St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-14
FINANCIAL.
New York

NEW YORK. May 1.-The stock market to-
day was again slightly more active. and
especially during the forenoon, but the
increased amount of business had its origin
entirely in the operations of the bears, who
manipulated few stocks with view to the
repurchase of stocks put out some time ago.
The market was in no way wider than for
some time past and the animation was all in
a half dozen stocks, and as these movements
came 70 an end the whole market subsidized
into the prevailing dizziness.
There were no real weak points, though
at first the pressure upon Northern Pa
cifc preferred, Sugar and Union Pacific
led to general recession after an irregular
opening. The depression was of short dura-
ton, and the advance of the strong special
ties soon became the only feature of the deal
ings Besides the ones mentioned Cordage
and some of the low-priced unlisted stocks
made most substantial gains on increased
business. but as rule the railroad list was
quiet and traded in within narrow limits
with the few exceptions noted.
Northern Pacific preferred was sold down
on rumors about the passing OF the dividend,
while Manhattan rose on the assertion that
influential capitalists were bidding 100 for
it, The weakest feature of the day, however.
was Union Pacific, which, late in the day,
after the covering had failed to stimulate
new buying for the long account, was made
the special object of the bear attacks, which
were renewed with some vim, and IL retired
rapidly, scoring the most important loss of
the day.
There was some trading in Rich mond:&
West Point, but it, moved within extremely
narrow limits, and its animation was the only
remarkable thing about it. The coal stocks
were comparatively quiet, and Reading was
again displaced as leader in point of activity,
while Delaware d Hudson showed consider
able strength The rest of the list however,
was without feature, and the market. under
the pressure brought to bear, closed fairly
active and weak, generally at the lowest
points OF the day.
The final changes show considerable irreg-
ularity, and while Sugar. Lake Shore. Wheel
ing d Lake Erie are each down l per cent
and Union Pacific and Manhattan are up IL.
and Delaware IL Hudson bonds were still
active and displayed the usual firmness,
while special strength was seen in few OF
the inactive issues and Detroit, Mackinac
Il Marquette land grants rose to 80 after
selling at 40; the other changes were gen
orally slight, and while the total changes and
sales were 81, 953, 600, Atchison incomes sold
$3.50, QUO.
The Post says: Until the last hour, when
the whole market declined, stocks were ex-
start true several decided movements, chiefly
in an upward direction. III some of these
notably Manhattan and Edison Electric there
was persistent buying for the rise, uncon-
nected with any covering OF shorts. and this
was attributed, of course; to the '1nvestmen,
demand"
The investment demand, however does moi
ordinarily come into stocks with burst
which carries up the price, after dullness
five or six points in as many days. The
weeks advance IN these stocks was undoubt
eddy based UPON investment orders, but bull
traders not only anticipated such orders but
pile up advances long after the investor has
ceased to buy. The sentiment thereby ere
ated among spectators Is interesting, but
dangerous as basis for sound argument