St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-18
FINANCIAL.
New York.

NEW YORK. May 1.-THE stock market to-
day suffered somewhat from sales by
London, which encouraged further sales for
the short account on the part OF the local
bear element, but as rule the general list
continued to display rising tendency and
few material gains were seen. Union Pacific
and Northern Pacific preferred were the
weak points. especially during the forenoon,
but the latter rallied fully while the former
rose only a slight fraction. These weak
spots were due entirely tomanlpulation, and
there is nothing in the situation TO justify
any further decline in either of them, and
the general improved prospect for the crop
is reflected in the strength displayed by the
rest of the market though Chicago Gas was
ralded Gown at one time.
The movements. therefore, were very ir-
regular among the leaders, but concessions
made except IN the few instances men
toned, were insignificant in the extreme.
The final collapse of the Richmond d West
Point reorganization scheme seemed 10 have
no influence upon the market whatever. The
improvement in the Omaha stocks was not
responded to by Northwestern, and the other
grangers, as a rule, were rather sluggish.
The low price shares markets were also lett
without any redeemlng feature to save them
from utter stagnation. other than a rather
sharp rise in the SusQuehanna and Western
stocks.
The opening of the market was made on a
very moderate volume of business and at
irregular changes from last nights figures,
though declines were i'll a majority. The
few leading stocks monopoliZed all the inter-
est taken in the dealings. and the strictly
professional character of the market was
more apparent today. There was great
deal of selling of the Western stocks by the
traders on the theory that the floods would
adversely affect earnings. but the singular
fact that all the material losses were in the
Gould stocks brought out the theory that Mr.
Gould was in favor OF lower figures. and SO
far as the Gould shares had influence lower
prices were established.
Omaha stocks, which were advanced, and
held their advance, though Sugar re-
covered q portion of its late loss. The
market closed quiet but rather heavy after a
fractional rally in the last few mi nutes'
trading. The trading reached 226,31 listed
and 14.S12 unlisted.
Referring to the collapse of the Richmond
Terminal plan of reorganization, the Post, in
its financial article says: The episode will
not be without its uses. The tendency of
railroad reorganization, in the last decade,
has been more and more towards discrimina-
ton against the bonds and in favor of the
stock For this the great consolidation of
power in the hands of shareholders was re-
spOnsible; but the principle was anomalous,
because the very purpose of reorganization
is to save the stock from utter extinction.
That the bondholders should sacrifice some
nominal advantage in order to escape the
expense and risk of a receivership is only
right, but it is equally just that the stock
should pay well for its privilege of continued
existence. The Richmond Terminal episode
marks clearly the line of concession behind
we'll that the line has marked. The bankers
who drew up the new plan Will have far less
reason for misiudging the investors temper.
Sal nj S1AcEa