St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-07
HI HIS DESCUU 1sNGED.
Wall Street Trading Weak But
Active

New YORK, March 6-The feeling among
the operators in Wall street this morning was
generally bearish, and to this end the general
apathy OF those 10 whom the public is accuS-
toned 10 look for support in certain stocks
had not little TO do. The tests applied to
the market during the past few days satisfied
the bear leaders that there was an opening
for vigorous attack upon the grangers
which invite the attempt OH account of
the comparative SmallneSs of earnings
due TO the corn crop. The bulls
are also somewhat discouraged because
all the late favorable conditions have failed
to bring in buyers. and the prospects of fur
ther outgo of gold, which the bears contin-
tlnually hold up as a bugbear, completely
establishes the fact that the bank of England
seems to be i'll no heed of gold at present
To-day the bears made the attempt to get
prices down by vigorously hammering the
grangerS and the transactions of the day
were run up TO figure which has not been
seen in weeks. while the material declines
forced in those shares dragged most of the
list down with them. Nearly all the corn
roads suffered most, but ST. Paul was paid
attention to and the Northern Pacific pre-
ferred, Chicago Gas and Louisville and Nash
vile were weak and all showed marked loss
for the day. The low priced stocks and
the lndustrias were neglected and only in
Illinois Central, which is included in the
corn roads. was there any movement of i'm
portance among the inactive shares The
opening was firm, with considerable foreign
demand; but the pressure was applied i'm
mediately and the attacking column re-
celved accessions as the morning wore along
the market being very active and decidedly
weak. Alter that time there was less animal
ton and prices showed weakness only in
spots though there was no recovery of i'm
portance Notwithstanding that there was con-
siderable covering III the late dealings. The
difficulties abroad. especially i'll Argentine
which are expected to be again re-
fected in the London market. and here
eased the general feeling among the street
operators 10 be still beariSh, though there is
little Likelihood Of any pressure from the other
side as London is believed to be pretty bare
of Americans The close was duh and heavy
at shade better than the lowest prices. The
final changes are all Ill the direction of lower
prices. But the great majority are fractional
while Reading, Pacific Mail, c.. c.. C. & St
Louis, and Sugar each declined 1Izc: Burling.
ton, lac; Missouri Pacific, 1l2c and Chicago
Gas and Northern Pacific preferred each 1
per cent Railroad bonds were a little more
active, but not sympathiZing to any extent III
the weakness i'll the share list, the changes
being as rule confined TO the usual insight,
lcant fractions, while there was no marked
tendency in either direction. Sales, S1,071,-
co., Government bonds have been dull and
steady. State bonds have been entirely
neglected. Petroleum opened firm. and April
option advanced Sac in the early trading, but
a few selling orders from the West caused a
break. and the option declined 1s4c and
weak; Pennsylvania oil, spot opening at
1l2c; highest. 77l2c; lowest, 71Iac; closing,
Th2c; April option opening at 7S4c: high
est zoe: lowest, 16l2c: closing at 76Lc: sales
Al, 900 bbls. The Post says: So far as can be
discovered there was no other cause for the
general decline except the selling of the
granger stocks above mentioned, and this
was probably induced by the unsatisfactory
report of the Burlington earnings for Jann-
airy. it, however. is a mistake to assume
that the Burlington earnings are an index of
those OF other granger roads. The Burling-
ton is the great corn carrier and the decrease
tonnage affects mo tbar
other. 1t is certainly true that the earnings
of the granger roads are improving.