St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-24
FINANCIAL
New York.

NEW YORK. Jan. 23-The stock market
today presented few features of special IN
terest. The most that can be said was that
III spite of the persistent attscks by the local
bearish element prices were well held and few
changes of importance are seen. The most
striking Development of the day was the con-
tinued heavy gains shown by the Dank state
menI ana IL IS unqueStIOned that the ban ks
are now in stronger position than in any of
the previous years at the same season ex-
cepting possibly 1885. The opening of the
market was Irregular az slight changes from
last nights figures, but The bears attacked
the list Immediately. paying special attention
TO Northern Pacific preferred. though Omaha
reversed its movement of yesterday and
dropped back per cent. On the other hand
few material advances were made IN some
of the specialtes. Distillers rising rapidly,
and Manhattan gaining / per cent The
pressure Was abated after the -6rst half hour,
but offerings continued large, and there was
only here and there full rallies until the pub
LEGATION of the bank statement. when opar-
atoms assumed large proportions, and most
OF the list were brought up beyond the OPEN
ing. In this movement New England, Oma-
ha and the industrials were specially prom
inent, but in railroad stocks the late dealings
showed again q reactioHary tendency.
The msrket finally closed active and firm
generally al Insignificant changes for the
day pistiliers is per cent but no other
marked changes occurred.
There was absolutely 10 feature in railroad
bonds. and on business of SI,641. 0G0 no
changes of importance took place, the whole
list being held at the same level.
Government bonds have been dull and
steady States have been dull and firm.
Petroleum was al a standstlli ali dav. open
ening steady and remaining unchanged until
the close, which was dull and featureless;
Pennsylvania spot sales none: February OPP
ton sales at G3; Lima oil, no sales; total
sales. 15.U09 bbls.
The Post says: A very tame market ac-
comDanied by developments announced as
particularly favorable. One of these was The
correspondence between the president of the
the Missouri Pacific and the president OF The
Western Traffic association. The bank state
ment was the second point of possible en-
couragement. But neither Of these eontribu-
tions to good feeling had any perceptiple eff
feet In some quarters the early market was
weak-conspicuously.a as usual, in Louisville
and Northern Pacific preferred-but rallies
came and the majority Of the list moved little
in either direction So dull were the stand
ard stocks that the attention of the board
room WAS chiefly concentrated on a single
industrial speciality which was becoming no
toriOus for its quick gambling opportunities
The accumulation of money in New York
IS pulling the most ingenious theorists
Nevertheless the changes in the several re-
corded items of today's bank statement illus
trate the fact which is at the bottom of the
whole phenomenon. With all this balance
of money outstanding loans and discounts
have actually expanded by only Sl,369, 400.
Here is very unusual record. Its only ex-
PLANTATION is that the interior banks find their
opportunities for profitable use of money so
limited that they are crowding their deposits
into New York. so that the New York banks
are now finding themselves almost swamped
with funds. If outside business were to re-
vive, or even speculation on the stock ex-
change, a fair share of this could be en-
ployed. AS il is. most of the money lies
merely idle. This is curious sequel 10 the
predictions of tight money market which
were current among not a few wiseaeres
scarcely six months ago.
Total Sales of Stocks