The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-21
COURSE OF THE MARKET A RE-
VERSAL OF THE PREVIOUS
DAY.
AVERAGE POINT Is GAINED.
THE INTERNATIONAL GROUP
OF SHARES.
ANY GOLD SHIPMENTS POSTPONED.
At Present There VIII Be No Drain
of the Metal From This
Country.

NEW YORK, April 2O.-New York dealers
in stocks and bonds awoke to a realization
this morning that their fears yesterday had
exaggerated the danger to values, threatened
by the Graco-Turkish war. Today's opening
was attended by an almost equal degree OF
excitement with yesterdays, the eagerness to
buy what was sold yesterday being feverish
The day was, in fact almost an exact re-
versal of yesterdays proceedings, except that
the retrograde movement stopped short Of
full recovery of yesterdays losses. The in
ternational stocks were naturally the most
affected by the London strength, and Louis
vile & Nashville which suffered the heaviest
loss yesterday showed the sharpest recovery
today opening at an Improvement of 1R
st. Paul opened with running sales of 5000
shares at 70% to 70h, against last nights
closing at 69%. The Improvement, though
centering in the internationals, was general
throughout the list, the rise reaching a point
in many stocks. The quotations for Brit
ish consols from London were eagerly looked
for as the best index of the real Importance
attached to the war by those likely to be best
informed Todays quotations were the first
since Thursday, and when it was seen that the
fall in the price was only 7-16, 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
three full points
The tone Of the exchange market today also
served to abate the fear of immediate gold
shipments The advance in exchange rates
which has occurred each successive day
recently, eased today and rates only Just
barely held firm. 1t was reported that the
foreign bankers had decided not to attempt
gold shipments until the actual rate for short
sterling had reached $4.SS% while the rate
today was $4SSA. London also bought stocks
quite heavily during the day. In addition to
this the weeks statement of exports from
New York showed an increase of over 81 000,-
600 over last week. thus giving promise Of a
continued excess of exports, notwithstanding
the large imports now being made This
promise of deferment of gold shipments helped
10 releye the selling pressure. The bulk
OF the buying for London account was Of
Louisville II Nashville and St. Paul, the lat
ter again being the leader of the market in
point of activity, and being several times
crossed by Burlington in the days quota
tions.
The course Of the market was upward all
day. The active railway shares showed an
average net gain of about point extending
to rs in the case of L. & N Leather pre-
ferred and Tobacco each showed a net de-
cline OF over point, the former on a Wash
ington report indicating the probability of
tariff on hides. The coalers showed less buoy
ancy than the rest Of the list and Lackawan-
ma closed at a loss of l per cent The clcs-
ing was dull but firm, and slightly below the
best prices of the day.
Railway bonds recovered sharply today with
the speculative issues leading the movement.
BUSINESS was slightly more active with the
Northern Pacific issues registering the ex-
IRENE gain. The sales were 81, 126 600. Gov
ernments were active but without notable
change on transactions of $97, OO0
The following were the fluctuations of the
leading railway and industrial shares, fur
nlshed by c. H. F.. Smith & Co., members
New York stock exchange and Chicago board
of trade