St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-05
FINANCIAL.
New York.

NEW YORK, Feb. 4.-The stock market was
again active, but as usual of late, the in
crease business done was all due to the per-
sistent attacks of the bears on the industrial
stocks, and incidentally some of the railroad
list. Considerable buying of the Coalers w as
responsible for a great deal of the amin a
tlon iate IN The day; The most severe drive
was made during the forenoon, and it Great
ed large short interest in nearly all the
Leading shares. Burlington, however, was
the only railroad stock in which the trans
actions assumed any importance, and pro-
posed issue of convertible 5-per cent bonds
by the company caused some investment
selling of the stock.
On the other hand, in the afternoon. the
market became stronger under the lead of
Lackawanna, and with good buying in that
Lake Shore and Louisville, New
Albany and Chicago, the shorts
became frightened for the moment and GOV.
erlng was III order with the effect of wiping
out about all the early losses. The indus
trials, however, were the principal features
or the day, and D1sIillers. after opening off a
traction, remained very feverish without
yielding much for some time but a most
vicious drive at it in the afternoon broke the
price to 457sc against 50Isc last evening.
The Cordage stocks. followed by Chicago
Gas, WhIie not so active as usual, felt the
effect, yielding nearly per cent. The rail-
road list suffered only slight declines. with
the exception Of burlington and New Eng
land, whose losses were over per cent The
remarkable strength and activity developed
in Lackawauna in the last hour. however
drag Led the whole list up again and the early
detl mes were in most instances recovered
Jersey Central SympathiZed closely with the
leader in this rise, but Reading, which had
risen per cent in the face of the early de-
cline, was held at a shade under its last
prices.
Denver d Rio GRANGE preferred was also a
strong feature of the early trading, and
sharp rise OF about per cent in Edison Gen
Electric m q ri a6 hn finn n
rest OF the market were traded in as a rule
within narrow limits though considerable
activity was seen in a few. The opening
was fairly steady at irregular but slight
changes from last nights figures, and the
drive at the industrIals caused fractional
concessions in the early trading An ad-
vanc1ng tendency was shown whenever the
pressure was removed. The close was active
ana flrm to strong at Insignificant changes
Tor the day. The only important changes are
that of the Edison Electric, which is up 5s4,
and Lackawanna :, while Distillers is down
2Ss. Bonds Quoted down materially, the total
transactions reaching only 2 1856, 900, but there
was frmer temper than for the last few
days, and the important changes are almost
invariably advances. Atchison Incomes con-
tributed $4,000 and West Shore Is 203, 600 to
the total, but the rest of the business was
well and widely distributed
The Post saws: 1t requires some little time
and good Ceal of backing and filling to get
the anticipated bear movement fairly under
way. u AOt ~ lOTWdru WIFI great
promptness this morning, the strength of
the stocks and an unexpected receipt of
Sa5o.0O0 imported gold. not at first known TO
be merely in transit, causing some natura
hesitation. But the rally was short lived
Towards noon the decline was proceeding
rapidly, and the decentralization became so
genera! that all hands devoted themselves
merely to watching for evidence of covering
purchases by the bear leaders
The rule of the recent market has been
about twenty-four hours of decline before
the leaders buy in their shorts, and twenty
four hours more before the small fry learn
that the crash is over. Ostensibly the throw
ing over of stocks on the exchange was
caused by a frustrated advance in sterling
rates, which, of course. was accom- panied in
the board room by stories of an immediate
and enormous export of gold. When the
terror over this impending cataclysm was at
its worst, the larger bears, of course, bought
in their stocks, and recovery ensued, which
progressed with unexpected rapidly up to
the close.