The Saint Paul globe., 1897-05-18
PACIFIC NATURE OF THE CUBAN
MssAGE THE DECISIVE BULL
FACTCR.
GRANGER GROUP ACTIVE
PROSPECT OF GOOD GRAIN CROPS
GAVE THE RAILWAY SHARES
A LIFT.
LONDON A BUYER IN NEW YORK
The Bond Market Displayed Little
Feature, but Prices Were Well
Held All Around.

NEW YORK, May 1.-THE presidents
message, calling for an appropriation to re-
lieve destitute American citizens In Cuba
proved far less hostile in tone towards Spain
than the dealers in securities had apparently
persuaded themselves that 1t would, and the
market strengthened upon its publication, re-
covering part of the loss that ensued upon
early intimations that the message was forth
coming, and that its tone towards Spain would
be extremely provocative. With the excep-
tion of a few spots, due to causes peculiar to
the stocks affected, the market was strong
all around today and even the intimations
from Washington that early action in the SEN
ate on Cuban belligerency was probable, did
not weaken the tone Of speculation. The
traders have apparently persuaded themselves
that there is much less danger to values in
action by the government in Cuban affairs
than they have felt during the previous agi-
tation of the subject. The dealings on the
exchange however, still continue almost
wholly professional and exceedingly restricted
in volume and the movements Of prices re-
feet little more than board room maneuyer-
ing for short turns and no very definite opin-
ION on general conditions. The renewed un-
easiness apparent on the London exchange
over the truculent attitude of Turkey towards
the powers was reflected here to some ex-
tent at the opning, but the weakness was
overcome early in the session. The easier
tone of the exchange market, both in London
and Paris, was factor in strengthening the
market. 1t does not escape notice that the
flow Of gold into the United States treasury
keeps up steadily, and that in the intervals
between the Withdrawals for shipment the
treasury's gold reserve tends Immediately
towards replenishment. The prospect of large
grain crops, which had the effect OF weaken
ing the wheat market, tended the other way
in the market for railway shares, the grang-
ers especially being in excellent demand, not
withstanding the small east bound shipments
reported and rumors of rate cutting by West
ern roads and recrimination on that account
between the roads. One-third of the transac-
tions on the exchange were in Chicago Gas
and Sugar, the former leading the market in
buying movement which advanced the price
2A on the day. Sugar was weak early, but
scored a net gain of fraction on the day.
Tobacco was weak, on the Illinois decision
denying the legality of the company, but
inside support was forthcoming and the loss
was mostly recovered
The improvements in the grangers ranged
from IS to 11h, the latter, Rock Island EARLY
strength in the coalers, amounting to a rise
of IA in New Jersey Central, was followed
by heaviness and the gains were more than
wiped out. General Electric seems to have
been caught without support by the bears, and
was sold down 23s only the fraction being re-
gained. The Gould shares advanced on COW
ering early, but developed weakness later in
the day. Fractional gains were very general
throughout the list. London sold some stocks
on arbitrage early, but later became buyer,
and, it is estimated bought some 10, ,000, shares
more than were sold.
The bond market displayed little feature,
but prices were we'll held and firm under
tone was apparent. Fluctuations were un-
usually narrow and but little attention was
paid to the prominent issues. The aggregate
sales were $500 Governments ruled heavy
and receded fraction for some issues. The
sales were 5000. State bonds were more
prominent in the speculation and improved
generally on purchases of ST., 900.
The total sales of stocks today were 137, 343,
including: Tobacco, $500; Sugar, 1850; Bur-
lington ,12100; Chicago Gas, 2O,700; General
Electric, 10000; L. & NJ, 1890; Manhattan
$500; Omaha, 5000; Rock Island, S,40O; ST.
Paul, 10,700; Western Union, $500; New Jer-
sey Central, $500.
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
ri off do.