St. Paul daily globe., 1891-05-09
FINANCIAL.
New York.

New YORK. May S.-The stock market to day
was still a heSitating one, the principal infiu-
ences upon 1t pulling in opposite directions.
and, while there was considerable DISPOSE
ton to buy stocks on the progress made at
the railroad meeting yesterday, the cQnlin-
ued gold exports. with its consequent hard
euing of the money market, encouraged short
selling as well as realizing. The course of
prices, therefore, was feverish and unsettled
throughout the day, while. In the absence of
pressure TO SELL there was an inclination to
return TO dullness. Commission houses are
yet moderate buyers of stocks, and the bear
ish element seems, for the time being at least
confined to the room, but the continued
heavy out-go of gold is beginning to have its
effect. and is now the principal argument
against any further movement in the market
The favorites of the Chicago party still lead
III both activity and strength, St.
Paul and Chicago Gas heing most
prominent but the heaviest move
ments to-day were in the lower-priced shares,
and Chicago ~ East Illinois was especially
weak. The market opened with squirt of
activity OH the selling of stocks by both Lon
don and the traders. but there was good sup
port accorded, and the fractional losses suS-
tained were soon reversed, while the cessa-
ton Of the pressure to sell resulted i'll com
paratiye dullneSs and stagnation in prices,
which were held at about the best figures
until well IN the afternoon. Further demor-
aliZation WAS caused by the announcement of
the extraordinarily large shipments of gold.
people and the local operators. and as the
amount to be sent on Saturday grew. prices
reached still fewer figures. There was 10
cessation of the selling, and the losses eX-
tended to large amounts in almost all the
active stocks, those which suffered most
being Chicago q East Illinois, Missouri Pa
cific Lacka wanna. Rock Island. Burlington
and Tennessee Coal. On the other hand,
Lake Shore, Union Pacific and the
Wheeling & Lake Erie stocks were
remarkably well held, and their losses
are measured by fractions only. III
the others, however, they were generally
large fractions The downward movement
met with no check, and the market closed
active and weak at the lowest prices of the
day. While present prices for stocks are gen
orally considered below their actual value,
no marked advance is now looked for until
a stop has been put to the heavy shipments
of gold The final changes of note include
losses as follows: Chicago d East Illinois, 1
per cent; Tennessee Coal. 2ls Louisville,
souri, Pacific, 1l2: Chicago Gas Rock Island
and Southern Pacific each, 1Ss; Burlington
and New England each. IA Reading, lis.
and Union Pacific and Northern Pacific each
] per cent. The railroad bond market was af
fected by the same influences which were
powerful to cause reaction III shares, and
the selling extended to many of the more
active issues with the same result. The bus
iness done was largely in excess of that OF
the past few days reaching 81, 1884, 900. which
was well and widely distributed. The de
clines, however, were III general for insignif
cant amounts. Government bonds have
been dull and steady State bonds have
been entirely neglected.