St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-01
FINANCIAL.
New York.

NEW YORK, April 30.-The stock market to-
day was in marked contrast to that of the
last few days, in that ii showed again the in
herent strength which has become such
characteristic or the trading and the result
OF the days operations is to leave prices ma
terially higher than last evening. The news
from the other side of the ocean was not so
assuring to the bears as had been expected,
the Bank of England falling to raise its min
lmum rate of discount. On top of this Lon
don came into this market as large buyer
of all its specialties on the eve of the holj-
days, which begin tomorrow there, and the
demand from this source developed marked
scarcity of stocks for sale. with the usual re-
suit of enhancing the value of everything
sought for. The event of the day was the
bringing forward of the coal stocks again as
prime favorites in the speculation. and tie
very marked gains scored by both Lacka-
wanna and Reading, the old-time favorites,
had most favorable influence upon the re-
mainder of the list. The reaction from the
depression of last evening was continued by
opening the market from Is to " higher than
last evenings figures, and Notwithstanding
that the professionals made a slight imDreS-
sion upon the market in the early dealings
the foreign demand was sufficient to quickly
change again the temper of the market, and
the strength shown against the reaction
airy tendency was a surprise to many
people. One reason for this strength was
the orders which came from out of town to
buy stocks and the purchasing of the gran
gers, Louisville, New Albany & Chicago.
Wheeling d Lake Erie, Missouri Pacific,
Lackawanna and Missouri Pacific was excel
lent to-day. There was the usual manIpula-
ton of Cordage and its kindred shares, but
the advances in the general list reached as
nigh as "a per cent In some specialtieS. and
ne orthern Pacific preferred again came to
the front late in the day with handsome adj
vance. There was slight halt in the up
ward movement in the last hour owing to the
reallzat1ons OH the rise and furry in money
rates due TO the shifting of loans on the last
of the month, which sent call loans
bounding up to 6 per cent at the close
but the market finally closed active and
strong at about the highest of the day The
final changes are all i'll the direction of higher
figures and Cordage is up 4; st. Paul, 1s4;
IA; the Wheeling d Lake Erie stocks, 11s;
Rock Island IA, and Sugar and Louisville,
each per cent Railroad bonds were also
more active, the sales reaching S1,523, 900, and
with firm tone throughout small advances
We're scored all over the list The Readings
Kansas q Texas issues and Oregon Improve
ment 5s were the features of the day. Gov
eminent bonds have been dull and firm.
The Post says: The combination Of
circumstances which aided the traders
in making a downward reaction in
the stock market yesterday had lost its force
to-day, ana stocks opened strong, more active
and higher. Notwithstanding the high rates
for money in the London open market and
decrease of 3477, COO in specie during the
week, the Bank of England rate of discount
was not advanced from 3l2 per cent to-day
as was thought possible it might be. The
effect upon the money market here of the
moderate exports of GOLD is more than bal
anced by the influx Of currency from the
West, as is shown by the fact in Chicago ex-
change on New York is from 25c to 40c
per $1,000 premium. The unsatisfactory
statements of the Burlington and the Union
Pacific, which helped to depreSS prices yes
terday, DO not represent the present, but are
the reflex of conditions that were well
known at the time, and fully discounted in
the prices of stocks then