St. Paul daily globe., 1891-05-30
FINANCIAL.
New York..

NEW YORK. May 29.-In the stock market to.
day the professionals still had the making of
prices i'll their hands, the public and the
larger operators holding aloof, with no i'm
mediate prospect of resuming their interest
III the market for some time 10 come There
was only one feature of special importance
IN the trading of the day. and that was the
selling OF Louisville d Nashville, which was
attributed to orders from London. This
theory, however, does not meet with general
acceptance, and that the majority of the sell
ing orders had their inception on this side of
the ocean seems most probable The bank
statement showed as expected a material in
crease In the surplus reserve which now
stands at the highest figure for long time.
but this was made the occasion of a sharp
drive at the whole list of active stocks and
further depression followed what should
nave been the sustaining element of the day.
ihe utter apathy of the larger operators was
indicated by the occurrence, and it appears
that no interest is sufficiently Interested in
the market to defend its holdings against the
attacks OF the traders. The drive at Louis
vile resulted In loss of over per cent. bu I
while the entire list sympethized with the
decline, in no case was the movement for
more than small fraction, even IN 81. Paul.
which resumed its old position as leader in
point OF activity. Outside of the two stocks
mentioned, however, there was no ANNA
tlon III the market for more than few min
utes at a time. Nearly S3000O0O gold was
taken to go out on to-morrow's steamers,
which was help to the bearish
operations of the trading element hut the
impression that this week marks the culmina-
ton OF the movement in gold sustains the
confidence of holders and prevents liouida-
ton from aiding in the downward movement
In stocks. Commission people are not dis
poseQ 10 give any representations as to the
probable course of prices and the waiting
attitude assumed by the leading operators is
regarded as the proper thing 10 initiate The
opening was weak at only small fractions
lower than the closing figures of last evening,
put the downward movement inaugurated at
the opening was continued with but slight
interruption for the greater portion of
the day. pecialties suffered. and Pa
enc Mail and Missouri Pacific were
weak all the way out. The INDUS.
trials, represented by Sugar, were also
specially weak: but the fluctuations in the
rest OF the list were generally confined to the
smallest fractions, while the dealings were
ueVold OF feature of any kind The covering
OF shorts put out earlier in the week caused
fractional rally, after the lowest prices of
OF the week had been touched in most of the
active stocks. The market finally closed dull.
but steady to firm al the IMPROVEMENT Ieay-
ing most stocks at fractions below last even
ing. The important losses include Sugar.
ia Louisville d Nashville I5s: and Missouri
Paclhc per cent. The operations in railroad
p0nds were more restricted than usual. the
sales reaching only Si59,000. but there were
rev material changes, while a great ma
1ority OF the list was kept stationary.
chesapeake d Ohio, series A lost 21a at
!l2l2; Toledo, Ann Arbor & North Mich
lgan frsts2 at 50; while Denver CITY Ca
bic firsts rose PA to 101; East Tennessee.
5s pa to 99A. Government bonds have been
dull and steady. State bonds have been dull
ana featureless. The Post saws: In the
entsituation, with currency still moving
heavily from the interior towards this center,
IL remains to be seen whether the outflow of
gold has practically come to an end, as most
people now believe. If this proves to be the
case, the rates for money both here and in
London should decline unless they are arti-
hclally sustained in the latter. the object
in doing this would be to make
rates for money so much higher there
than here that they would influence the
transfer Of loanable capital from this mar
ket TO that. The movement of this capital
would, OF course, be in gold and would ena-
pie the London joint stock banks to accumu-
late some gold by the payment of a premium
Tor 1t. The only protective measure against
such withdrawal of capital would be an
advance in rates of interest here, but the
probabilities are that the whole situation
viii adjust itself without any further large
exports of gold. Louisville & Nashville has
been depressed for two days, and especially
THIS forenoon by rumor that the next semi
annual dividend would be in scrip and not in
cash. This rumor is officially denied here by
director. Private advices from boston.
where there are large interests In the stock.
confirm this statement.