St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-13
FINANCIAL.
New York.

New YORK, May 12.-The stock mar
ket was far less active today. The
temper or speculation was extremely
variable, the bears having the advantage
of additional bank failures at the West.
the EN- arrasSment of number or
brokerage concerns on the London stock
exchange, the advance in sterling eX-
change and the talk about the resump-
ton of gold exports. On these devel-
OpmentS the market was ralded at
intervals. but the pressure was far less
than of late. This may be due to the
temporary retirement of two operators,
who for some time have been partlcu-
larly aggressive on the bear side. The
hardly commensurate with the efforts
put forth bv the sellers for the short
accounts, for the reason that leading
commission houses were in re-
ceipt of liberal buying orders, a
considerable amount FOR strictly in
yestment account. The heavy
receipts Of currency from the West and
Canada have resulted in much easier
condition OF the local money market,
and the work OF carrying stocks is far
less difficult than for some time. Hence
some of the brokers feel inclined to ad-
wise purchases of good stocks to hold.
Prices opened u to l per cent higher
than last night, but subsequently Dis
tilling and Cattle Feeding broke from
1y5S to 16. Great Northern preferred
dropped to 1870; General Electric. ~ to
1871; Edison Illuminating, 2S to 112,
and Western Union 15s to S25s. The gem
eral list yielded q to ~ per cent. Dur
ing the afternoon Manhattan rose from
1917 to 1861; Edison Illuminating,
from 112 to Iii, and Distillers, from IL
to 176S. Shortly before the close, the
general list reacted again. but in the
final transaction there was a recovery of
g to q, and the market left off steady
at the rally.
Bradstreets weekly review of Wall
street will tomorrow say:
/ 'sThe thorough liquidation of last
week in the.inflated portion of the in
dustrial group has been followed by
comparative quiet in the loan market.
The effect OF the shock to confidence is,
however, still felt, and is supplemented
by the uncertainty regarding the out
come of the currency question. The in
vestment buying which such sacrifice
of values would justify has conse-
quently been checked, and the only
purchasing power has been furnished
bv the increase of speculative operations
for a decline. The bear selling was
sufficiently large and vigorous to create
marked depressionS, particularly in the
railway share list, the covering of part
of these short contracts being the most
apparent reason for the rally which ap-
peared later OH. The tone of specula-
ton is thoroughly timid and there is
more or less apprehension about the
future, which furnishes opportunity for
the appearance of rumOrs affecting the
position Of various interests, with more
or less temporary effect on prices. An
overhauling OF accounts and readjust--
ment of the same on the new basis Of
value has been in progress. this second
airy effect on the panic being not with
out disagreeable Consequences although
no mshaps have occurred. Additional
reason for hesitation is found in the. ex-
listing disturbance of the London money
market, due to the Australian crisis.
The Total Sales of Stocks