St. Paul daily globe., 1892-04-29
FIN ANCfA1..
New York.

NEW YORK April 28. - The stock market
duriag the forenoon today exhibited some
Increase Ill the amount of business as well as
general interest in the speculation, but later
il became dull and stagnant, while exhibit
ing firm temper in the main The pr0fes-
sonal element was more inclined TO take The
long side, especially rs the loan crowd
showed all increased demand for stocks, ln-
.dlcating the character OF the selling during
the last few days.
= The reduction in the Bank of England rate,
while not expected, was one of the strength
ening influences aud London was to mod
crate extent buyer of It's specialtles. The
selling OF Union Pacific, induced by the fail
ure to oust the Gould party from the direct
ory, oYershadowed for time the covering
of shorts, but both movements diminished
rapidly und further decline was checked .
The bears were sill active III Atchlson ana
the grangers, aud these operations had IN
huence enough 10 check buying IN the gen.
eral list so that the early advances were III
bat few cases increased late III the day.
There was also considerable pressure upon
both Reading aud New England, but trading
in the former was reduced aft9r IL clock 10
the smallest limits il had seen for Il long
while, ana after slight recovery ii remained
stagnant with the rest of the list. There was
better feeling III the industralS, but no all
imation or life In any OF them outside OF
Cordage, which recovered small pOrnon OF
its late decline, but among the lOW-prlced
shares no feature of any kind was developed.
First prices were fractionaly higher right
through the list but the weakness in Union
Pacific checked the advance after it had
gone little farther aud while there was a
recovery from the first decline, the
market soon dIfted in the most
intense duilness, with POSITIVE stag
nation in prices. The hopeful feeling
however, made itself felt later IN the day,
and there was partial revival of the anima
ton, with a slow but steady appreciation OF
values which again brought most stocks uL
TO and in some cases beyond the level OF The
best puccs of the forenoon.
Some OF The low priced shares at this time
made sharp movements upward, and Pitts
burg Il Western preferred. the Chesapeake d
ohio shares. Tennessee Coal and DenYer 4
Rio Grandc made substantial gains.~ The
market. however. finally closed dull and
staenunt generally at fractions better than
last evening. A few marked gains were
made, however, and Sugar rose lls, Lake
Shore / "A and Reading Il Us.
The Post says: TOday's stock market was
irregular. but generally reflected, as was nat
ural, reaction from Yesterdays forced de
clines The granger stocks in particular re
covered sharply and heading rallied. Union
Pacific broke full point, a natural move
ment under the circumstances, today's de
cline being much more rational, so tar as lis
assigned reasons were concerned. than The
break Of yesterday before the meeting. The
movement OF recovery became somewhat
| more vigorous i'll the afternoon. ana wher
| ever there was a short interest prices scored
| Il considerable advance. The series of very
| favorable railway reports for March naturally
contributed 10 this general strength, 81
PauI's net returns in particular being per
haps the largest in its history.