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

NEW YORK. Nav 4-The stock market
again exhibited the reactionary temper to-
day which was prominent at times last week,
and while there was no great activity outside
of ST. Paul the grangers generally scored
important losses for the day. The trading
element which has fought for the reaction
for a long time, to-day had the cooperation
of both London and the West in selling the
list, while there was also some help accorded
them from local operators, who now begin
to fear the money question as factor in the
making of values again. The principal buy
ers, however, were still the commission
houses with good connections, and outside
of the specialties of the interests named
lhe movement downward was of insig-
nlfcant proportions. The export move
ment in gold, however, furnished the
bears powerful lever with which
to move the market, and it is felt that any
further outgo without a corresponding move
ment from the interior will result in perma-
nently higher rates for money, which. how
ever, the bulls do not seem to regard in a
serious light The features of the trading III
the market to-day were the weakness in the
grangers. and especially Burlingt ON and
Rock Island. and the strength in c. c.. c.. q
st. Louis although the last named lasted only
q short time, and was on purchases by few
brokers, though it was ccOmpanied by the
rumor that the dividend rate on the common
was to be raised at the next meeting. and the
stock is held upon per cent basis. Silver
certificates were comparatively neglected, ex
cept during the first hour, when large trans
actions were made at close to Sl.00 but the
same rumors of a supposed large order for
shipment abroad were circulated. The
selling of the grangers was persist
ent during the greater portion of
the day. but st. Paul was we'll held even
though the trading in it was very large. The
pressure of short stocks was specially heavy
in st Paul, Missouri Pacific, Union Pacific
and Rock Island. The opening was heavy,
and the downward movement was uninter-
rupted from that time until well into the
afternoon, when prices were down from I2
to l l2 per cent, but toward the close there
was.an i'm lprOyement and the market rallied,
and the final figures were considerably better
than the lowest of the day. Beside c.. c.. C.
d st. Louis the Wheeling q Lake Erie stocks
were prominent for strength, especially in
the forenoon. when they advanced in the
face OF the weakness in the rest of the list,
the strength being principally due TO the fact
that the increase in the earnings for April
was the largest i'll the history of the company.
The close was dull but firm at the improve
ment, but while Wheeling & Lake Erie is up
per cent, being almost alone in showing
material gain, the rest OF the list
are fractiOnally lower, while Louisville q
Nashville lost las and Burlington per cent
Railroad bonds were actually dull once more
and, while the dealings extended to large
number of issues, the total business done was
only S799, 900. and the transactions failed TO
develop any feature of note Prices were
steady, with o movement of importance in
any portion of the list, while the, active issues
like the Kansas u Texas t0ndS and the Read
ing issues. were inclined to drOOp Govern
ment bonds have been dull and easier. State
bonds have been neglected. The Post saws: !:
The market.was in an unsettled and expect
ant attitude during the day. The heavy gold
exports and various other unfavorable cir
cumstances last week had induced
several active spectators to sell
their long stocks, and they were desirous of
having prices decline point or two in order
to get the stocks back. An additional amount
of $530.000 gold was ordered this afternoon
for export tomorrow, and this helped to de-
press prices little. A good many people
were also disposed to wait and see the result
Of the meeting of the advisory board of the
Western Traffic association in this city
Wednesday. Money was firmer. with the
average of cali loans at 4l2@5 per cent, and
altogether the arguments of the day were in
favor OF even little further downward re-
action. But. aside from these temporary
considerations, the general sentiment and
feeling is that prices will be higher this week
than last