St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-02
IN ANClAI..
New York.

New YORK. April 1.-The stock market to-
day was treated TO another pressing Influence
in the shape of the general outward move
ment of gold, but the narrowness of the
speculation and the remarkable tenacity with
which stocks are held prevented any material
decline outside of the few stocks which are
still subject to speculative influences. The
announcement, while now unreasonable,
was at least unexpected, and a rumor that
Shipment OF gold was likely tomorrow was
quickly followed by the announcement that
the coin had actually been engaged. The
effect was to check the slight upward move
ment in progress in the general list and to
intensity the weakness of the two weakest
stocks, New England and Sugar. Losses
among the 9th er prominent stocks, however,
extended to per cent and over the temper
of the dealings being for some time decidedly
weak.
The most discouraging thing to the bulls
was the utter future of the market to rally
effectively. especially in those stocks which
are known TO be subject TO bear attacks from
day to day. In regard to Sugar and New
England, there was no news OF character to
have any positive influence upon them.
Among the rest of the list, Lake Shore and
Missouri Pacific show most weakness, though
Reading came again to the front aud scored
a decline on large business. The dIsburse-
ments for interest and dividends du ring the
day, which amounted to some S45,00O,0OO.
were no set off to the shipment of gold, and
while there were some efforts by shorts TO re-
cover in the afternoon, they were of little
effect, aud even Manhattan losts its portion
of its late substantial advance.
The trading in the late dealings were light,
but no material recovery took place, and the
market finally closed dull but heavy at or
near the lowest prices of the day The gen.
eral market throughout was dull and fuctu-
ated with in the usual narrow limits, and,
while inclined to advance just after the OPEN
ing, yielded to the influence of the gold ship
menls and fell away below the opening
prices The final changes are Invariably
losses. the most important among which were
New England, 37s Sugar, 27s; Lake Shore
and Reading. each HI Lackawanna aud
Missouri Pacific. each "a, and Union Pacific,
Atchson and Manhattan. each per cent.
The Post says: On the whole the present
yielding in prices is q perfectly moral move
ment. 1t is the necessary compliment TO the
artificial boosting process in the market
of last month. The end of that manipula-
ton was sure 10 come and it would probably
not have been delayed so long as this, but
fol- the poverty of resources among the bear
leaders, a result doubtless of the tremendous
drubbling in the coal stocks last February.
There is natural dislike to bear operations
in themselves and the methods employed by
such operators are often disreputable IN the
extreme.
eide which was the most trustworty, the fab
relations with which the bull cliques ac-
companied the late advances in New Eng
land and Reading and Sugar certificates. or
the bear rumors'' which attended the reac-
ton in prices. There are times when short
selling is the one safeguard of the market i'll
the present instance fortunately, the losses
attendant on the break Will fall but lightly
on the usual innocent outsider.