St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-06
FINANCIAL.
New York.

NEW YORK. Jan. 5.-The stock market
today showed rather reactionary temper
and the volume was smaller, but while there
was considerable pressure to sell small
quantities the new buying continued on such
scale that prices in all the list were stub
bornly held and some stocks even scored
some handsome advances, though only in
industrials were these of special Importance
at the close. There was throughout the day
a determined effort to bring about reaction
from the strong upward movement of yester-
day, and the selling was credited IN large
degree to the bulls who have sold out and
wish now to buy back at the low prices
The bears. however, ticking advantage of
this, were active and aggressive and there
was in some directions a disposition to en-
courage the reaction on the part of those
ing the strength of the market. The market
however, while lower at the close as rule,
showed throughout very strong undertone
the orders to buy being large at every de-
cline; especially from commission houses.
The low priced shares again attracted great
deal OF attention, and among these Louis
vile, New Albany & Chicago. Wheeling &
Lake Erie, Reading d. Buffalo, Rochester d
Pittsburg. together with Pittsburg & West
ern, were most conspicuous
The industrials however, were the features
for strength, and all the leaders scored hand
some gains. Among the usually active list
New England was the early center of inter
est the renewal of the old story of a deal
with the New Haven carrying its price in the
forenoon to 49Ss: but there was free selling
at that figure, and it finally retired below its
opening price, and even below its last nights
figure. The Reading securities were strong
on the report that the interest on the income
will be paid. and IL fairly took the place of
New England, both as 10 activity and
strength. The other coal companies
were not helped by the advance in
priced shares Tennessee Coal was very prom
inent as well as the Susquehanna & West
ern preferred, though each of these stocks
reacted in the final dealings.
The opening was generally firm at insig-
nificant advances in most shares from last
nights figures. but selling orders, apparently
from London. induced considerable short
selling, and after the first squirt on the early
demand, the entire list reacted, though a
loss of per cent in Erie preferred was the
only important concession ut the time The
market held stubbornly, however. and before
noon the losses were regained, but only
the industrials in the meantime taking the
lead in the upward movement, and Chicago
Gas was pushed forward from 74IA to 1874,
and Distilers from 617s 10 %. each retaining
most all the gain at the close of business.
The new lead stocks, on the other hand
were still weak, and both lost over1 per cent.
There was some selling of the Northern Pa
cifc stocks on the report that the earnings
would show large decrease. The market
finally closed active and fairly steady after a
slight rally in the final Trading, but most of
the stocks are fractions lower than last even
ing, while no material losses occurred in
anything Chicago Gas, however. is up 36s
Distillers 1s4 Northern Pacific preferred III
and Coroage l per cent.
The Post says: Exaggerated and lopsided
as the recent market has been, its course is
easily explained. The bull leaders, whose
successful operations closed the old year.
paused in their labors Saturday, leaving the
market to equaliZe its own range of prices bv
an advance in the minor specialties, proper
toned to the gains already won in the stand
ard stocks The whole plan was managed
cleverly.
The appetite of the trader element was
sufficiently whetted to insure a sharp adj
vance in these cheap speculative favorites
while the leading operators were quietly
taking their proflls elsewhere on last months
advance. Ordinarily such u confused and
excited movement as this trading called
forth in the cheap stocks must be left to
spend its force before the rational advance
of the market on its merits is resumed, and
this doubtless explains the slowness Of the