St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-30
FINANCIAL.
New York.

NEW YORK, March ga summary
of the days operations in the stock mar
ket shows thai, while there was a press
ure to sell the industrials. the railways
were strong and in good demand, with
greater or less net gains. The heavineSS
of the induStTialS was due chiefly to a
further break in DiStilling and Cattle
Feeding from S355 to sos under sales of
upward of about $1,000 shares. The de-
cline is variously interpreted, but the
concenSUS of opinion is that Western
houses have been selling stock and bor-
rowing it in this market, intending to
use this borrowed stock for election
purposes. Various unfavorable rumors
were afioat about the finances of the
company, but they could be traced to no
authentic source. After Disabling and
Cattle Feeding broke below 81, the
other industrials weakened. National
COrdage fell off 4:om 6315 to 625s, and
National Lead from Az to 403S. Chi
cago Gas, Sugar and United States Rub
Der ruled mparatively steady, but
General Electric dropped from 1879 to
LOG, and closed at 1868.
The railway list was stronger, espe-
cially for the grangers, for which a
good demand prevailed throughout.
Burlington &Quincy, Northwestern and
st. Paul common rose 4 TO l per cent,
while North western preferred jumped
~ to 14lI. Final quotations were
within fraction of the highest, despite
a drop in Missouri Pacific from 5116 to
49% on the resignation of S. Ii.
II. Clark from the presidency to
renew his connection with the Union
Pacific at the head of that corporation.
1t is stated that Clark made the change
with the full concurrence of George J.
Gould and others in the Missouri Pacific
directory. The comparative dullaess of
speculation is attributable to the near
approach of the Easter holidays and the
desire to await the outcome of the April
sentiments now hear at hand. In some
quarters it was feared that the money
market would be. manipulated tomor-
row, and this deferred the traders from
making extensive ventures. The sales
for the day reached 214.045 shares, of
which 1SS, 442 we're listed and 25,603 un-
listed. The market closed steady for
the railways and weak for the indus
trials.
The Post saws: at is not unusual for
the close of March to witness general
dizziness throughout the markets. This
year the usual characteristics of the
season are so far intensified that this
story i'll practically every important
market is story of uncertainty, hesita-
ton and constant extreme dizziness. In
the money market the factor is equally
impressive. Wall street, which dis
counts far in advance all foreShadowed
events. more than discounted the money
situation for the April coming. Every
considerable broker supplied his an
tieipated needs three weeks ago in the
market for time loans. As a result not
only is call money an absolute drug in
the market, but time money has begun
to wayer and recede from its stiff rates
of the early weeks in March, and the re-
markable spectacle is witnessed of loan
ing rates sinking steadily with the APP
proach of the April quarter day. 1t is
gu lie apparent that the lack of demand.
rather than superabundance of supply,
has brought about this curious cOndi-
tiOn."