St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-15
FINANCIAL.
New York.

New YORK. May 1.-THE stock market to-
day, after material decline on the adverse
foreign advices, rallied stubbornlv, and dis
played great strength and a confident tone
TO which 1t has been stranger for the last
two weeks. The expected advance in the
discount rate of the Bank of England oc-
CURED this morning, and to aid in the de-
morallZing influence which this announce
ment had upon the stock market failures
were reported there while all the stocks were
lower, and the sales of the foreigners In this
market were very heavy just at the opening.
In fact the purchases by the foreign element
y yes were thrown overheard, and
the erect was to nearly wipe out
all the improvement scored yesterday. Eyi-
dences were quickly forthcoming, however
that the gold export scare has lost its hold on
the opinions OF the habitues of the street and
also that the leading operators In the market
believe that its course is about rum Support
was freely accorded in many of the leading
STOCKS and there was good buying for outside
account through the commission houses
The traders also took advantage of the low
prices established at the opening to cover
some lines OF shorts, and this was consider
able factor in the rally that succeeded the
early decnne The opening losses under the
severe pressure to sell extended to IA per
cent. the industrals and the stocks
which enjoy an international
market being most affected. The
stocks showing the largest losses, however,
were advanced from the opening sales. and
while few others like Lackawanna scored
further losses, the current was ouickIv
changed on the discovery of large buving
orders for the leading stocks, and the traders
attempting to cover caused general rise of
over per cent on light purchases Reports
from London showed growing disposition
10 buy Americans. The upward movement
once started, met with no setback until the
last hour. when realizatOLs again caused a
partial recession. The strongest stocks Of
the day were Missouri Pacific, Cordage Lack.
awanna, the Wheeling Il Lake Erie's
ana st. PAU. The grangers monop-
olized attention during most of the
day, but the fluctuations in Sugar.
which was exceptionally weak in the
forenoon, but rallied sharply later was the
special feature Of tie trading. Bankers re
port increasing inquiry for the new com
mercial investments which have been re-
Gently placed upon the market The market
finally closed rather heavy at close to last
nights ngures IN most cases. the fipal
changes being irregular and for small frac-
tons generally, the only exception being a
rise of IA in cordage. Railroad bonds were
quiet to dull, but shared in the strength dis
played by the share list, though showing the
usual small changes only. The days bust
ness reached S733,000. No feature of i'm
portance was developed and the last prices
are generally the best of the day. Govern
ment bonds have been dull and steady State
bonds have been dull and steady. Petroleum
opened dull and after few insignificant
transactions again reiapsed into dullness and
remained dull until the close PENNSYLVANIA
oil June option closing at 70s4c. Total sales
10000 bbls. The Post says: Cables were re-
ceived from London saying that there was a
decided improvement in the feeling in finan-
cial circles there, and that this was due to
shipments of gold from New York. The fact
that under such circumstances as prevailed
the United States had been able to export
S4O,000,000 of gold in a little over three
months without precipitating any serious
stringency in the money market, had made a
very deep impression, and had been COM
mented on by both English and continental
newspapers and had been the means of di-
verting attention to the desirability of invest
ments III American railway securities