exchange having notably hardened on the
war news Some exchange brokers regard the
70 nf ahon hoy ahnd he GOLD
export measure today, but dealers in stocks
in doubt whether the foreign buying Of
our breadstuffs which results from the war;
will not be sufficient to Offset foreign selling
of American securities and so keep the bal
ance of credits in our favor 1t was this
doubt that helped to stem the fall of prices
though this was mainly due to the reports
that became current that foreigners were
buying stocks here and were also selling
grain on the rise.
The rally in the stock market was coinci-
dent with the reaction in wheat and both
were more less due to the knowledge of
foreign operations against the current. But
the rally in stocks failed to hold, although
wheat continued at the lower level. The rally
was general and extended to over a point in
Louisville & Nashville, New York Central
: Reading and Kansas & Texas preferred. The
activity of the market was largely suspended
at this period owing to the confusion of mind
of the traders and was somewhat spasmodio
afterwards St. Paul was the most actively
dealt in Of the stocks, the sales footing up
over 10000 shares. Prices resumed a down
ward course after the rally. and in most cases
reached the maximum decline for the day,
reaching SH in Louisville & Nashville; 3 in
Lake Shore, "a in New York Central 2% in
St Paul and in Omaha and in Southern
preferred and Pullman. These stocks enjoy
ed a fractional rally, which was general at
the close. The net losses on the day extended
to point or over in many stocks.
The bond market also ruled depressed with
the international lines the chief sufferers
The market displayed quite little resistance
to the selling movement In the early dealings
but later succumbed with the average losses
about point in the principal issues The
aggregate sales were 81, 263. 900. Government
bonds were strong and higher during the
forenoon, with the 5s registered gaining u
per cent. The gains were subsequently lost
and the market closed weak The sales were
$119, 000
The total sales of stocks today were 254. 344
lis; Burlington, $780, Chicago Cas- 10 800;
$500; L. & N, Is 500; Manhattan 60 400; ~ Y
Central, 10,50O; Northern Pacific pfd, $3.50;
Omaha, $3.50; Reading $3.50; Rock Island
100; St. Paul, Al, 900; Tennessee Coal & Iron,
4415; Western Union Telegraph, GAZE.
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
nj trade.