St. Paul daily globe., 1891-05-27
FINANCIAL.
New York.

NEW YORK, May &c. The stock market
to-day. outside Of the transactions in less
than half dozen stocks, was dull and ut
teriy devoid of feature, while displaying a
dropping tendency without more than insig-
nihcant changes in quotations. The excessive
shipments of gold are now having their le-
gitimate effect in the Indifference of the
public, which grows out of the apprehension
in regard to the future of the MONEY market
and is seen i'll the diminishing business of
commission houses, leaving the trading again
almost entirely in the hands of the traders
and the professionals, the former being now
as generally in dull times. ranged on the bear
side.
The foreign operations to-day were on
the same limited scale as usual of late, and
are attributed entirely to arbitrage operations
but there was buying for that account while
the strength in exchange acted as deter
rent upon buying IN general. The gold or
dered is looked upon as once more legiti-
mate, being The result of the settlement of
commercial credits. and not as the result of
the extraordinary demand which we have
been meeting of late. This is more faYora-
bic. but operators were holding off until the
actual future conditions are known The
operations in stocks to-day were insignificant
outside of a few shares, and, while the open
ing was generally lower and the tendency
during the forenoon was downward there
were no material losses incurred, and later
the smallness of the export movement caused
some covering, which practically recovered
the losses. and, in few stocks like Missouri
Pacific Wheeling & Lake Erie st. Paul and
Union Pacific; caused slight advance for
the day. The only marked upward
movement however, was in sSugar, which
rose "a per cent to SO. The market closed
rather heavy at the improvement over the
lowest prices established in the afternoon,
and close to those of the opening. Railroad
bonds were dull and uninteresting as usual
The sales reached only S655, 900, which was
fairly well distributed. Government bonds
have been dull and steady. state bonds
not lXaQ1 6rrlI D.
London was doing almost nothing Specu-
lators and investors there will undoubtedly
buy American securities in preference to any
others when they buy at all, but just now
about the possibility of the London
joint stock banks cooperating with the
Bank of England in the proposition to keep
up the rates of money aIti6cially in
away from London back to the United States.
The prevailing impression is that the stock
banks will not cooperate with the Bank of
England, as it would have the effect of di-
minishing their business and stopping all
their enterprises In this market specula-
tors are waiting to see if the firmer exchange
market this morning, which had put de-
mand bills up to SiSS before II o'clock,
would cause much increase on the exports of
gold. Inquiry among the usual gold export
erS develops the fact that they do not be-
lieve there will be any considerable amount
OF gold exported this week. The irmness of
SnNhduSc IL tluc luOIS stu uUuStldI ScdrClIV
of bills rather than to the demand from re-
mitters. 1t appears that the Indebtedness
to Europe is getting pretty well
cleared off, and in this fact is the prospect of
the decrease, il not the entire cessation of
the exports of gold within week or so at
further. After i2 O'Clock it was reported
that the Bank of England had reduced the
premium it would allow on American gold
half penny to T6 shiilings 5l2 pence. This
was regarded as evidence of an improvement
Ii the financial situation in London, but ita