St. Paul daily globe., 1891-04-29
FINANCIAL.
New York.

New YORK, April 2S.-The stock market to-
day displayed a marked decrease in its &C
tivity, but also marked Improvement in its
tone over that Of yesterday, and while no
material advances were scored in the general
list the cessation of the pressure to sell, and
the uniform improvement in values went q
great way TO restore confidence among the
smaller class of spectators who were in
clined to think that a reaction of large pro-
portions had begun. The event of the dav
also developed the fact that while there has
been heavy realizations during the last few
days most of the selling, as claimed by the
bring about any material concessions in
prices has compelled a halt in that direc-
ton for the time being. The position
of the advocates for a still higher range of
values has not changed. The grangers to-
day again came to the front as the leading
group of stocks. and the movements among
the specialties were of less consequence than
usual of late, although the sharp advance
and decline i'll Jersey Central was an eXcep-
ton. The buying III Union Pacific, st. Paul,
Burlington, Louisville, New England and
some others gave evidence that the steady
demand was still there, and the absence of
pressure to sell decreased only the volume of
business. and allowed the market to show its
inherent strength. despite the hammering of
the local bears throughout the day at inter
walls. In fact the selling to realize profits
by the bulls has been so heavy that
there was strong feeling prevalent
that reaction must ensue, and the resist
ance shown to-day was a surprise to both
bulls and bears. The opening gave no trace
of yesterdays weakness, but first prices were
from lsyG54 per cent better than last nights
figures, which advance was not fully m2n-
tanned in the early trading owing to the re-
newal of the pressure of short sales When
this was removed. however, prices advanced,
though slowly at first. Later there were
marked gains made, and many of the leading
active shares scored material advances for
the day, while the handsome rise of 2S4 per
cent in Jersey Central was nearly ali lost.
Reactions occurred from time to time keen
opening figures, but the close was fairly
active and firm at close TO the best
prices The final gains are important only
in few shares, and Union Pacific, New
England and Cordage rose 15s, Louisville 1ss
and Erie per cent. Railroad bonds, while
showing transactions in an unusually large
number of issues, were only moderately act
i've in the aggregate, there being no special
cific of California frsts rose to 112l2, but
the rest of the list showed only small
changes. The trading reached only 81, 159 co.,
without other feature of interest. Govern
ment bonds have been dull and steady. State
bonds have been dull and featureless. The
Post says: The probability that there will
be no strike of the bituminOus coal miners on
May helped all the bituminous coal carriers
stocks to-day. Hooking Valley was up ia
to 2Sl4 Chicago q East Illinois common also
sold at 66l2, which was, however, not so
much the effect of the diminishing probabil-
lty OF the strike, as II was merely continu-
alton of the advance which had been pretty
steady for several weeks from about 90, and
is due TO buying by investors who will take it
out of the market. Wheeling & Lake Erie,
which is the most active stock among the
bltumlnous coal carriers, was up to 37Is,
though it afterwards lost the advance when
the general market declined after 1 o'clock
The return movement of currency from the
West and South is increasing in volume, and
to-day New York exchange in Chicago sold
at 40c TO sec premium for $1,000 The money
market here continues easy, with call loans
at . to 3l2 per cent, put in London rates con-
tinue to harden, and to-day's bankers bal
open market, ga per cent. The higher rates
for money coupled with expected early
heavy demands from Ireland and Scotland,
has revived talk of further advance to per
cent in the Bank of England rate