The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-06
SHARE LIST TENDER
GENERAL LOSSES OF A POINT
ON A WELL DEFINED RE-
ACTION.
GOULD SHARES ALL WEAK.
MISSOURI PACIFIC IS NOW AT THE
LOWEST POINT EVER RE-
CORDED.
STERLING EXCHANGE LOWER.
Under Present Conditions Further
Shipments Are Hardly to BE Elk
pected This Week

NEW YORK, May 5.-Today's market was
reactionary throughout and very many stocks
show loss of point or over on the day s
transactions, the gain Of yesterday being for
the most part lost. The activity Of the deal
ings was also considerably diminished. as
compared with yesterday, the total OF the
shares sold being some $4,000 less. or to-
days sales nearly half were Of Sugar and
Chicago Gas. Outside of these, Western Union
was the only notably active stock on the
list. The Gould stocks, all of them, and the
coalers were depressing influences in the mar
ket to some extent, the former seeming to be
totally lacking in resiliency until the final
transactions of the day, when they rallied
a fraction. There was what looked like
liquidation in all of these stocks and many
rumors bearing on this were set afoat to help
on the decline. The turbulent rush to cover
Of the shorts last night left that interest
largely depleted in today's market and there
was no resulting pressure to buy. There was
besides the natural reaction from yesterdays
upward rush on proflt-taking. The lower
prices of Americans In London helped the
decline to some extent, though not fully to
the London parity, until that market had sold
several thousand shares of the leading inter-
national stocks in this market
These were all contriDutory causes to the
depression. But the principal motive OF the
selling was undoubtedly modification OF the
view held yesterday that the tariff bill was
assured Of a speedy enactment into law. Re-
ports found currency, early in the day. OF
expressions of dissatisfaction with the bill
by prominent members of the house Of repre-
sentatives and especially of determined hos
tility to schedules which are viewed with
most interest in Wall street. Seeing the ten
derness of the market, the traders embarked
upon selling movement to discount the de-
feat of the Angio-American treaty in the
senate, the vote upon which was not yet
taken when the market closed. There was
no evidence in this Of any deep-seated timid-
ity on the part Of capital lest the defeat of
the treaty should lead to international COM
plicat;ons. It was rather a maneuvre of
present traders, which was effective in mar
row market and which was based on a sup
position that London viii sell American Sc
curities on the defeat of the treaty.
The day marked by a further decline
in the rates of sterling exchange, demand
touching $4.s7 and sixty days $4.S5A, and the
consequent subsistence of apprehensions of
further gold shipments on Saturday, which
are now considered highly improbable. Ru-
mors of an agreement by an exchange house
not to ship more gold were den-ed, but there
was coupled with it the statepent that fur
Lner shipments were uOC likely lHlS WeSA 1 iIe
gain sin gold of $245,090 yesterday was fur
Their factor in dispensing apprehension on this
score. Some of the extreme declines, which
show net losses approximately in most cases,
were; Sugar 21A Tobacco, 1H; Western
Union, ~; Manhattan, 1%; Missouri Pacific,
w to IN, which is the lowest on record;
Delaware & Hudson, 1%, and New Jersey
Central, 1s. The average 'oss on the leading
railway shares was Y. Chicago Gas was
strong in the face of the market and rose
IN but reacted e.. Brooklyn Union Gas also
gained IA son the signing OF fve-year con-
tract with the city. Lead jumped w on the
schedule in the tariff bill, affecting it, but
lost the advance.
The total sales Of stocks today were 157,347
shares including: Tobacco, $500; Sugar,
34,SOo; Burlington, $500; Chicago Gas, 25, 100;
Delaware & Hudson 5000; L. & N, 3,400;
Manhattan, 5000; Missouri Pacific, 4,200; St.
Paul. 10,600 Tennessee c.. & L., $500; West
ern Union, $500.
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: