St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-11
FINANCIAL.
New York,

NEW YORK, Feb. 10.-The stock mar
ket today was a waiting one, and, as
usual under such circumstances, was
dull, except when the operations of the
bears created a temporary activity. In
the forenoon the comparative SmallneSS
of the gold shipments stimulated a bull
ish feeling, which was manifested by
desire on the part of the shorts to cover
their contracts, but later the hardening
tendency OF money and the reported
prophecy of a prominent bank presl-
dent that within the next thirty days
we would see stiff per cent
money market created further heSita-
ton among buyers and stimulated the
professional bears to further aggreS-
siveuess, and they were followed by the
trading element. The financial Sltua-
ton is regarded by both bulls and bears
as unsatisfactory. The market was al
most entirely professional today, and,
beside the factors enumerated, the dis
elimination again exercised by financial
institutions against certain stocks tend
ed not only to restrict operations but to
depreSS prices.
The early strength Sufficed to advance
prices generally small fractions. Man.
haitian, New England and D!stillers'
were the only ones to show any special
strength, but the pressure brought to
bear later in the day wiped out those
improvements with something in addi
ton, DiStillerS' and Lead among the in
duStrialS and Richmond q West Point
among the railroads being exceptionally
strong, and closing with fractional gains.
Special pressure, however, was brought
to bear upon the cOalerS, and all of that
group were driven down materially,
while unfaVoraOle rumOrS were CirCu-
lated to accelerate the decline. A
heavy selling of Reading. which
seemed to come principally from
Philadelphia, drove it down from
4S15 to 4155. Rumors were also rife
about a new action to be brought
against the Central Railroad of New
jersey, but, Notwithstanding these Sc
we're drives, both Of these stocks closed
with only fractional changes. Lacka-
wanna was not so fortunate. and closed
declines, however, were seen in Colora-
do Fuel, which lost l, and Manhattan,
which lost rs, again touching 164. The
bears showed little disposition tolargely
increase their short lines, and an effort
was made to cover late in the day, which
rallied the whole market fractionally
from the lowest prices. On this rally
the market closed with firm tone, and
generally only slightly lower for the
day.
The Post says: THE stock market
apparently reflected - somewhat
changed sentiment regarding the action
of the banks in offering gold to the sub
treasury. 'Ghe action served to call at
tention to the condition Of the couhtry's
finances. 1t was apparent that the re-
lief was only upon the surface, and that
the banks had only temporarily eaSed a
situation, without III any way removing
the cause of the trouble. While
the action of the banks is called
by many laudabie act of patriot
ISM it failed to bring relief to the
market, which Sagged almost from start
to finish. While the currency condi-
ton does not cause any pronounced
liquidation, 1t was undoubtedly factor
that prevented outside buying and
delivered the market over almost en-
tirely to the professional traders aud
bear cliqueS. The statement made
that the exchange condition saVored
the shipment Of gold was verified by
the withdrawal of over S3,000,O00 for
export tomorrow"
BradstreetS Wall street review says:
The stock market has enjoyed during
the present week a respite from any
strong excitement, and particularly
from the manIpulatiye proceedings
which have lately been the leading feat
IRE of speculation. The market dis
played unexpected drmness to bearish
attacks, the cause Of which was not gen
orally known until Thursday, when it
was announced tnat leading New York
banks had consented to supply the Unit
ed States treasury with sufficient gold
to avert any immediate danger to the
available special balance. Its effect
upon the market was excellent, and
tended to create greater confidence in
the ability of the treasury to maintain
its position. 1t must be noted that the
market throughout has been of strictly
professional type, the declines being &C
companied by moderate bear selling on
the part Of the room traders, who were
the only conspicuous buyers OH the raj
lies, the covering of short contracts &C
counting for the later prices"
The Total Sales of Stocks