St. Paul daily globe., 1891-05-29
FINANCIAL.
New York.

NEW YORK. Nav 2S.-Dullness was the most
prominent feature of the stock market. The
fluctuations were especially upon parity
with the amount of business done. The lack
of interest in the market on the part OF those
operators who are of weight III the specula-
ton was also made apparent i'll the absence
of any particular tendency of prices during
the latter portion OF the day. The operations
OF the day. in fact, were principally confined
to the efforts of The trading element to sca,h
q few fractions on the short side Tor a quick
turn, though London had few orders
to sell Union Pacific. Louisville -, d
early trading. and the usual proportion
of regular business. The operations III st.
Paul were OH decidedly smaller scale than
usual of late, and Burlington fairly dis
puted its leadership in the market owing to
the favorable statement for the month Of
April. The statement. however, was suffi-
cent to make only small fractional gain i'll
the STOCK. There was little or nothing doing
in the Gould stocks and the Wabash pre-
ferred was the most prominent without ex-
hibiting any material change. ST. Paul was
severely pounded by the traders for a time,
Eut its usual support was forthcoming, ana
no impression was made upon 1t. The i'm
preston is prevalent that the bank statement
to be issued tomorrow will be III Ost favor
able one, as the exports of gold
have not balanced the known move
ment of funds to this point from the
Interior and probably for this reason as
much as any, the traders and bears were con-
tent to try the list only in spots, and in
timid manner. The point is made that the
banks are not i'll as good condition as
during previous years at this time, but there
is less demand for funds, however, and there
is a disposition to hold off in making time
loans; there is no lack of money offering on
call, and it is fact that while some SIS. 00O,-
0G0 in gold has gone out, the product of the
mines in the past year has been about SO
000, 900, and the issue of certificates against
the silver produced is making money easy,
10
centers as time goes on. The transac-
tions of the day foot up only
94,09j listed and 4.391 of unlisted.
Burlington contributing 2l,7l0 and ST. Paul
usual, the sales of all issues reaching only
$3.50. 900, with the usual lack of feature in the
trading and the usual insignificant move
ments in the list. Toledo, ct Louis d Kansas
City lists rose 2I2 to S4l2. and Chicago d Erie
lists 15s tc e7ls, but Chicago & East Illinois
consols lost 1. State bonds have been dull
and steady Petroleum was comparatively
active, opening steady, declined 5s on West
ern selling, then rallied Sa and closed firm.
Pennsylvania oil, spot, opening at 6e14c;
highest, 6SAc; lowest, 6SMc; closing at tSl4c.
June option opening at 6Sl2c; highest GSl2c;
lowest 613sc; closing at 6Sl2c. Total sales,
generally steady. The Post says: The dull
ness of the bond market and the low prices
at which good class of railroad bonds are
selling is construed by some pe1ple into an
10 otill stlIluS Us
securities for gold.' and il this case it is as
sumed that the gold may be exported by the
money from the sale of securities on the
market, without the sale of the bills of ex
change. This argument, however, will not
bear analysis. In the first place the total
sales of railroad and corporate bonds in
this market have averaged less than $1,000,
600, per week for some time past
and as it is presumable that the
larger part of this buying and selling is for
home account. it would leave very small
business for foreign account, and even this
small business could not all be of selling 10
get gold. But aside from this the exchange
market has at all times governed the imports
of gold, and whenever gold has been shipped
here at rates of exchange below the normal
gold exporting point. there has always been
an explanation for it either in the premium
in London for gold or i'll some =other way.
The fact that the rates OF exchange keep up
to so near the gold exporting point shows
that there has been demand for exchange
and as it is well known that there has been
all unusual scarcity of commercial bills, the
great difficulty in getting them discounted,
there was a reasonable explanation i'll this
for the exports of gold to make exchange.