St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-10
FINANCIAL.
New York.

NEW YORK, Feb. 9.-IranSactlonS In
the stock market up to the last hour
were very moderate in volume and con-
fined largely to about half dozen
stocks in which speculative operations
are most prominent. With the eXcep-
ton of one or two of the induStrials, the
whole list in the forenoon displayed
strong temper, engendered by the
action of banks in eXchanE ing gold
for legal tenders. the houses supporting
the credit of the government and rem
dering the likelihood for tue further
exports of gold being less heavy.
The same lndisposition on the part
Of holders to sell was noticed,
but buyers were scarce, and the ad-
vanceS were largely due to covering Of
shorts by the trading element. Among
the stocks prominent for strength at the
time were New England, Omaha and
Reading, and among the induStrals
C0rdage was advanced large fraction.
Dlstillers' were again freely circulated,
and in the early dealings dropped away
over per cent, when some support was
met and full recovery followed. Later
in the day, however, when the whole
list retired, it lost nearly 4 per cent
from its best figure, and closed at the
lowest figure for the day. The nearest
approach to this movement was in
American Tobacco, which was still
without support, and closed today with
a loss of IA, closing at its lowest figure.
Railroad shares were generally strong,
Omaha being the most conspicuous feat
ure. and purchases by prominent brokers
advanced it ~ to 5S35 before noon, the
highest price il has attained since the
advance began. The buying of Reading
and New England, however, in view of
the apparent defeat Of the combination
in the Old Colony deal, and the late
stories of antagOnism between it and
the VanderbiltS, was something Of a
mystery to the street. These gains
were not OF such special importance, and
the market fell into a waiting attitude.
pending the result of the silver-repeal
bill in the house. When this
was lost there was rush to
sell, and the early gains were
quickly wiped out in aim oSt every thing
traded in, and before the close fraction
al losses in addition were established
over the entire list. With the exception
of the two induStrialS mentioned final
losses we're fractional, but the grangers
were particularly weak. and Omaha,
after its gain of the morning. declined
per cent from its best figure, and. like
the others, closed at its lowest point.
Other specially weak points at this time
were Louisville, Union Pacific and
Sugar. The market closed in the midst
OF the decline, active and weak at the
lowest prices.
The Post says: The action of the
banks in paying in gold at the sub
treasury and taking legal tenders there
for brings temporary relief to the stu
alton that was becoming disquleting:
at least the market reflected this feel
ing With the market for sterling eX
change strong and with fewer CONNER
cial bills in sight, the condition would
seem to be favorable for large gold ship
ments in the immediate future, and the
small amount of available gold above
the S100,OO0,00 reserve would soon be
wiped out. The present gold exports
are largely due to the maturing of sterl-
| ing loans made about sixty days ago,
repayment of which is now made neces-
sary by the case of the local money mar
ket. Already 100000 has been fur
nished to the sub-treasury by the banks.
How long they may continue TO afford
relief is a matter of some speculation.
The Total Sales OF Stocks