St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-16
FINANCIAL.
New York.

New YORK, May 15-The stock market con-
tinued TO decrease its volume of business to-
day, while the trading exhibited narrowing
of the speculation, the general list being
comparatively neglected, while all the inter-
est and three fourths of the business were
confined 10 seven stocks, St Paul, Lacka-
wanna, Union Pacific. Louisville d Nash
VILE. Atchison, Burlington d Quincy and
Sugar. The general course of prices was
downward, the combined result of further
heavy takings Of gold for shipment and
London selling, induced by the higher rates
for money at that center and the
disqUieting financial complications at Lis
bon and the Argentine. The bullish
feeling is held in check by these troubles. and
while the domestic outlook continues OF the
most iatteriug character the foreign sitIa-
ton dominates the market at present. That
holders are not scared by the foreign compli
cations, however. receives daily demonstra-
ton and the drain of gold, with its threat of
creating a scarcity of funds here is not al
lowed TO bring the larger holdings upon the
market. There was. however. considerable
selling TO realize profits on the rise of yester-
day by the trading element; and indications,
among which the limited demand for stocks
in the loan crowd is not the least, show that
the shorts have covered largely in the last few
days. The selling for both the foreigners and
the traders made the opening of the
market fractionally longer this morning. but
covering was resumed ana a material rally
followed, in which, however, only the coal
shocks and the industrials were prominent
the meeting OF the agents to-day being the
moving cause in The strength displayed by
the former The gains III these shares
reached over per cent, but the general list
barely recovered the opening and early
losses. The gold shipments then met the
rising market, and the fear that the large
shipments of nearly SS,C00,000 would make a
loss in the surplus reserves of the banks to-
morrow of about 100000; but as the re-
ceipts of currency from the interior have
been quite heavy, il is likely that the loss in
the reserve will not be as great as estimated.
The tendency of prices, however contin-
ued downward throughout the remainder of
the day, with a slight rally only in the last
hour. The advance i'll all the strong stocks
of the forenoon were neutraliZed, except in
Delaware IL Hudson. which is the only stock
TO show any material improvement for the
day. The losses reached ia per cent, but in
most stocks were confined to fractions. The
late rally was induced by covering, but the
close was still heavy at close to the lowest
active stocks large fractional losses while
Louisville IS down lis and st. Paul, Wheeling
Il Lake Erie preferred and Wabash pre-
ferred each L per cent while Delaware &
Hudson is up per cent. There was the
usual insignificant trading in rail
road bonds, but the temper of
the market was reactioDary and
small losses resulted, the fluctuations being
on the same limited scale as the business
which amounted to only S6S1,000. The deal
ings developed absolutely no feature Of in
terest. Government bonds have been dull
and steady. State bonds have been duh and
steady. Petroleum was dull again in the
early trading, but after noon a number of
selling orders were put and support at the
same lime Withdrawn, resulting in a sudden
decline of 3ls. The market then rallied So
and closed steady. There was no news to
account for the selling, and it was generally
believed to be pure manipulation. Penn
sylvania oil. June option, opened 70I2c;
highest, 70l2c; lowest, 67ssc; closing, CSC;
total ales ~ 900 bbls