St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-17
FINANCIAL.
New York.

NEW YORK May 16-The stock market to-
day exhibited firmer temper in the main
than during the latter part of last week. but
the improvement in the temper of the deal
ings was largely due to the entrance of the
foreign element into the market as buyer
The bears were inclined to be as aggressive
as ever but the appearance of foreign buy
ing orders in the market not only checked
the decline, but rallied the entire list, includ
ing the specially weak points of the last few
days
The general opinion is that, owing to
the extent to which the bears have pushed
their advantage, things are ripe for rally of
some proportions in the near future. The
undoubted heavy demand for good railroad
mortgages, and the prevailing and prospect
i've ease III the money market of the chief
financial centers, renders bear demonstra-
ton unlikely of success, except of a transient
nature. and exceptionally high prices to
which few specialties have been pushed
have failed to develop any disposition of
their holders to part with them.
The crop advices have not been of the most
encouraging, but the season is not far enough
advanced to base any extended operations
upon them. especially as a few favorable
days would wipe out the difference between
this and last year. The market Today was
still narrow. but yielded only to organized
pressure, while the strength of the grangers
was most encouraging feature, fairly Offset
ting the weakness in Hooking Valley and
Sugar. The improved condition of affairs in
LONDON Will leHU W SIlll lurInGr SlreQRC06n
the disposition of English investors to deal
in American securities
In this connection, and particularly as
bearing on American industrial cOmbina-
tons of strong standing, comes the an
nouncement that the Herring HallMarvin
Safe company's 8 per cent preferred stock
has been withdrawn from the market, where
it has been but few days, because the offer
ings were in excess of the amount of stock
for SALE The list for the common stock will
close on Thursday next because of the al
ready heavy orders.
The bears renewed their attacks after the
London buying was over, and again sue
ceeded in making marked impression upon
Northern Pacific preferred and Hooking Val
ley but the rest of the market was we'll held,
and later a substantial rally occurred, which
placed all the leading stocks on higher
level, and the final changes show some ma
teral gains. The close was quiet, but steady
to firm, though generally at insignificant
changes for the day.
The Post says: In the early trading on to-
days market the prices showed pretty steady
tendency towards improvement. London
was q moderate buyer to begin with, and,
although its purchases did not at once slim
ulate the market here, the strengthening in
f1uences came later and by noon the general
market was moving upwards.
This was especially noticeable in the
active short covering This, of course, is
natural attendant on the crop rumorsn of
May and June. The advances in these quar-
tiers were proportional with apparent exact
ness to the vigor in the last few days of the
bear-hammering on the several stocks and TO
the CONSEQUENT size in the various specialtieS
of the outstanding short interest.