St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-06
Merchants National Bank !
ST. PAUL, MIMI.
Capital, ST, 600, 600
SuTpluSG UndiVidedP 900, 600
". r. MERRIAM. President.
III. BIGELOW, Vice Presiden.
} "A. SEYMOUR, Cashier.
GkO. L. POWER, Asst. Cashie2
DIRECTORS,
FINANCIAL.
New York.

New YORK. Oct. 5-The stock market to-
day exhibited heavy tone under the per-
sistent hammering to which il was sub
jected by the room traders. who seem to
think that because of the decided rise which
has taken place between Friday and this
morning there should be a chance TO reap
some immediate profits by turn in prices
The confidence in the future of the market
however, proved TO he such that new buyers
came in al every decline, and the downward
movement. which prevailed during most of
the afternoon was slow, and the net losses
are Ill almost ali cases Insignificant. The de-
cided strength shown by the Vanderbilt prop
critics Is looked upon as sure indication
that that powerful interest has returned to
the street and is working for better market
The day was one of little or no excitement
and no news OF Il character to cause any
movement either way was developed. There
was only one conspicuous weak point in the
list Union Pacific, and the loss for the day
III that was fraction only. while Rock Isl
and and several of the specialties were very
strong, especially during the forenoon Lake
Shore, Wheeling IL Lake Erie. both common
ana preferred, and Chicago, Burlington Il
Quincy showed marked strength throughout
the greater portion of the day. The demand
for stocks was very heavy at the opening and
the pressure to sell from both short sellers
and realizatons met a resistance, which re-
suited in the advancing of quotations during
the first hour of from I20DiA per cent. Mis-,
souri, Pacific and Lake Shore among the
active STOCKS, and Tennessee Coal among
the ow-priced shares. leading in the move
ment which however, came to an end when
the early demand was satisfied.
A reaction followed IN the upward direc-
ton. Rock Island. Atchison and the Wizards
being most prominent for strength. but the
trading then lost all character and during the
afternoon prices slowly settled down without
special movement in anything outside of
Union Pacific, and no special feature marked
the dealings for the remainder of the day.
Rock Island continued to lead the list in
strength, but II too gave way finally and lost
most OF its Improvement. The traders did
most of the selling, however, and kept the
market unsettled throughout the afternoon.
and heavy 10 weak generally at about the
lowest prices The final changes, however.
are almost all for small fractions and show
great irregularity, while an advance of 1ss
per cent in Tennessee Coal is more than off
set by losses of ia in Union Pacific aud /
per cent in Northern Pacific preferred
The fost says The great elements favor
ing q rise i'll values from the level of the re-
cent adyenutlous reaction are plain and
their force would seem to be less obstrueted
than at any previous time this year. Except
in the case OF Missouri Pacific, the buying
which raised the prlce of active stocks on
Saturday was undoubtedly largely on com
missions for a long pull, and not the oper-
atoms of room traders or margin SPECTATORS
In Missouri Pacific the buying was still
largely by shorts A little analysis of the basis
of the buying i'll the other most prominen
stocks will confirm the opinion of its char
acter. The stocks which exhibited the great
est strength all have made good showings of
recent earnings. 70 this general basis Dot