St. Paul daily globe., 1892-05-05
FIN ANCEAL.
New York.

NEW YORK, May 4.-The stock market to-
day gave no indication of getting out OF the
rut of dullness and practical stagnation into
which it has fallen, and while there was
some show of animation i'll the early deal
ings, the later trading was marked by even
more intense dullness than has been seen at
any time since the first of the year. A rather
firmer temper prevailed, however, due, in
most part, to arbitrage purchases between
this market and those Of London and Phlla-
delphia.
Reading, Atchison, New England and st.
Paul occupied the most prominent position
in point of activity, but Ill neither were the
movements of special Importance. though
New England in the late trading succeeded
in recovering Yesterdays loss. The features
of the day were the continued pressure upon
Northern Pacific, and the subsequent recov-
cry with the strength developed in Missouri
Pacific OH light transactions and the ad-
vances i'll COrdage and Northwestern pre-
ferred.
The upward movement in Cordage was
principally marking up of the stock on the
short interest, but the buying in the other
stocks mentioned, beside Lackawanna, Read
ing Louisville, New Albany q Chicago
Wheeling q Lake Erie and Lake Shore
was of the best kind. The early
dealings were listless, and under
q steady opening prices in a few
stocks advanced, but the movement spread
to the entire list by afternoon, and while the
gains in most cases are for small fractions
and gave character to the whole market.
There was no diminution of the strength
and the close was quiet but firm at or about
the best of the day The final changes show
gains bly, and Northwestern preferred
is up q Cordage, 1l2. and Missouri Pacific
and New England, each 1Ss.
The Posts London financial dispatch says:
"The rise today in American stocks is at
tributed to the closing of small bear ac-
counts. The general tone of the market was
fairly cheerful. Home investments were fa-
vored exclusively. There was no discredit
but disinclination to use the facilities Of
fered by banks, money which was cheap to
good borrowers, though refused to bad ones.
The Post SAYS: The stagnation of capital
ana the paralysis of aggressive enterprise,
now equally apparent i'll every nation, re
fresh illustration of the worlds community
of industrial rest. Six months ago optimiSts
were predicting that our own extraordinary
good luck in 190i's harvest would cut us
wholly loose from Europes embarrassments
Probably there was no financial critic who
did not in a measure share this belief. In
the American security market the belief has
been partly justified nowhere else.
The actual meaning OF the situation un-
doubtedly is that the industrial world is wait
ing for Europe's recovery from the shock of
1890, and the present uneventful dullness
and quiet are perhaps the best assurance
that the process of recovery is at work. The
era of dulness may De long, for the expert
ment by which the worst was STAYED off i'll
1899 was new, and was designed to avert i'm
mediate crisis by distributing its bad effects
over long space of time. But the quiet
which now prevails in European fina nee is
sign that this work is gradually appr oaching
its end.
Total Sales of Stock