St. Paul daily globe., 1891-05-06
FINANCIAL.
New York.

NEW YORK. Nav 5.-To-day there was little
In the trading in the stock market outside of
Chicago Gas and st. Paul, although the
Wheeling d Lake Erie stocks were strong on
light transactions. and c., c., G.. q st. L. con-
tinued its movements of yesterday during the
forenoon. Silver certificates were weaker,
and the industrials were quite neglected until
late in the day, when they became active and
weak with the general list. The market
opened firm but quiet, and while a few
specialties like Chicago Gas scored material
gains, the general market failed to advance
more more than small fractions, beyond the
its specialties, and this precipitated
q selling movement by local oper-
atOrs, which wiped out the early gains. The
afternoon. however, brought with it a further
engagement of S1,50l,000 gold for shipment
abroad, and the selling became general for
both sides of the account. The selling was
vigorous while the afternoon lasted and ma
terial Losses were suffered in ali the leading
shares, though the final losses for the day
are generally confined TO fractional amounts.
Among the specialties, Long Island sold
down to SO this morning on the death of Mr..
Pratt, whose late accumulations of the stock
Will be divided, in all probability. and will
come upon the market. The stock after
wards rallied 2 per cent, however. The
final dealings were less active and
marked by quiet tone, but the close
was heavy at about bottom figures
The losses of note include Lackawenna 1ls;
ciic preferred, 7s while Chicago Gas was
the strong feature all the way out, and is
actually up / per cent Railroad bonds were
again duh, the sales of all issues being only
9S5,O00, while the tone was generally steady,
but sympathiZed with the stock market late
in the day, becoming heavy under the effect
of realiZations. The final changes are iu-
significant, however, and the business was
widely distributed. The market developed
no feature of interest Government bonds
have been dull and staedy. State bonds
have been dull and featureless
The Post says: Just now there is q
halt in the rise in prices of stocks which has
been in progress since the first week in
March. Notwithstanding number of similar
halts in that time. The reason given by
good many spectators for this halt is that
there is my stery about the gold exports.
But the fact is there is really no mystery
about the exports of gold, while there is such
a demand from importers for exchange on
Europe that they are ready to buy all the
exchange that is made against the exports of
gold, and at such rates as now give the bank
ers who sell the exchange a profit Bankers
bring the gold from the | nited States because
the United States owes it to Europe for goods
bought. There is no mystery in all this the
gold is not going into any hole but is
merely moving i'll the usual channels for set
tling the balances of trade between different
countries The only legitimate bearing that
the gold exports have on the stock market is
in the temporary depletion of the bank re-
serves and the consequent tendency to stiffen
the money market. But there is no reason to
doubt that we shall export wheat more large.
ly than usual, and also that Europe will want
10 invest in American railroad and other Sc
curities and that these things viii turn the
exchanges in favor Of the United states and
make money plenty here this summer