St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-02
FINANCIAL.
New York.

New YORK. May 1.-The stock market to-
day displayed a continuance of yesterdays
engagements of gold for export met the tide
at its height, and selling orders were put in
the market by The bears which checked not
only the advance in prices but the activity
in business The selection of Missouri Pa
cifc was made as the stock to bear the brunt
of the attack. The position of the different
parties in the market has not changed in any
respect,and although the advocates of
higher prices acknowledge the impor-
lance of the heavy outgo of gold to
which we have been subjected, the
favorable influences which first started
the upward movement remain in full force
yet. The local trading element is the only
material opposition to the advance and many
of them have accepted their losses and gone
over to the other side but there is evidently
two parties in the market, and every event is
seized to make an impression upon prices.
The higher rates for money are we'll under
stood TO be only temporary, and the effect of
the usual shifting of loans incidental to the
first of the month and tomorrow is likely 10
see return to the former low rates. The
lnduStrlalS were more prominent in the mar
ket this morning and fairly disputed the
leadership of st. Paul and Rock Island, each
of which was very strong the former being
under complete control of a clique which is
steadily advancing and both were pur-
chased largely for Western acc count. In the
industrials both Cordage and Sugar made
marked gains, but the remainder of the
market vas content with small advances.
The gold shipment and The selling of Mis-
sour: Pacific, however, took all the strength
out of the market, and Missouri Pacific lost
2 per cent, while COrdage lost not only its
early advance but large fraction in addi-
ton. The high rates for money did much to
prevent a rally, but appreciation did take
place late in the day, but ii made little prog
ress, and the market finally closed quiet, and
rather heavy at the close to the lowest figures
of the day. The late trading was marked
SnppI0l
ers and the net declines in all of
them were brought up to mater
ial amounts. The changes for the
day are small in most stocks with majority
OF losses, but while Sugar is up He per cent,
Missouri Pacific is down 15s, New England
Us, and Burlington 1 per cent The bond
market was quiet and mpathized closely
with the movements in shares, developing
considerable weakness late in the day, and
leaving most of the issues traded in lower
than last evening. The Atchison incomes
and the Reading issues, Oregon Improvement
5s, the Kansas d Texas issues were promi-
nent III the dealings and are lower this even
ing. The sales reached S1.333, 900 without
special animation in any issue. Government
bonds have been dull and steady. State
bonds have been dull and steady. The Post
says: Up TO o'clock it was known that the
total amount of gold engaged for export to-
morrow was s., $4,000. Bills drawn against
this have already been sold. and the
fact that there were buyers for the bill
shows that somebody here must owe the
money to Europe or they would not buy the
exchange. What makes this Indebtedness,
or in other words, what gives the foreign
bankers the credit to draw on, is not quite
clear. 1t is certainly not selling of American
stocks by European holders, as there is no
appearance of that in the stock market
Nevertheless the fact that the gold goes
when the rates of exchange imply a small
loss to the European bankers, who order the
gold shipped. and the sale of the bills against
it, shows that there is still feeling of inse-
curity in financial affairs in Europe, and
especially in London. This is believed to be
due 10 the discouraging aspect of Argentine
finances, and the consequent belief that the
losses from investments in those securities
have not been fully realized yet
Towards the close of business on the stock
exchange some large loans were called in,
creating the impression that there was some
emergency and the rates for money were
temporarily up to per cent.