St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-02
FINANCIAL.
New York.

NEW YORK. March l.-OperationS in
the stock market for outside account
seem to have been reduced to the low
est ebb, and today a decidedly profess
SIGNAL appearance was impaired to the
dealings. The market showed great
strength in the forenoon, but the buy
ing was entirely to the short account,
and when this Stacked away the bears
took hold of the list and the early
advances were, in many. cases,
wiped out. while a few substantial
losses were established, and great
irreguarity was shown at the
close. The buying at the opening was
very urgent, especially in Sugar and
Northern Pacific preferred. Al im-
preston that considerable surplus will
remain after the payment of per cent
on Sugar for the next dividend had been
carefully cultivated, ana, as the charter
cOmpelS such distribution, the hope still
remains liz some quarters that an extra
dividend must follow. The shorts
bought heavily, and the stock was ad-
vanced from 12414 to 1863, but, as in
other stocks, a full supply was found at
the top figures, and brokers who had
been instrumental in turning the mar
ket became heavy sellers and were
followed by the traders, with the result
of uncOVering many stop orders, and
Sugar was beaten down to 12l4. A
slight rally followed, but it closed with
a net loss of ~ per cent.
a favorable Interpretation was put
upon the answer OF the Northern Pacific
management 10 the report Of the stock
holders committee, and Northern Pa
ciiic preferred was bought freely in tile
forenoon, until at Az it showed a net
I'm, Nf y Z Ian, lr.fy
decline better than most stocks on the
list, and rallied in the late dealings with
more force, finally closing at Al, with q
net gain of Is per cent. There was
nothing specially new in Reading af-
fairs, and it took position second
to Sugar in the market, but was
advanced to %, from which it was
driven down to 90. The reiteration
that the statement Will probably De
Issued tomorrow and make bad show
ing, aiding in the drop of 2 per cent to
%. Its final change. however, was in
significant. The weak spots in the list
were found among the industriaiS, but
COTdage was the most prominent eX-
ample: it broke 2 per cent in the early
dealings, but rallied above its opening
price. after which it was again beaten
down nearly per cent, rallying per
cent toward the close, when it still
showed a loss of % per cent. Dis
tillers' was specially strong in Abe early
dealings, rising II, but it dropped
away per cent ana finally closed with
q small loss.
The railroad list, as a rule, showed
large fractional advances during the
forenoon, and Omaha at one time was
up I34, but these gains were generally
wiped out, and the fiscal changes were
small and Irregular. The leading oper-
atUrs in the rooms went over to the sell
ing side in the afternoon, and the trad
ers quickly followed. The lack of out
side buying became very evident, and
prices rallied readily throughout the
list. Efforts to realize stiffened the
market toward the close, which, how
ever, was barely steady at the improve
ment.
The Post says that the current of
liquidation has for the time being nearly
run its course, was apparent during the
early hours of the stock market today.
Several of the bull pools in their spe-
cialties renewed their operations, and
this, combined with selling by traders
against purchases made at the recent
low levels. impaired bIiskness and
buoyancy to the market that carried
prices up all along the line. The efforts
of the beaIs were feeble and futile. and
their operations were handicapped by
the circumstance that they were en-
deayoring TO maintain prices. already
unusually low,in the face of some favor
able conditions. in the first place, there
is a growing belief among operators
that the incoming administration will
offer some solution TO the veXed finan-
cial question. The prospective relief,
combined whit present relief by reason
of weakness in foreign exchange, thus
rendering less probable any immediate
gold shipments, contributed materially
to the pronounced rally in prices.