St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-29
FINANCIAL.
New York.

New York. July 2S.-The stock market
to-day displayed materially better tone on
the whole than yesterday, while prices made
considerable progress i'll recovery zof the
losses of the previous day. There was q
marked decrease in the amount of business
done during the day and the dealings eX-
tended to a smaller number of stocks than
yesterday. The apathy of spectators, how
ever, seems not 10 have Deen broken as yet
and the hopes of Wall street men that the
dizziness had been checked by the decline
was not realized to-day. The bears claim
to have full command of the market,
and that all the buying is for the
short account, but the continuance of the
upward movement to-day would seem 10 in
dictate that some one is willing to take secur-
tiles at concessions while the adyancessdo
not tempt selling EXCEPT by the short sellers.
In the market today, however, the stocks
which are supposed to have the largest short
interest. viz: ST. Paul and Burlington were
the only really active stocks, but the latter
displayed the most stubborn strength. The
only really weak point in the list was Lead
Trust though a drop of 3 per cent in Ten
nessee Coal relieved the mOnotony among
the specialties. There was, undOubtedly
heavy covering of shorts. and brokers identi-
fed with the leading bear operator were
forenoon, but the foreigners did some
thing in that line also and the
feeling became more bullish from the very
fact that large lines of shorts were covered.
There were signs OF support IN Richmond d
West Point, and that stock, while recovering
smartly, was again comparatively dull. but
the preferred stock failed to move in either
direction.
The industrials, with the exception of lead,
were quite neglected, and the low priced
shares as rule showed no feature. Opening
prices were from 1s to IL per cent better than
last nights figures under the demand from
the shorts, and helped by the Burlington
statement for June showing a material i'll
crease in net earnings, and a statement from
the Richmond d West Point officials that the
company had sufficient funds on hand to
meet maturing obligations. the upward
movement extended TO nearly 1I2 per
cent before it was checked RealiZations
caused a slight reaction i'll the fore
noon, but later the best figures
were again obtained, and Burlington
noon Tennessee Coal dropped per cent, and
realizatioDs again sagged the list Off in the
last hour, but only i'll the Wizards was there
any real weakness, all of them retiring over
l per cent from the best figures.
The market finally closed dull but fairly
firm at small fractional gains for the day.
The active shares, however, are nearly all UP
large fractions and Burlington, notwith-
the reaction, is l per cent higher
than last evening. Railroad bonds were a
little more active even though the dealings
were not so widely distributed, and u firm
tone marked the business, most Of the issues
traded in showing some improvements over
their last previous sales. The Richmond d
West Point issues felt the stimulus of the re-
action in the stock, and the 5s rose per
cent to 81 and the 6s 1 per cent to 50. No
other material change is to be noted, how
ever,