St. Paul daily globe., 1892-03-29
St. Paul Titls Insuraas, anil Trust Co
FINANCIAL.
New York.

New YORK March 2S-The stock market
today was again limited one, the uncer
tainty over the silver question, the signing of
the Reading bill by the governor OF New
Jersey and the shrinkage of loans by the
New York tanks all tending to restrict oper-
ations, and especially for the long account,
and the buying throughout the day was of
scattering order, while there were evidences
of renewed activity on the part of leading
bear operator. This was especially notable
in the early dealings when the iessure OF
stocks for sale carried prices down over per
cent, and while the covering OF shorts at the
decline was sufficient TO cause full rally.
the resistance was so unexpected that only
i'll a few shares was there any further anlma-
ton manifested during the rest of the day.
The arbitrage houses were not Il factor Ill
the market but the selling of Louisville d
Nashville was heavy, and, as usual. was
made to appear as liquidation or European
accounts. Its movements. however, were 100
spasmodic to have any others than specu-
lative origin, and the same held true OF those
OF ali the leading active STOCKS The recent
transactions i'll the sugar trade seemingly
have had their full effect upon the stocks OF
the American Sugar Refining company and
evidence that the leaders deDrecate any
movement in those stocks at present are not
wanting. The official denials of any trouble
or dissaffecton among the reorganization
committee of the Richmond West Point
had some influence on the preferred STOCK
and the bonds today. but common stock was
still inclined to weakness until We'll lnlO Tie
day. when it rallied.
Northern Pacific preferred was COMPARE
lively quiet and steady today, and the move
ment against it seems TO have reached its
limit. The only other stock showing any
material life today was Rock Island, which
gave evidence Of the special attention from
the bears Ill the forenoon, and the COalers,
which all were materially depressed in the
afternoon, Reading being the one exception
to the rule. The general market opened at
but the weakness of the leaders resulted in
small fractional losses throughout the list.
These were afterwards recovered i'll the gen.
eral rally, and from that time dullness
marked The dealings, and fluctuations were
without interest, though the late rise carried
most of the list beyond last nights figures.
The transactions in st. Paul were rather
large, but the changes III quotations were IN
significant. Selling of Louisville " Nash
vile was the one feature of the afternoons
dealings other than the weakness in the coal
stocks and steadily declined i'll the face of
strength manifested by the rest of the list.
The market finally closed quiet and firm,
with most stocks at or near The best prices OF
the day, but only slightly better than first
prices The important changes, however,
were almost in the direction of lower prices,
and Louisville L. Nashville is aown 1S4;
jersey Central, ia; Delaware d Hudson,
I1s, aud Distiilers per cent, while Northern
Pacific preferred is up lis.
The Post says: New York selling was not
responsible for the sensational break i'll sill
yer Saturday and today. On both occasions
the London silver market went to pieces
early in the day. and onr quotations were
merely marked down TO correspond. There
is an impression to the contrary III London,
but it is undoubtedly mistaken. London
transactions have, in fact controlled the
movement of silver absolutely for a month
past, and have been the preponderating force
for very much longer. Here in New York
trading IN silver has virtually become limited
to the sales of producers to exporters usu
ally conducted for the sake of storage facili-
ties through stock exchange certificates.
In the entire past month, sales of silver on
the exchange have aggregated less than 600
ounces. whereas year ago the transactions
of the same period were eight times as large.
1t is not probable that stock exchange opera
tors i'll general have dabbled lately to any
serious extent in the certificates. month
or more ago, when the shrewd producers
forced their entire surplus on the market and
demoraized prices. the spectators did much
of the buying Since then they have been
taught more than one useful lesson. But the
really omnions element in the recent violent
break is its arrangement to the exchanges
and commerce of India.