St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-08
BEARS IN CONTROL.

New YORK, April 1.-THE stock market to-
day failed to continue the promising advance
OF yesterday, but outside of a few specialties
which were affected by special causes there
was no real weakness and the improvement
OF the last few days was well held. The
bears had the advantage of the occurrence of
a holiday in Chicago owing to the holding of
the city election there, the engagement of
Sl,OOO.ON gold for export, which has been
hanging over the market for some time, and
the execution of man. stop orders with free
real1zations on the rise by the trading ele-
ment in the market. The stubborn strength
shown by the leading stocks. however, pre-
vented any material set back. and prices to-
night are not far from the best fig
ures of the rise. To-day the market
opened with a continuance of the firm tone.
but the realizations by the traders and some
of the Chicago people checked the upward
movement, despite the large demand for
stocks. The fact that there was no support
from Chicago and the early announcement
OF the gold shipment gave the market a mod
crate setback in the first hour, but it soon
gathered strength again, and before noon
most of the general list had not only recov-
cred the losses. but something in addition.
This movement died away toward / p. m,
however, when the Northern Pacifcs took
the lead again i'll a downward movement,
which once more brought most stocks below
the opening figures. The advlces over pri-
vate cables that the Willard directors in
the Deutsches bank of Berlin had been
forced TO resign was made the occasion of
the drive at the Northern Pacifics, and each
retired over 1l2 per cent, though the common
rallied somewhat in the late dealings. The
general list was adversely affected by this
movement, however, and freer realizations
took place i'll the last hour, helped by q
further engagement of 100000 for export
the movements in the market throughout
the day, however, were quite irregular, and,
while the market finally closed heavy, the
final losses were Insignificant, except In
Coroage, which lost ., Sugar 1S4, Chicago
Gas Ia and Manhattan 1 per cent. Railroad
bonds were quiet, but the Atchison in
comes and the Northern Pacific fives were
largely traded in, furnishing S191 900
and S152, 000. respectively. out of q
total days business of 81 100000. The COM
p%arative animation, however, failed to de-
Velop any movement Of importance, ana
there was throughout the day no sympathy
with the movements in shares, prices remain
ing within the narrOwest limits, while late in
the day a dropping tendency appeared, and
final figures were generally slightly lower
than those of last evening. Outside of the
activity i'll the issues mentioned, however,
there was no feature of interest. Govern
ment bonds have been dull and steady. State
bonds have been dull and featureless.
Petroleum was neglected all day, the only
business transacted being the sale OF !, coo
bbls May option at 734c. The market
closed duh. The Post says: In the after
noon Northern Pacific preferred became
quite weak. The argument against it is that
owing to the increase of the funded debt the
surplus for the eight months TO March l is no
better than for the same period last year,
whereas the increase of gross earnings had
caused expectations of a large increase in
the surplus: Chicago & East Illinois was a
noticeable feature to-day. The buying is by
people who understand the business of the
company. and who believe that the earnings
in the last six months have been equal to a
dividend on both the common and preferred
stock at the rate of possibly six per cent per
annum. 1t is too soon yet to say whether the
common stock will become a ~dividend-payer
within the next year. but the earnings
leave q large surplus applicable to
such dividends. The fine terminal facil-
tiles of the company in Chicago also make
great possibilities for it in connection with
the Columbian exposition. But aside from
this the present earnings are from the trans
portation of bituminous coal from middle
Indiana to Chicago and other lake ports,
The growth Of the bituminous coal traffic
fromicentral Ohio and Indiana to lake ports in
con: petition with anthracite is also shown
in the traffic of the Wheeling d Lake Erie.
and the Columbus, Toledo & Hooking Valley.
Money on call easy. ranging from 3to 3I2
per cent; last loan, 5; closing offered at 3.
Prime mercantile paper Gas. Sterling ex-
change quiet and steady at S4S6A for sixty
day bills, and S4.SSS4 for demand. The total
sales of stocks to-day were 262.011 shares. III