St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-05
AN ACTIVE MARKET.
Bears Driven Out Into the Cold
by Bulls.

NEW YORK, Jan. 3.-The bank statement
was to many people surprise, as 1t was
known that there had been movement of
currency out of the banks, both to the in
terror and through the subtreasury, and,
therefore, the moderate increase in the sur
plus reserve was not looked for. Money
should, however from this time return to
this city and money market grow easier The
market to-day responded to those conditions,
and displayed even greater strength
than Yesterday, investment buying con-
tinuing to be the principal feature.
The houses which do strictly investment
business say that they find great difficulty III
supplying the demand Tor good bonds and
dividend paying stocks. Such a scarcity of
securities upon the street has not been known
in fifteen years. and in consequence every at
tempt to buy for either side of the account
advances prices. The news from the rail
road world to-day was not of special i'm
portance. but the Union Pacific and Rock
island difficulty caused considerable excite
ment. The general opinion is, however,
that while the trouble may have some effect
OH those roads, it can have little or no infiu-
ence on other properties. In the market th1
morning the bears were Inclined to again
test the strength of the late upward
movement and were permitted with the
aid of some foreign selling to open most of
tine list at slight declines from last evenings
figures Louisville & Nashville was rs lower,
but among the advances were some of So per
cent. The new buying, however, was too
much for the pressure brought to BEAR and
the natural strength of the market soon as
serted itself. the most conspicuous being
Lackawanna, which was run up to 13412. a
gain of l3s per cent. The loss in Louisville
was also recovered. while some of the special
ties scored material advances, and almost
everything traded in fractional gains. Rock
Island was the only weak point in the list.
and giving no evidence of support it became
the prey of the bears, who sold it down
IA. There was some reaction in the last
hour on realization by the traders.
but the issue of the bank state
ment was the signal for a renewal
of the upward movement and the
best prices were again reached, and in few
cases higher figures were attained. The close
was fairly active and strong at the highest
points. The only material advance among
the active shares were Lackawanna aud Col
orado Coal, per cent each. The bond mar
ket continued to show the effect of the new
demand, and in the two hours of business
there were 81, O15 90 traded in, which was
evenly distributed over a large number of
issues Northwestern debentures rose to los,
Fort Worth & Denver firsts to 102. Govern
ment bonds have been dull and steady. State
bonds have been neglected. The exports of
specie from the port of New York last week
amounted to 1926, 1913, of which $50, $40 was
in gold and 1912, 48S silver. The imports of
specie during the same week amounted to
$751; 1872, of which 1927, 695 was in gold and
Sc, 1877 silver. Petroleum was dull and feat
ureless all day. and the movement was very
narrow Total sales 10000 bbls.