St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-12
FINANCIAL.
New York.

NEW YORK. Sept. 1.-THE stock m yet
again displayed reactionary temper to-day,
but while the buying power seems for the
moment to be checked, the efforts to cause a
material decline met with a stubborn re-
sistance, and the concessions from last even
ing's figures were in no case of particular
moment The attitude Of Mr. Gould and his
following seems at present to be the one un-
certain quantity in the market and this more
than anything else causes the hesitancy
which is the most marked Characteristic of
the buying.
The government crop report was so en-
couraging that it stimulated an effort to
cover shorts by the local operators, and the
effect was TO open the market generally at
large fractions above last nights figures.
while Rock Island was up Use, Burlington
1Mc ana c., c., G. d st. Louis lssc. The
hesitancy in buying for the long account at
the advanced prices however gave the
bears courage to neutralize the improvement,
and after slight further gains i'll some stocks
the upward movement was completely
checked and material reaction begun, not
withstanding that Lake Shore rose to 1.1914,
again passing the best price made III years
and distillers shot up pa per cent.
Under realizing sales each lost nearly all
of the advance, while the rest of the list were
pressed down to something below last nights
prices many of the leading shares such as
Union Pacific, Burlington, Rock Island, Mis-
souri, Pacific and others dropped away from
their highest points over per cent. The
hammering operations, however. as usual of
late, induced dullness, and the rest of the
dav the trading was of a hand to-mouth
character, with Insignificant fluctuations,
but general downward tendency. The de-
cline was helped in great measure by pre-
dictions of the frosts in the Northwest nd
rumors that more of the Union Pacific loans
had been called, though no details were to be
had in any direction of these loans, and the
revival of the old rumors in regard to the
financial standing of the Richmond & West
Point company.
Prices as a rule were carried down below
those of last evening despite the sharp open
ing advances, and no recovery was seen
until the last hour. when feeble rally oc-
CURED on covering of shorts by the trading
element. The market finally closed quiet
and barely steady at close to the lowest fig
ures of the day. The final changes, how
ever, are in most cases slight gains and
Lake Shore is up ia per cent while the
losses are few in number and for fractional
amounts only.
The Post says: This sudden checking of
the upward movement at the moment when
circumstances might have been supposed TO
favor sharp rally was a further evidence
that the market is in the hands OF the manip-
ulators. Current street gossip asserts that
one or more important interests in the rail
way share market are unwilling to allow
prices to go higher at the present time. This
may or may not be true. The attitude of
brokers usually representing the largest of
the Interests referred to certainly gives color
of probability TO thia theory. But the essen
tial point is that the speculative public is by
no means interested as yet to a large degree
in the market. If it were, the market would
be past such manipulation as this.
The crop news has been extraordinarily
favorable. and it has i'll many ways reversed
the entire financial situation. But 1t has de-
veloped gradually, taken no one by surprise,
and hence furnished none of the traditional
material for excited speculation on an
enormous scale. The actual productive
value of the leading stocks has been matari-
ally increased by the harvest and the export
demand for our grain. and there are well
posted investors-sucffss the recent buyers
of the Vanderbilt stocks-who will continue
about a furious scramble Of outside specu-
lators large and small, to buy stocks Oh a
margin and to bid for them long after the
point of normal value Is passed, something
is needed which is certainly not visible at