St. Paul daily globe., 1891-05-20
FINANCIAL.
New York.

NEW YORK, May 19.-The stock market to-
day gave promise of developing a reaction
from the depression of the last few days, bat
Notwithstanding the more hopeful and IA
vOrable advices from abroad the continua-
ton of the gold shipments caused renewal
of the pressure for both sides of the account
to cover. There was notably better feeling
in London, and prices for American stocks
were up in some cases. while all foreign Sc
curilies were reported better even Portu-
guese. The room here, however, was not less
bearShly inclined, and supplied all bids from
the foreigners and the bulls, with the ulu-
mate result, when the gold shipments for to-
morrow 5 steamers were seen to 5e up to
the expectations, of depressing further the
prices of all active shares. The bulls point
still to the special ease III money, though
this is partly accounted for bv the disinclina-
ton of lenders to make time loans or 10 place
their surplus on call where it can be quickly
called in case of emergency. The late bull
leaders are doing nothing at present, and i'll
the opinion of the best Informed people are
not likely to do anything until the present
situation is more clear which, according to
advices, cannot be before the end of the
month. The general expectation of better
state of affairs after that time prevents any
thing like general liquidation of long hold
ings. and the progress made in depressing is
almost entirely the result of the efforts of the
active bears i'll the market. The opening adj
vances to-day reached as high as 5s per cent,
and further gains were not made until after
a severe drive had brought prices down,
again wiping out all The earlier gains
and even more in Missouri Pacific and the
Northern PacificS. The general bullish feel
ing engendered by the buoyancy OF the for
eign markets and the buying of the foreign
brokers' was sufficient to cause rally which,
before noon had placed almost all the lead
ing shares something above the opening
prices, St. Paul. Rock Island, Chicago Gas
and Union Paciiic being specially prominent
for the strength displayed. the first named
gaining nearly l per cent. The actual en-
re of crnf1 hnxr nl,nA
high figure. ard several drives were made by
the bears at all The leading shares when
Union Pacific droppedl3 per cent and others
l to la per cent among the active shares.
The lowest prices were reached before de-
livery hour, and later the covering of shorts
caused a rally which again brought prices up
" to l per cent st. Paul leading the
upward movement, with large amount of it
changing hands. The market finally closed
| quiet but firm at the rally. The change for
| the day is per cent lower in Atchison. Rail-
! Toad bonds were dull, though the transactions
| reached S10l. 900, which is slightly more than
usual of late. Prices followed those in shares
| down. but no material movement took place
| in the list the final changes showing the usual
! insignificant losses. The dealings were rather
| wider distributed than usual. but was feat
| ureless. Government bonds have been dull
| and weak. State bonds have been unsteady.
| Petroleum opened steady, and after a slight
| decline, moved up SJc on Western buying.
| The market then became dull and remained
| so until the close. Pennsylvania Oil-Spot
closing at Csc; June option opening at 67s4c;
highest 6SAc; lowest, 67l2c; closing, 6S14c;
| total sales, $4,000 bbls
The Post says: To-day was the first time
that there appeared to be a diminishing de-
mand for exchange. Importers were hold
| ing off in expectation of lower rates. which
| indicates that the adverse balance against US
| on the heavy imports of last summer is get
ting.weli paid off. 1t may have been this
aspect of the exchange market which IN
duced the Bank of England to-day TO in
| crease the premium fer gold in hopes that it
would induce the importers there to buy
more exchange at the lower rates. But if
our debt is getting anywhere near paid, ex-
change rates may drop any day to what it
would cost the Bank of England from to 2
| per cent TO get the gold And it is believed
| the bank would not be Willing to pay any
such price for money, and this is in fact
what the bank is doing by offering the pre-
| rniTIp1 for Uoi6