St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-14
FINANCIAL.
New York.

New YORK, May BIT is now admitted
That the future of the stock market hinges
almost wholly upon the European financial
situation. The news from the other side
however, was of q more reassuring character
than that of yesterday, and London was a
buyer here, while reporting the scare of yes
terday entirely over. This buying was con
fined almost exclusively to St Paul Louis
vile d Nashville Union Pacific and Atchi-
son, but was specially noticeable and effect
i've in the hrst-named stock. The bulls. how
ever, were not inclined to push their advau-
tage too far, as the many adverse de-
yelopments of late have rendered them
more cautious, and commission houses
are advising their customers to wait till the
situation is more clear before going heavily
into the market on either side The more
however, was TO a certain extent neutralized
by the continued engagements of gold for
export. The opening prices we're from ls TO
"a per cent better than last nights final fig
sand while the pressure to sell was heavy,
especially from the West nothing but the in
dustrIals yielded to any material extent. The
buying by the foreigners leads to the realiza-
ton of the fact that the large shipment of
gold to Europe has produced a better feeling
there, and must react favorably on the situa-
tlon. To-day prices responded prompt
ly to the improved conditions,
and after the first drive the
near the close. when realizations on the adj
vance OF the day by the trading element
caused slight setback. The grangers were
still the most important group, but the up
ward movement attained large proportions
also III Lackawanna the Wheeling 4 Lake
Fries, Louisville, c. G. c.. & st. Louis and
Pacific Mail. The industriais were the weak
point in the market, but only sugar showed
any material decline, which lasted until the
final sale. The market closed quiet and
steady after the slight reaction of the last
hour. Generally at the close to the best
figures The final changes are all in the di-
hIuhn rxrI,i ia
was an exception with a loss of
25s per cent, st. Paul is up 2SBc;
C. C. c.. st. Louis, Lacka-
wanna ana Pacific Mail each IA: Rock ISL
and, Burlington and Louisville each 1Is and
wheeling d Lake Erie l per cent. Railroad
bonds were again dull, while the transac-
lions reached to large number of issues.
Inc dealings, however, were devoid of spe
clal features, as usual OF late. though a firm
tone prevailed. and the final changes are gem
orally small advances in sympathy with the
strength shown in the share list The total
sales were only S60l 900. Government bonds
have been duh and steady. Petroleum opened
steady and advanced 1c on the increase of sc
in the premium for Bradford oil aud the
reports of damage by the forest fires, but
receded again, then became dull and
remained so until the close. PennSyl-
wanna oil, spot, opening at 70I2c highest,
71c: lowest. 7GI2c; closing at Tic June op-
ton, opening al 70l2c; highest, 7lIsc; lowest
70l2c; closing at 705sc Lima oil, no sales.
were further reports OF large engagements of
gold for export this morning, which state the
amount already shipped and engaged at
S3,2O0,OOO since Monday morning. But the
inquiry at the subtreasury at II 80 this morn
ing shows that only S1,090,000 have been
taken out since Mondav morning, and that
up to II O'Clock this morning only Sl.500 600
more had been engaged. Inquiry at the Gus
tom house shows that the total amount
shipped up to last night which includes
the steamers sailing this morning was
only S1,757.0G0. But it was under
stood that S2,250,000 more would prob
ably be taken for export by to-morrow's
steamer which would make S4,000000 since
Monday morning. For the last ten DAYS the
outflow of gold has undoubtedly been the
controlling factor i'll the stock market and
has been the one cause of the decline in
prices The most immediate apprehension
was that the depletion of the bank reserves
In this city would make tight money But
now it appears that this money which is 60
ing to Europe does not all come out of the
New York banks, bnt from the whole coun-
try. Chicago is paying its proportion of the
debt OF the West to Europe, and exchange on
New York was yesterday up to SOC per $1,000
premium. showing an unusual movement of
money TO this city. This has prevented any
stringency in the money market here. and
probably will continue to do so. People are
also getting over the notion that there is
anything peculiar in the fact that it is gold
that is going out, when they remember that
gold is the only kind of cash in which inter-
national trade balances can be settled.