St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-20
FINANCIAL.
New York.

NEW YORK, May -. The improve
ment in the stock market made further
progress today. The reactions resulting
from the realizations. or from bear raids.
were less pronounced than of late. and
seemed to stimulate purchases from
those who have recently espOuSed the
bull side. The engagement of 81, 100000
gold for shipment by tomorrow's steam
erS had little or no effect, money of call
being extremely easy,and funds on time
being offered more freely than on late.
The fact that the advices from London
were of more reassuring character,an
that there were no new developments
Of an unfavOrable character on this side,
tended to stimulate buying for both the
long and short accounts. The success
of the Northern Pacific refunding
scheme also tended to encourage the
sentiment in favor of high prices. The
advance was equal to 4@414 per cent,
and everything OH the list participated
IN the rise. Manhattan. Pacific Mail,
the VanderbiltS. Lackawanna. Gran
gers, Sugar and General Electric were
the real leaders of the market, and
closed at or near the best figures of the
day. The commission houses had more
orders than for some time, land the bears
covered freely. Distillers yielded 228 at
the opening to 141s on the proceedings
instituted by the attorney general OF
Illinois for the annulment OF the charter,
but subsequently rose to Is. The de-
mand during the last hour was more
active than at any previous time or the
day. Speculation was strong in tone.
BradStreet'S weekly Wall street re-
view will tomorrow say: The market
has this week shown further incllna-
6nnrnGSiOn
speculative disorganiZation of the pre-
ceding fortnight. 1t would seem that
prices have reached level at which re-
sistance will be offered to further at
tempts to create artificial declines,
where there is no evidence that any por-
ton of the spare list still harbors bull
interest in which liquidation can be pro-
duced. The dullness which naturally
accompanies such a state of affairs has
been, however, relieved by efforts on
the part of some Of the bear traders to
manipulate prices in their own interest
and by the consequent covering OF
short contracts which enSued. ms
process was particularly noticeable
in the trunk line and granger stocks,
the theory of the bears being that the
only chance for further drop in values
was presented by the better class of in
vestment stocks. which the holders
might be forced to sell for the purpose
of obtaining money. Whether THIS
process may not appear later OH should
the narrow condition of the money mar
ket continue, is question. 1t did not,
however, bear any immediate fruit,
while In such stocks as the Vanderbilt
group the declines brought in certain
amount of buying support At the
close of the week the nervousness or
the large short interest became more
evident, and fridays market exhibited
further activity. with considerable adj
vances in prices. the strong tone of the
trade being unaffected by the
engagement of 100000 for ex-
port. The bank failures at the
West, the firmness OF foreign
exchange and the gold shipments of the
week have little effect on the market, it
being thought that Wall street has
abundantly discounted the situation.
On the other hand, the serious condi-
ton which the Australian crisis has
brought about in the London market
was regarded here with considerable
anxiety, though the absence of any Sc
rious or important failures there tended
for time to minimize its influence, the
advance of the Bank of England rate to
per cent being fully expected before
hand. London has sold American
stocks throughout the week, but evil
IDENTIFY does not have enough floating
securities of this class to make serious
impression upon our market, While 1t Is
gratifying to learn that OH the decline
in Americans at London marked
amount of buying for Amsterdam ac-
count made its appearance"