St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-22
FINANCIAL.
New York.

New YORK, May 21-The temper of the
stock market to-day was rather reactionary
but there was a lack of life in the dealings
Ihere was strong opening, but except in
Reading there was no material improvement
The capture of the business of the CoXes and
other new freight contracts, which will
bring the tonnage of the COMPANY I'D some
two million more for the ensuing year. and
the approach OF the time when q vote is to
be taken upon the extension of the voting
trust, made this stock attractive to buyers for
was the result. The general list. how
ever, still suffered from the wait
ing attitude of those who might
be buyers owing to the prevailing uncer-
talnty In regard to the future of the money
market The concessions from the best
prices, however are very material in the
leading stocks, ST. Paul and Union Pacific
being those showing most animation. be-
sides Reading, both the Wheeling and Lake
Enc stocks and Great Northern preferred
showed marked strength at times. The an
nouncement that Il large amount of gold
would go out on Saturday gave the bears an
opportunity to Iress the list down. and the
buoyancy Ill Reading was short lived, and
special weakness was soon developed in the
other coalers because of the possible compli-
cations which may arise from the trans
actions with Reading. Lackawanna dropped
off about .12, Jersey Central about
> per cent, while the pressure
upon the rest of the active stocks was suf1i-
clent 10 cause losses. which in most cases ex-
ceeded per cent. Atchison. Burlington,
Rock Island, Union Pacific and Chicago Gas
were conspicuous for their weakness under
The pressure. The late trading, however,
saw partial rally, when the shorts began TO
take their profits for the day, and the market
closed quiet but firm at fractional improve
ment from the lowest figures. The final
losses are generally confined to fractions
but Lackawanna is down 15s; Cleveland, Gin
cinnatl. Chicago Il st. Louis, Ss Louisville d
Nashville, IL. and ST. Paul per cent. The
Sl1pr1Sh nnnnItinp n hn roll hr,,d
ket gives great encouragement to the bears
who point to the fact that some improve
ment must be seen in this department. be-
fore any material advance can be made
in the stock list. To-day there was a little
more animation in transactions were brought
to $4,000, though there was the usual lack
OF marked feature, and the heavy tone pre-
vailed In sympathy with the downward
movement i'll shares. The Reading firsts
however, made a substantial gain or per
cent TO 2l2 for the same cause that the stocks
did, but the rest of the list were traded in
within narrow limits. Government bonds
were dull and heavy. State bonds have been
dull and steady. Petroleum was devoid of
feature opening dull, and remaining so all
day. Pennsylvania oil closing 6S1; June
option closing 6s5s. Total sales, 1000
The Post says: The possibility of the Bank
of England making further advance in the
premium Oh gold is a question OF ONLY sec
ondary importance. An advance of half a
penny per ounce for gold is only about 1-16 of
pei SSAl Oh TIC ana WOulu be equal
to only little more than Ac reduction on
the pound in the rates for exchange. The
great point is in the continuance of The de-
mand in this country from importers for re-
mittances 10 Europe. If this should keep to
what it is now and if there is no increase in
the supply of bankers bills from the
purchase of stocks for Europe or
from the discounting of commercial
siXty-day bills in London, the Bank of En-
gland might even drop the price of gold back
10 40 sh1llings and pence and yet the de-
mand here for exchange would put the price
of demand bills up to $3.50 and the gold
would be exported the same as now. The
things that will stop the exports of gold are
either decrease in the demand from i'm
porUers or an increase in the supply OF ex-
change from other sources than the gold ex-
ports. The easier rates for discounts yester-
day, and still easier to-day afford the
prospect that commercial bills from this side
may soon be discounted on such terms as to
afford a supply of demand exchange, but
the supply of commercial bills is still very
small