St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-23
FINANCIAL.
New York.

New York, May o. The stock market
displayed unexpected activity and strength
to-day and the result of the days operations
is to leave almost everything materially high
er than last evening. The new interview
with the eminent German banker. Herr
Bleichroder, in which he positively states
that the importation OF gold into Russia had
ceased, gave the bulls new life at the open
Ing, while the shorts made a rush to cover,
Sufhciently disclosing the nature of the trad
Ing at present, and especially of the selling
kinds were afioat, however. and one
that the Bank of England had
reduced its premium on American
gold was especially influential in connection
with the buying for account which was esti-
mated at some 5000 shares. A check was
given to the upward movement in the first
hour by the further actual taking of gold for
export, and while the traders were fighting
the rise with all the vim in their power they
could do nothing more than give q tempo
rary check to the upward movement The
west then appeared in the market and, not
withstanding the adverse influences men
TONED, another squirt was. made In the early
afternoon. which carried prices up rapidly
and materially the net advance at the time
being over per cent in many of the leading
shares. The Improvement was especially
well distributed among the leading stocks
and while st. Paul maintained its lead in
the matter of activity others were equally
as prominent i'll the upward movement New
lie was given the lndustrials. and both cord
age and sugar rose with the rest of the
Market the former again crossing 100. The
coalers were again strong, and recovered not
only their losses of yesterday, but scored a
material gain as well. While there was the
usuai realization OF profits on the advance Of
the day Ill the last hour, it made only slight
impression upon prices, and even this was
neutrallzed before the close of business.
winch was active and strong at the highest
prices reached. The first prices were in
almost all cases the lowest and the last the
ulRneSL. Inc advances i'm
portant all through the list, and
the final gains include Union Pacific
ga; Sugar and Rock Island, 26s; Louisville
d Nashville. pa; st. Paul and Burlington,
2sS: G. G. c. d st. L.. 2A Cordage, 2ls;
Chicago Gas and Lackawanna, 2 per cent:
Atchlson and Missouri Pacific, Us; Northern
Facihc preferred, ia; Southern Pacific, 1ss;
Northwestern, New England aud Pacific
Mail 112; Western Union, 1ss; Northern Pa
cite and Reading, IA; Wabash preferred,
11S; wheeling d Lake Erie preferred, 1 per
cent and most of the rest large fractions
Rallroad bonds were quiet, the total sales of
all issues reaching only S6l2, 500, but a strong
tone prevailed with only few bonds mate
rally changed. Government bonds have
been dull. State bonds have been dull and
steady. Petroleum was featureless. The
opening was steady, but there was no
change In price throughout the day
and the. market closed dull, Pennsyi-
yania OIL. spot, closing at 6ss4: June
option closing 6S5s Total sales $4,000 bbls.
The Post says: About IL O'Clock it was re.
ported and is probably true, that the Bank of
England had reduced its premium on Ameri-
can gold l2d per ounce. The legitimate
effect If this was undisturbed by other
causes, would be to advance the price of de
mand bills in this market Ac or 12c on the
pound; but in this case it did not do so. be-
canse there. has, temporarily at least, been
some falling off in the demand for exchange,
and the knowledge that this was the case
caused some of the bankers to hesitate
about shipping some of the gold en-
gagged for to-morrow's steamers from here
and from Boston. because they probably have
not yet sold the exchange against the gold
and would not want to be obliged to do so on
falling market. AS for the Bank of En-
gland, there is no reason for continuance of
its paying premium for gold, as it has al
ready largely reinforced It's specie reserve.
e4S1,OO0 being reported as going into the
bank in bullion to-day. The whole financial
condition OF Europe is still very unsatisfac-
tory. but as far as this country is concerned
Europe cannot draw any more cash out of us
than we owe, no matter how badly they
might want it, or how much premium they
might be willing to pay for gold.''