St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-08
FINANCIAL.
New York.

NEw YORK. April THE Wall street mar
kets were unusually quiet today. The storm
interfered seriously with Geographic COM
munieation. and had tendency TO restrict
operations in all directions. Despite the lack
of activity, the market displayed strength al
most from start to finish. There was no
pressure of long stock. while the profession
ais gave their favoriteS effective support
throughout The strength of The market was
all the more surprising i'll view of the con-
tinued discussion about large gold exports by
next Tuesday steamers. None of the re-
ports place the shipments on that day at
less than S!,00j,G0G, and from that up to
S4.000000. the amount viii depend good
deal upon the ability Of the bankers to dis
pose of bills at satisfactory rates Tomor-
rows steame- s will take out only $500, COO.
The rumOrs early IN the week placed the
shipments at 81 100000 to 81 0f0. COO. The
only stocks which showed important declines
were Manhattan and Distilling and Cattle
Feeding. The former fell off . to 1919. ana
the latter 1l2 to BOA, but they both rallied
fractionally at the close. The general list
bits. the grangerS, New England, Ma
tional Cordage and Missouri Pacific
were the strongest stocks. National
Cordage sold up from GA to
6s9s when it became definitely known that
the regular quarterly dividends of per cent
on the preferred and 1l2 on the common
would be declared. Missouri Pacific was
stronger than for some time past, the rise be-
ing stimulated by the announcement that
the company had extended mortgage ma
turing next September at 4l2 per cent.
Among the specialties Mobile Il Ohio rallied
Sl2 to ~ on small transactions. The market
closed strong, with final sales at or near the
best figures of the day.
The Post says: Three stocks furnished
most of the davis activity Missouri Pacific
and New England held decided gains, both
attributable i'll the main TO covering of short
account. In the case of New England, this
interest was certainly increased on the day
after Mcleod 5 withdrawal faom the Read
ing. 1t was argued, with some show of rea-
son, that to abandon Readings plans OF eX-
tension would be to impair the strategic
value of New England stock. The truth is,
however, as has often been pointed ont Ill
this column. that the success of Readings
invasion of New England must inevitably
have involved the crushing out of the inter-
mediate railways profit earning power The
recent heavy buying of New En- gland stock
by one broker house may be in some way sig
nificant."
Bradstreets' weekly Wall street review will
tomorrow say: Speculative sentiment
seemed during the present week to be under
going further change the noticeable ten
denotes of the market being mainly in the
direction of increased confidence and an I'M
prOvement in values. The chief bearish
arguments are still found in the unsatisfac-
tory condition of our trade balances, and the
plain evidences which appear that European
financial interests are DESTROYS of utilizing
this advantage to draw from this country the
specie required for the Austrian re-
funding loan The street found fresh
reasons for turning its attention to the more
| encouraging factors presented by the open
ing of the worlds fair at Chicago, and the
stimulating influence which that enterprise
is already eXerting. not only on railroad
traffic but on the activity of general bust
ness at the West. One of the first conse-
Quences of this has been that railroad stocks
have resumed their place as the leaders Of
the market and that manipulated activity in
| the indUStrals has become decidedly less
| prominent. The fact that the advancing
tendencies eentered in the Vanderbilt and
granger stocks was regarded as q
| very encouraging circumstance. At the
same time the market is too narrow
and is too much in the hands of the profess
SIGNALS to furnish any promises that the i'm
proving tendencies will continue. The
purchasing power has. in fact been furnished
mainly by the outstanding short interest,
while so far as public interest has reappeared
it seems to be spasmodie in character and
confines itself closely to the better class of
stocks 1t would seem that the movement
here has attracted attention in London,
though that market is disturbed by the eriti-
cal condition of financial affairs in Australia,
and shows little disposition to take part in a
| bull movement in americans"