St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-07
FIN ANCiAL.
New York.

- New YORK. April 6.-The stock market TO-
day was more active and stronger than for
many days past, and especially in the coal
socks material advances were scored. The
general list however still remained COM
.paratiyeiy quiet within narrow limits, and
while there was the usual number of stocks
traded in, the interest was centered Ill three
or four. which gave character and activity to
the whole market. The bears found them
selves in all uncomfortable position, for
while there was still considerable vulnera-
biliIy shown in both New England and the
Richmond &-West Point securities, they were
confronted in the coalers by determined
opposition.
There were the usual number of rumors
set afloat i'll regard to the possible failure or
the Richmond IL West Point reorganization
plan. an0 the advocates of lower values were
enabled, by creating the impression that in
siders were liauidating in both the New
England and Richmond & West Point to
drive both down l42 per cent i'll the early
trading, while Richmond Il West Point
preferred dropped away per cent to So
The bonds followed and were forced down
heavily, but the support III the coalers, to-
gelher with the apparent liberal buying for
the foreign account, turned the scale again,
and while rise of 4l2 per cent in Delaware
& Hudson was in progress the rest of the
coal stocks made substantial gains, and
Reading was enabled TO recover its early
losses which was afterwards supplemented
by material advance.
Even the weak stocks later felt the stimu-
lous and the very heavy buying to cover
shorts served to completely wipe out the loss
in New England and most of it in Rich
moud IL West Point The foreign buying
was again an important factor in the situa-
tion, but only by inducing fresh buying from
domestic sources. The upward movement
in The coalers was enhanced by some rumors,
Delaware d HUDSON being again put under
Vanderbilt control, while New England was
advanced on the idea that the bear party in
the stock HAD made its turn, and 1t was a good
buy from this out
The principal influence in the market,
however was the running of the short inter
est, and while there was no lack of
new buying, that interest caused the
material gains recorded i'll the lead
ing active stocks. Among the low
priced shares there were few features, but late
in the day the Flint & Pere Marquette stocks
came into prominence and the cotton OIL
shares had marked rise. The only stock i'll
the general list to occupy much attention
was Union Pacific, about which there were
rumors of a change i'll the management and
some good buying of the stock at steadily adj
vencing prices.
The rest of the market was quiet and held
within narrow limits, as usual. though St
Paul was heavily bought for foreign account
and wa sremarkably active and strong at OF
near the best prices of the day. The whole
list is higher, and Lackawanna scored gain
of IA, Delaware d Hudson, BIZ; Union Pa
cfic. 25s; New England and st. Paul. ia
Missouri Pacific. 134 Lake Shore, 15s; Rock
Island, 1I2; Atchison and Reading, 49, and
many others from TO ia per cent.
The Post sa Us: To careful observers il
T was obvious enough on Monday that the ag
| gressive movement for lower prices had come
10 an end. The desperate gloom of the en-
tire community at last weeks close, and the
hopelessness of the stanchest bull operators
were by no means the least certain indica
tions that the turn was at hand. To-day
everybody knew it, aud the professional con
| tingent, which is still the only active force
in the market trooped in a body to the bull
| side. AS there was still a heavy short inter
| est outstanding, the result was OF course a
l1rapid and general advance.
IM London brokers. 100. were buyers In the
L early hours and it is noticeable that sterling
is weak on offerings of arbitrage
| bills. Of course, however, this reveals moth
! ling of the origin of the buying orders, fac
which many people do not seem able to un
| derstand. The advance i'll prices continuet
i practically up to the close, and, although
+ trading grew dull in the afternoon. there wa
| no check to the enthusiasm. Doubtless thi
| means downward reaction as soon as th'
ashorts have covered. and a renewal of pro
jIfessional gloom; but the market is not ia
tefrOm a normal basis.
III g.