St. Paul daily globe., 1891-05-28
FINANCIAL.
New York.

NEW YORK, May 27- The stock market
to-day was even more lfeless than that of
yesterday, but on the whole there was bet
ter feeling in the street and a tirmer tone to
the trading. While the shipments of gold
have not ceased, as evinced by the amount
which went out this morning and the en-
gagement to day, the material decrease in the
amount sent added strength to the general
improvement. Operators however, are not
disposed to take any risks in the premises,
and speculation was limp, the dullness
at times being equal to anything in
that line in the summer, while the
fluctuations were on strict parity
with the amount of business DONE The
opening was made at figures from 1s to ~ per
cent higher than those of last evening, and
the continued covering of shorts soon forced
fractional advance over the entire list i'll
the early trading. In those movements, how
ever, Wabash preferred was the only prom
inent feature, and while st. Paul and few
others were quite active for the time being,
there was little or no feature to the trading
with the exception noted. The upward
movement however, came to an end when
the demand from the shorts was satisfied, and
in the afternoon the course of prices was
downward. Many stocks were then brought
below the level of the opening figures,
Rock Island and st. Paul being
among the number. while Louisville d
Nashville was most conspicuous for its
decline. The market however was in mar
row limits during the entire day and no ma
terlal movement was scored outside of the
n
better tone was developed toward the close,
and the market closed dull and steady to
firm at insignificant changes from the open
ing prices. The only final change of note
was gain of per cent i'll Wabash preferred
the others being irregular and for small frac-
tions only. Railroad bonds were even duller
than usual of late, the total sales reaching
only S546.000, while almost an entire stagna-
ton existed in prices, There was no move
ment of note during the entire day and the
final changes are in all cases for
small fractions. Government bonds
have been dull and steady to firm.
State bonds have been dull and steady. Pc
troleum opened steady at slight decline,
and rallied Ss later, then became dull and re-
mained so until the close Pennsylvania OIL
spot closing at 6SSsc; June option opening,
6Sc; highest, 6Sssc; lowest Csc, closing at
6SS8c. Total sales, $4,000 barrels. The Post
says: Uncertainty about the prospects of
the money market is the controlling feature
in the stock market at present. Notwith-
standing. tnat money is remarkably easy
now, and this morning was down to per
cent, whereas at this time last year it ranged
from to Is per cent, and notwithstanding
that the heavy movement or currency from
the West to New York viii make favorable
bank statement on Friday, there are so many
unus ual conditions i'll the general financial
situation that many people are appre-
henslve of tight money in the
autumn, mainly as the result of the heavy
gold exports in the last two months. The net
reduction in our stock of gold for the year is
about S200OO00O. On the other hand, there
has been an increase of over S16000.O00 of sill
yer certificates i'll circulation and about S3S,
100000 of treasury notes issued for the pur-
chase of silver So far as this increase of cir
culation has any effect on the money market,
it would make it merely easier as long as
there is no doubt about the currency being
maintained at par with gold. Unless some
such question as this should arise before next
autumn, there does not seem to be reason for
apprehensions of any stringency in money
then more than usual, except that the crops
to be moved will probably be large, and at
good prices will require more money than
usual to move them. But if the expectations
of large return flow of gold in shipment
from our harvests are realized. money will be
easier in this country than anywhere else in
the world.