St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-03
81. Paul TItle Insurance and TruSt Ca.
FINANCIAL.
New York.

NEW YORK, Aug 1.-The stock market to-
day was only moderately active, but il dis
played decidedly strong tone OH the whole,
and enjoyed a substantial rally, many stocks
closing at the best prices Of the week. There
were some buying orders for foreign account
in the market this morning, and disposition
was shown. 10 continue the covering OF
shorts. 10 this demand the bears opposed q
further drive at the market, but 1t was di-
rected at Sugar, in ali probability TO mask the
covering in The regular list. First prices were
generally from Is TO IL per cent better than
last evenings figures, but the pressure
brought 10 bear in the early trading knocked
Sugar off . per cent and others frac-
tiOnaI amounts. The pressure was
Withdrawn before the expiration of the
first hour, when disposition 10 discount a
favorable bank statement appeared, and
prices shot up rapidly all along the line; Bur
lington rose per cent from its lowest figure.
and the rest of the list followed closely. The
bank statement proved TO be not so favorable
as expected. the surplus reserve showing
small decrease while deposits were mate
rally smaller than last week. The upward
movement was checked a this point, but the
best prices were well held and no reaction
was had. There were a few marked move
ments among the inactive stocks, and Evans
vile d Terre Haute, after rising from l14I2
to 2l7. reacted to III, while COrdage pre-
ferred rose from 91l2 to 100, and Tennessee
Coal rose per cent.
The market closed dull but firm at about
the lowest figures. The final changes show
material advances in many cases, and bur
lington is up 15S Western Union ia, Atchi-
son, c., C., &. & st. Louis, Chicago Gas and
Louisville d Nashville each ils, and North
western Cordage, Northern Pacific preferred
and Tennessee Coal each | per cent. The
transactions reached 6S, III listed and 1l.l6l
unlisted, only st. Paul with 11.050 reaching
five figures Railroad bonds were again very
dull, but while an irregular temper was
shown in general, the active stocks were
strong. The final changes. however. are i'll
most cases declines, and Lehigh IL Wilkes
barre fiYes lost } at %; and 81. Louis Van
dala d Terre Haute firsts pa at 1914. Cleve-
land u PittSburg sevenS rose TO l:U; the
trading extended to only S9J7,050. Govern
ment bonds have been dull and heavy. State
bonds have been entirely neglected.
The Post says: If anybody doubted that
there was q large and unwieldy short Interest
i'll the market, tO-dav's movement OF prices
ought to have settled the question. The buy
ing of this morning was maze up almost en-
tirely of the covering of shorts, and as usual,
the small fry of the Dear traders seeing that
the leaders mad already covered up good
share of their contracts, INDUCED in Il hur
ried scramble to get back their own stock,
and in so doing sent prices up at an un-
usually lively pace. The general character
of the market was similar 10 that OF last
Tuesday, when the lear leaders shook Off
their intentionally numerous following.
AS has been usual in recent weeks. the state
ment of p6nk averages was entirely decep-
tive, and its returns Of cash probably at least
S2.O00.OO0 away from the actual facts of pres
ent bank holdings. 1t should be observed,
however that the flow of currency from
Nhw York to the interior has decreased to an
unexpected degree this week, indicating that
certain interior commercial centers have ali
along been much better supplied with money
than had been supposed. indeed, New York
exchange at st. Louis and other Southern
points has been at q premium during all of
this week