St. Paul daily globe., 1891-05-18
FINANCIAL.
New York.

New YORK, May 16.-The stock market to
day was active, and, while weak at first, raj
lied sharply, nearly recovering the early
losses ana bringing prices up close TO those
of last evening. The general expectation in
view of the extraordinary heavy shipments of
gold for the last two weeks was that the bank
statement would show serious decrease in
the reserves, If not a complete loss OF the re-
serves. There was, therefore, vigorous
effort to sell all the stocks which the market
would take in the early trading. and
although there was undoubtedly good support
given many of the leading shares. the effect
was 10 make an extremely feverish and withal
weak market. The support was apparently
withdrawn toward IL O'Clock and to sell be-
came more urgent, SO that sharp decline all
along the line brought prices down from to
. per cent from last evenings figures and the
lowest prices of the week were reached In
the downward movement, Manhattan, chi
cago Gas, Louisville d Nashville, Pacific
Mail. Union Pacific and Rock Island were
specially prominent. The strongest spot in
the list was the Northern Pacifics, which
were helped by the cable advices from Berlin,
which gave interviews with some influential
officers in the Deutsche bank, 1p which they
expressed great friendship for Mr.. Willard
and deprecated the recent stories of a break
between that gentleman and the bank. The
bank statement however, when it ap-
peared showed q small increase i'll the re-
serves instead of the loss expected, and
there was a rush to buy, greater even than
the previous pressure to sell, and prices raj
lied very sharply, recovering III the fifteen
minutes left to do business almost all the
losses of the morning. There was most ex
cellent buying of the Northern PacificS, Mis-
souri, Pacific, the Wheeling Il Lake Eries,
Rock Island and Union Pacific, but the entire
list shared in the improvement which was
material in all portions. The market closed
active and strong at the recovery. The final
changes are generally small fractional losses,
but the Northern Pacifcs are higher and
Louisville & Nashville is down 135. and Pa
CifiQ Mail Railroad DOn6S
were quiet and followed closely the
movements in the share list being weak on
the early dealings, but stiffening up later
The final changes are as usual insignificant
Shore firsts lost 3I2 at 9S. Government bonds
have been dull and steady. State bonds have
been dull and without feature. Petroleum
opened steady advanced Sac on few bGying
orders from the West then became dull and
remained so until the close. Pennsylvania
oil, June option, opening at Csc; highest,
ts$4c; lowest, 6Sc: closing, 6SS4c. Tota
this city during the week amounled to 81, 90
7o6, of which S7,S36,O36 was in gold.and S104,-
$50 silver The imports of specie
amounts to S72.94S. of which Si1,940
was in gold and S61,GOS silver
took $3.50, 900 in gold coin, of which Sl500,
00) was consigned to Liverpool and 81, 750,-
000 to London. The steamer La Champagne
took S5000O0 in gold coin, consigned to Paris
the exchange market, but the general feeling
was that the gold exports. would continue
next week, and that as long as they do it in
dicates that Europe is hard up for money and
not likely to be a buyer of stocks. The gold
sent from here is relieving the situation
there and preparing the conditions which will
make Europe great buyer of American Sc
curities. But for the present the stock market
Is supported entirely by American capital.
and, though everybody here understands
that all the conditions in this country are in
favor of higher prices for stocks and securi-
ties. they are for the time being neutraliZed
by the demoralized condition of European
finances and the aid we are obliged 10 send in
the prompt cash payment of our obligations
for the large increase of imports OF merchan-
disc last summer. The S1,000,000 or so of
stocks and securities sent back here from
Europe in the last five months of 1890 were
paid for at once, and now Europe is not sell
ing any American securities. The only busi-
ness now between this stock market and Lon
don is that or the arbitrameurs, which is like
that of the room traders. and that they buy
one day and sell the next. and vice versa; for
profits of Is to &c. but with no reference what
ever TO the general movement of prices from
week to week. On the whole it looks as
though the situation i'll Europe would now
certainly begin to improve, and that while
there may be further gold eXp ports next week,
there will also be a disposition there to buy
American stocks, and that this, together with
the strong under-current Of bullish feeling
here, will make a better market for stocks
next week. The bank statement of to-day
was a demonstration that this country is
richer than many people imagined, and more
nearly independent of European finances
than almost anybody has heretofore ventured
tn RI