The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-21
LEVEL OF PRICES LIFTED
NET GAINS FOR THE ACTIVE
STOCKS AT NEW YORK
New York, Owing to a Heavy Credit
balance, Less Affected by the War
Crisis Than any of the Money
Cehters OF EurOpe-Sharp Fall
In Spanish Fours Feature
Abroad.

NEW YORK, April 2O.-The New York
STOCK market offered a firm resistance all day
to the depression which was reflected unoI
II from every other exchange in the world,
us declines at no time reaching more than
a traction over point for the active stocks
In the final hour, after trading the foreign
lively movement to buy developed on the
New York exchange, which wiped out prac-
tically all the earlier losses and lifted the
level of prices sharply above that of last
night.
The final recovery was brought about by the
dissemination OF a rumor that the period
had been extended to Monday, with a chance
that time.
There were some evidences Of manipulation
for the purpose Of making last prices show
striking gains. For instance Burlington sold
at 90A and on the Last sale jumped 10 911h.
that New York was less affected by the crisis
than any other financial center. At no time
were prices depressed to the London parity.
AS consequence, there was large arbirage
selling here Of Internationals, New York
prices showing fair profit over London quo
tations. The depression in London and on
panic In Spanish tours than to any ether
one couse. These securities fell TX In Lon
don and 81 in Paris on forced liquidation due
to financial difficulties in France ard Spain.
Whatever depression there was on the
New York exchange seemed to be due to
sympathy with the, depression In foreign
of Its own securities for foreign account at
prices above those prevailing abroad, and
there was no heavy liquidation for local az
count.
1t is to be observed that American securi-
ties have held fairly steady as compared
with the marked weakness of Spanish secu
rites. 1t is also to be observed that weak
ness in foreign markets Is due In part to
the dearnes. of money, and this. in tue, -
caused by the pressure for gold to reinforce
the American money market The United
Statse is still a heavy creditor to the world,
and the continued drawing in of these cred
it, while ser serving to forfy the financial
of oreign markets. Doubtless a part Of the
selling in New York for foreign account is
tons That these offerings should be SO
we'll absorbed is a demonstration of the
sound financial conditions existing in this
in the case Of cali, money, which loaned today
at per cent although time money continues
to be freely held at 6 per cent.
condition M ut that the the stringency of money
abroad should have resulted in declines in
the British and Frence government bonds,
while United States As of 1925 showed gain
today of ~ per cent for the registered, and
~ per cent for the coupons. Considering
the contrast In money market conditions be.
is not strange that the days engagements
of gold for import were very small. That
further importations of gold only wait on the
needs of the local money market is, how
The bond market was slightly more active
and, after early weakness, showed more re-
coveries. Total sales, s1,O25, 900: United
States new As coupon advanced ~ and edo
registered ~ per cent in the bid price. 9th
ers were unchanged.
Total sales of stocks today were 264 500
shares, including 29,217 Burlington; 6S41,
Louisville & Nashville; 1861, Manhattan;
$3.50 Metropolitan; 1924 New York Central;
5,7SS, Northern Pacific; LBS Northern Pa
cifc preferred; 7,7SS, Rock Island; $3.50, st.
Paul; 25,197, Union Pacific; 25,097, Tobacco;
1856, Sugar.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
Of trade.