St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-03
FINANCIAL.
New York.

NEW YORK. March 2.-The stock market
continued to be q traders market in The main
today. and the selling by the professionals
maintained heavy tone throughout most OF
the day in the general list, though i'll the aft
ernoon there was better support noticeably
in the active shares. and the lndustrlals and
specialties were conspicuous for strength and
activity in the prevailing dullness. At the
present time, however, any connection, either
actual or rumored, with the coal deal now
supposed TO be pending is sufficient to cause
not only marked increase in the business
done in the stock on the exchange, but also
a material improvement in the quotations.
The latest one to be so mentioned is Erie,
which the latest rumor puts down as part
ner with the New York Central i'll acquiring
control of the Delaware 4 Hudson. This
rumor became current after the close OF Gus
mess last night and this morning there was a
rush to buy it for speculative account, while
the foreign houses were also heavy bidders
for the stock. AS Il consequence the com
mon opened up per cent at 33l2, aud the
preferred 3I2 at n. The high prices brought
out great deal OF it. and the preferred re-
tired quickly to 1874. while the common,
after further slight improvement, barely
held its own, and after the forenoon was
over both sank back into comparative dull
ness with the remainder of the market.
Outside of Erie among the railroad lists
New England still continued to be most
prominent, and it sold off over IA per cent in
the early trading only to recover later in the
the day. The coal stocks the grangers and
the others were quiet throughout, though
Northwestern became active and strong at
one time The indnstrials were the strong
features of the afternoon, Sugar rising one
per cent while Distillers rallied from Its late
weakness and advanced one per cent in the
forenoon, though not able to retain 1t later Ill
the day, when the cotton oil stocks and sugar
again became prominent i'll the advance
The buying was of a better character III the
late DEALINGS and materially affected the tone
of the close.
The general list, opening at insignificant
changes from last nights figures, remained
dull and dropping during the greater portion
of the day. but rallied in the last hour, when
the forenoon's losses were generally recov-
cred. The only really weak point i'll the mar
ket was Wheeling and Lake Erie, which de-
clined steadily and failed 10 rally with the
rest of the list. The market finally closed
active and firm to strong, with the active
stocks at the best prices OF the day, but with
the general list at or near the opening figures
The advances. where made, were very ma
terial, and tonight New England shows
gain of 8 per cent. Sugar 2t2, Lackawanna
1885, Erie IA. Cotton Oil L2 aud the preferred
2l2 while Wheeling and Lake Erie is down
per cent.
The Post says: Regarding the pending
railroad deal" which may be said without
hesitation 10 have a substantial basis in fact,
and of which the traders are desperately la
boring to avail themselves, there is plenty of
mystery; regarding the stock market itself,
there is no mystery whatever The market is
fortified by professional "cliques'' IN every
quarter this makes il stubborn III resisting
attacks. There is sufficient merit i'll the situa-
ton and outlook to prevent the accumulation
OF stop orders close to current prices. But
on the other hand the tendency of the mo-
ment is entirely against enthusiastic buying.
The outside speculative interest, large or
small is virtually extinct end not likely to
revive during this season.