St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-04
FIN ANCsAE1.
New NOTg6.

New YORK. Feb. 3.-The stock mar
ket was somewhat narrow today and
rather feverish, with general dropping
tendency, except in specaltieS. whose
strength was something of a factor in
maintaining prices. especially late in
tine day. The Industrial stocks were
comparatively quiet, although large
trading in DistillerS' was noted, with a
range of 2 per cent for the day, but the
final change was for a small fraction.
The developments Of last evening nat
Wally brought the Richmond & West
Point stocks, together with the stocks
of its allied roads and Reading and It's
allies, to the front. Tire interest cen
tered more especially III the Richmond
d West Point shares. the buying be-
ing very free and the common stock rose
l per cent. and the preferred about 2.
Later in the day the buying extended to
the East Tennessee shares, all of which
showed material Improvement, while
throughout the day the Chesapeake d
Chic common stock was a prominent
strong feature upon the theory that the
REORGANIZATION, being under the man
agement Of DreXel, Morgan d Co..
would bring them into closer relations
with the Richmond Terminal system to
their mutual advantage. A final gain
OF 135 per cent was established in the
common stock.
The opening of Reading was strong,
but the market was soon supplied with
long stocks from Philadelphia. and
from the First National bank people
here. After reaching 5OM the stock re-
tired per cent under this pressure, but
rallied to 30 at the close. with a loss of
only q per cent. New England was a
more substantial gamer from the circu-
lation of the story and, after tiuctuating
between 40 and 474, closed with gain
of per cent at 49,. A marked feature
OF the day was the renewal of the strong
buying OF Omaha, which was carried up
318 per cent to 51}S, and, after retiring a
large fraction, closed with net gain of
2 per cent. Among the specialties Man.
haitian was again feature, the buying
being excellent. and it advanced stead
lily from 1862 to l6S, closing at the top fig
ure with gain of 614 per cent. Weak
spots are seen in American tobacco,
which suffered from q withdrawal of
the clique manipulation, and in Pacific
Mail. Tobacco lost %; Pacific Mail
II. The general market was higher at
the opening but the influence of the
gold shipments was seen in the droop-
ing tendency Immediately Impaired to
prices. Concessions were small. how
ever, except in the stocks mentioned,
and the persistent strength among the
specialties impaired a strong tone to the
whole list late in the day. The close
was therefore, firm, but the changes for
the day were Irregular.
The Post says: 1.-TWO general neu-
tralizing conditions overshadowed the
market today, ana left prices free to
follow their particular bent. The adj
verse circumstance was the withdrawal
of gold for consignment of some mag
nitude by tomorrOW's steamship, 50, $780,
600 being the amount that is expected to
go. There has been a belief that the
weakness of exchange would obviate
the necessity for the shipment. The
favorable circumstance was the report
that large shipment of American Sc
curlties would also go by tomorrow's
steamship, and it was asserted that this
would in a measure offset the gold Ship
ments in its influence on the money
market. AT any rate, dealings were not
dampened by the gold shipment, as they
have been many times in the past.'
Bradstreet's weekly Wall street re-
view says: stock speculation has de-
generated for the time being into a
game in which one set of professional
operators are pitted against another
section of the same element. Public
interest of any real character is lacking,
the outside participation being fur
nished only by speculative followers of
the current manipulation. 1t is true
that the demand for bonds and high
grade stocks is fair in its proportions.
though such business seems 10 be as de-