The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-23
LOSSES HALF RETRIEVED
ADVANCES ALL AROUND FOR
THE ACTIVE STOCK LIST
The Days Market Highly specula-
tive and the FavOrites the Vola-
tile specinlties Such as Tobacco
and Sugar Short Covering,
Coupled With Some Buying for
London Account.

NEW YORK, April 22.-When New York
operators In securities got down to Wall street
this morning they found cabled reports from
London indicating somewhat feverish activ-
lily In the speculation in Americans with a
tendency to rebound from yesterdays depres-
sion Cabled inquiries from the other side
indicated an eager anxiety there to know what
tack Wall street would take. This was sufi-
cient to admonish the bears, who sold In
yesterday afternoons slump to cover their
contracts. The covering Of the shorts was
coupled with some buying for London &C
count.
The result was very sharp advances all
around This advance was almost lost at one
time during the morning, but in the late
Afternoon the buying was renewed, carrying
prices to the highest of the day with only a
slight reaction at the close. The net result
shows rather more than half Of yesterday s
losses retrieved. The market was highly spec
ulative all day, and the favorite stocks were
the volatile specialties such as Tobacco,
which was exceedingly erratic all day and
very active, and Sugar.
tnternationals led in the trading. A raid upon
Peoples Gas, which carried that stock down
over points, was the impending cause in the
morning reaction. The stock fully recovered
all Its decline before the close.
The conditions in the worlds money mar
kets had salient effect on the security mar
kets. The handspring of the money markets
action was the decreased demand from banks
in the interior of the United States for funds,
Chicago exchange on New York rising to par.
This had the effect of relaxing the New York
demand on London for gold, and a conse-
quence no gold was engaged for import today.
Although rates for the money and CONNER
cial paper remained firm, call money was to
be had on the exchange at per cent. The
sub-treasury made heavy payments on ac-
count OF the navy, resulting in debit bal
ance at the clearing house Of s., 256 1884, Part
OF this doubtless went into the exchange mar
ket and helped to maintain its firm tone de-
spite the buying by London of securities
The resultant relief of the London market
from the pressure for gold, accompanied by a
rise IN Berlin exchange on London, gave
promise Of easier money there and relieved
the situation in Paris as we'll The result
was cessation OF the heavy liquidation for
Paris account. The selling of American Sc
curities, which had been large for both Paris
and London account was checked. These i'm
proved conditions were reflected back on New
York and helped the recovery There were
besides sangune expectations that the war
would be short, or that the pope would still
prevail upon Spain to abandon Cuba
There was curious story current in Wall
street that some of the operators in Ameri-
can stocks had been buying Spanish bonds as
hedge on the theory that If Americans went
down the Spanish bonds would go up as in
the case of a Spanish naval victory In the
expected event of early American success the
profit on Americans was argued would more
than wipe out the loss on the Spanish bonds
me bond market was not as active as that
for stocks and prices held only about steady
Total sales, 1926, 900. United States new As
reg. declined Is; ditto coupon, Y, and the old
as reg. u in the bid price. Others were un-
changed.
Total sales of stocks today were 237. 900
shares, including: Burlington, 31,675; L. & NJ,
N. Y. Central, 412O Northern Pacific. 3'152:
Northern Pacific pfd.. 1850; Rock Island, g.
825; St. Paul, 2S,562; Union Pacific pfd., H.
420; Tobacco, 81, 765; Peoples Gas, 1892; SUI
gar, "a, 9O5
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board