The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-04-22
FINANCIAL.
Stocks and Bonds.

New York, April 20.-7New York deal
ers in stocks and bonds awoke to reali-
Zation this morning that their fears yes
terday had exaggerated the danger to
values threatened by the Greaco-Turkish
| war The early morning news of the
opening prices in London for American
securities was well above last nights
New York closing. The opening here
| was about on a parity with London for
the international shares, the rush of pur-
| chases in some stocks being so great as
to give a better initial price. Today's
opening was attended by an almost equal
degree of excitement, with yesterdays
eagerness to buy what was sold yesterday
being feverish. The market was, in fact
almost an exact reversal of yesterdays
proceedings, except that the retrograde
| movement stopped short of full recovery.
The International stocks were naturally
| the most affected by London strength
and Louisiana and Nashville, which suf-
fered the heaviest loss yesterday, showed
the sharpest recovery today, opening at
an Improvement of 1 10 per cent. St.
Paul opened with running sales of $500
shares at 70 5-S07O IL against last
nights closing of 80 3-4. The improve
| ment, though centering in the interna-
tionals was general throughout the list,
| the rise reaching point in many stocks.
| The quotations for British consols were
! eagerly looked for as the best index of
the real Importance attached to the war
by those likely to be the best informed.
Today's quotations were the first since
Thursday, and when it was seen that
the fall in the price was only 7-16 per cent
apprehensions over the effects of the war
largely subsidized AT the opening of the
war between Turkey and Russia in 1877
the fall in consols was full points. The
tone of the Exchange today also served
to abate the fear Of immediate gold ship
ments, which was an influence only as
selling. 1t was reported the foreign bank
ers had decided not to attempt gold ship
ments till the actual rate for short ster-
ling had reached $4.SS ga. while the rate
then was S4.SS IA. London also bought
stocks quite heavily. In addition to this
the weeks statement of exports from
New York showed an increase of over
81 100000 over last week, thus giving
prospect of a continued excess of exports,
Notwithstanding the large imports now
being made. This promise of deferment
of gold shipments helped to relieve the
selling pressure.
The contrary movement of the stock
and grain markets was again noticeable,
as on yesterday. The buying by London
today was quite a notable factor and
a good part of the stocks sold by that
capital yesterday were bought back to-
amount of new purchases by London.
This included some Southern preferred,
which rose 3 points. Southern preferred
was~also helped by the increase in earn
ings for the second week in April of
S2O,620. The bulk of the buying for Lon
don account, however, was Louisville and
Nashville and st. Paul, the latter again
being the leader of the market in point
of activity and being several times
crossed by Burlington in the days quo
tations. With the exception of two brief
periods of reaction, due to profit taking,
the course of the market was upward all
day. The active railway shares showed
an average net gain of about Q! point, ex.
Louisville and Nashville and Southern
preferred. Leather preferred and To
bacco each showed net decline of over
point. The Anthracite Cdalers showed
less bouyancy than the rest of the list,