The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-11
WITH THE GRANGERs 1T HEADED
THE STOCK LIST FOR
STRENGTH.
ENTIRE MARKET CONFIDENT
TRADING LIMITED IN IT'S VOLUME
BUT VERY FIRM I'm
TONE.
EXCHANGE SITUATION A MYSTERY
Gold Exports Expected This Week
in Spite of the Low Rate for
Sterling.

NEW YORK May 10.-The market for
stocks today showed signs of decided strength
throughout, though the trading continued dull
and prices advanced very cautiously, in spite
of improved prices for Americans in London.
This was supplemented by some small buying
for London account in this market later In
the day. The excellent crop reports from the
Northwest and improved earnings, both those
reported and those rumored for the tmme-
date future, gave an impetus to the buying
of railroad properties in that region. The
grangers and Northern Pacific received the
most noticeable benefit from this, st. Paul
and Burlington especially being largely dealt
in. Omaha Jagged in the improvement and
showed some continuance Of heaviness, grow
ing out of disappointment that no further
dividend will be declared this year. In spite
of the strength Of prices, the market CON-
tinued narrow and professional and showed
no signs whatever Of outside interest.
The exchange situation and the resulting or
accompanying gold movement continue to
mystify dealers In stocks and are an ele-
ment in curtailing speculation. Further ship
ments of gold are confidently predicted this
week with demand sterling exchange rang
ing from $487A@h. AS an evidence that
the gold shipments are certainly the result
of the obliteration of the tremendous trade
balance in our favor, heretofore established
during the fiscal year, the large figures Of
last weeks imports at New York, exceeding
10000 00 are pointed to as conclusive by
those who seek to deprecate the idea that
any special demand for gold abroad is re-
sponsible for the out-go. But exports OF
gold at prevailing rates of exchange, leave
unexplained the fact on the Saturday pre-
vious to the first gold shipment demand
OF oFt
ing been at $4.SSH and upwards on the pre-
vious Monday and $4.s7M and $4.s7A the
week preceding that, without inducing ship
ments of gold. In fact, the exchange houses
had determined that there was no adequate
profit for them in gold shipments under a
rate Of $4.SSA for demand sterling. The fact
remains that further shipments looked
for and that the fact has sentimental re-
straint on buying of stocks.
The bears on Western Union today added
to their stock of ammunition, the supreme
court decision affirming the validity Of the
Berliner telephone patent, which, it is al
legged, foreshadows opposition from the Bell
Telephone company in the telegraph field.
The stock led the list in number OF shares
sold, fluctuating irreguiariy, and closed I'M
changed. Chicago Gas showed early weak
ness, but rallied and showed light net
recovered the decline Consolidated Gas fell
LIZ on profit-taking, but recovered. Baltimore
& Ohio lost y in small dealings. The coal
ers showed sharp fractiona. gains, notably
Reading, but partly lost the advantage, Lack
awanna recedlng to below Saturdays close.
Tennessee Coal was heavy throughout, losing
7s net. burlington showed the extreme gain
of point in the grangers. Covering by
shorts forced Tobacco up and the scrip 112.
Leather preferred showed net point of gam.
Union Pacific touched 63s on good buying,
and the lead shares advanced IN each for
the common and preferred. The market closed
quiet but firm
Trading in bonds was attended with con-
siderable animation, but prices Of the lead
ing issues ranged narrowly. Some changes
were noted the other way in the active low
grade mortgages. The aggregate sales were
81 S12, coo. Governments wer, active with the
demand for the new fours, coupon, advancing
the price to 1923 on transactions with 122as
bid on the last call. The total sales were
$61, 900.
The total sales of stocks today were 143 Isl
shares, including: Tobacco. $500; Sugar, f.
ZOO Burlington, TO- 400 Chicago Gas, 8,4O0;
Northern Pacific, 6400; Reading, 10000; St.
Paul, 14,1oo; Union Pacific, $500; Western
Union, 1860.
The following were closing quotations Of the
leading railway and Industrial stocks, fur
nished by C. H. F. Smith Co.. members
New York stock exchange and Chicago board
of trade: