St. Paul daily globe., 1892-01-28
FINANCIAL.
New York.

NEW YORK. Jan. 2.-The stock market
again showed considerable strength in spots,
transacted, but the final changes in the list
are, with but few exceptions, of no special
significance. and prices are about where they
were last night. That there still exists q
large demand tor stocks is without doubt,
and while the railroaders are fighting the i'm
provements, stocks are passing into strong
hands.
AS the supply of stocks diminishes the in
stitutions and individuals who are large
lenders of money are the most active buyers
of securities. The story that two large in
surance panies have been large buyers of
Lackawanna obtained much credence on
the stock exchange today, and the demand
from smaller investors was again sufficient to
cause per cent rise in the stock, but it
was afterward offered heavily by promi-
nent trader. and the resultant decline was ac-
com mpanied by rumors of settlement with
the shorts.
Manhattan continued its upward move
ment fairly rivaling Lackawanna in the
forenoon, and was followed later by Western
Union. The. weak point in the list was Louis
vile & Nashville, which reflected the early
selling for foreign account and 1t was the
only stock which finally showed a material
loss for the day. Reading was again heavily
traded in and followed Lackawanna at q dis
tance, both up and down, ana like the latter
closed near last nights close. Burlington
took the lead i'll the upward movement in
the grangers for time and it retained the
greater part of the gain at the close. Tbs
buying was largely for Boston houses.
Among the low-priced shares Louisville,
New Albany & Chicago was again very con-
spicuous for its activity aud strength, but it
stood alone i'll this respect, the others being
quiet and traded in within the narrowest
limits. The industrials were strong but
quiet throughout. A decline of pa per cent
in Richmond d West Point preferred at
tracted attention, but portion of 1t was re-
gained, and the stock, while lower, shows
only fractional loss.
The market opened with heavy pressure
from the foreigners, and prices were all
lower. Louisville being down III per cent, but
the demand developed in the leading shares
brought the general list up without causing
any marked movements outside of the few
stocks mentioned, aud this strength with
frequent fluctuations in temper, and the early
gains were generally wiped out. Realizing
was liberal. but there. were the same insfg-
nifcant fluctuations throughout the list
The market finally closed active and firm on
rally which brought Lackawanna uLD per
cent after it had sold at las. The final gains
of note comprise only Manhattan, 3; Louis
vile, New Albany & Chicago. 1is; Burling-
ton, per cent while Louisville d Nashville
lost 1la.
The Post says: Silver bullion touched to-
day, both in London and New York, the low
est price ever recorded; a melancholy COM
ment on the foresight of those authorities
who devoted themselves last fall to argu-
ments that great advance in the quotations
was at hand. The closing price for the GER
tlfcates yesterday was 9ll8c per ounce. In
the first hour Of today's business upwards of
300, 900 ounces were sold at 91c the sales pro-
ceeding almost wholly from the brokers for
the largest Western smelling company. This
price represents decline Of 13S4c since the
opening of this year. and soc from the top
price of the market boom in $780,
The movement of our silver market may be
accepted as significant, not only financially.
but politically, for the producers of silver
are uniformly the best-posted men in this
country on the plans of congressional COIN
age committees. London agents bought
enough of the silver in tcday's decline to
rally the price fractionally, but acted with
their usual cautious conservatism. The plain
truth about the worlds silver market is that
while our own country is flooding the mar
ket by its Over-production, India is trying to
buy silver only for its occasional balance of
exchange, hence European governments
buy none for coinage purposes except on q
sharp decline.