St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-25
FINANCIAL.
New York.

New YORK. Jan. 23-The stock market
today presented few features of special in
terest The most that can be said was that,
in spite of the persistent attscks by the local
bearish element, prices were well held and few
changes of Importance are seen. The most
striking DEVELOPMENT of the day was the con-
tinued heavy gains shown by the bank state
ment, and it is unquestioned that the banks
are-nOw in a stronger position than in any of
the previous years at the same season. eX.
cepting possibly 1885, The opening of the
market was irregular at slight changes from
last nights figures, but the bears attacked
the list Immediately. paving special attention
TO Northern Pacific preferred, though Omaha
reversed its movement of yesterday and
dropped back per cent On the other hand,
few material advances were made in some
of the specialties, Distillers rising rapidly,
and Manhattan gaining 1 per cent The
pressure was abated after the first half hour,
but offerings continued large, and there was
only here and there full rallies until the pub
LEGATION of the bank statement, when oper-
ations assumed large proportions, and most
of the list were brought up beyond the OPEN
ing. In this movement New England. Oma-
ha and the industrials were specially prom
inent, but in railroad stocks the late dealings
showed again reactionary tendency.
The market finally closed active and firm
generally at Insignificant changes for the
day. Distillers is per cent, but no other
marked changes occurred.
There was absolutely no feature i'll railroad
bonds. and on business of S1,641, 600 no
changes of importance took place, the whole
list being held at tine same level.
Government bonds have been dull and
steady. States have been dull and firm.
Petroleum was at a standstlll all dav. open
ening steady and remaining unchanged until
the close, which was dull and featureless;
Pennsylvania spot sales none; February OPP
ton sales at e3; Lima oil, no sales; total
sales, 900 bbls.
The Post says: very tame market ac-
companied by developments announced as
particularly favorable. One of these was the
correspondence between the president of the
the Missouri Pacific and the president of the
Western Traffic association. The bank state
ment was the second point of possible en-
couragement. But neither of these contribu-
tons to good feeling had any perceptible eff
feet. In some quarters the early market was
weak-conspicuously, as usual, in Louisville
and Northern Pacific preferred-but rallies
came and the majority of the list moved little
in either direction. So dull were the stand.
ard stocks that the attention Of the board
room was chiefly concentrated on a single
industrial specially which was becoming no
toriOus for its quick gambling opportunities.
The accumulation of money in New York
is puzZling the most ingenious theorists.
Nevertheless the changes in the several re-
trate the fact which is at the bottom of the
whole phenomenon. With all this balance
of money outstanding loans and discounts
have actually expanded by only 81, 1863, 400.
PLANTATION is that the interior banks find their
opportunities for profitable use of money so
limited that they are crowding their deposits
into New York. so that the New York banks
are now finding themselves almost swamped
with funds. If outside business were to re-
vive, or even speculation on the stock ex-
change, fair share of this could be en-
ployed. AS it is, most of the money lies
merely idle. This is a curious sequel TO the
predictions of tight money market which
were current among not q few wiseacres
scarcely six months ago.
Total Sales of Stocks