St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-25
FINANCIAL.
New York.

NEW YORK, May A,-The improve
ment in speculative values made yes
teriay, was ina great measure lost
today, AMI the stock market was un-
settled and to some extent feyerish.
There was little left of that confidence
in the Immediate future. and in the bet
terment of the situation as regards a
great railway property, which was so
prominent a feature OF yesterdays
speculation. One favorable indication
was the slightly easier tone of the ster-
ling exchange market. which led to a
belief that the gold exports on Saturday
would be less than had been anticipated
and wo uld not exceed s.. 600, QUO, but this
was not . much if any of
factor in a. the stock market
Things which did affect the share spec
ulation were the publication of railroad
reports showing continued decreased
earnings, tile announcement that the
coal strike was still far from ended, the
apparent uncertainty as to the prospects
OF the tariff bill, and the fact that the
railroad managers in session at Chicago
had not arrived at any basis of settle
Inent Oh the question of rates. 1t was
day OH which the bear sentiment was
uppermost, and the shorts took advan-
tage OF the pervadlng gloom to hammer
the market in the hope of bringing out
long stock. Evidences were not wanting
OF liquidation in some of the leading
properties. notably Sugar, in which
some Washington accounts were closed
out. Burlington 4 Quincy was also
sold by Boston houses and st. Paul by
Chicago. In New York Central the
transactions were unusually lar! e. the
selling being mainly by the bears, out
during the afternoon orders to sell were
received from London in=Quite consid-
cradle amounts. The sales were ac-
comp anied by renewal of the old
rumors to the effect that the financial
condition of the cOu ntry would neceSsi-
tate a reduction III the dividend rate
and seller sixties in the stock were
put out al 14t91I below the
regular price. Lii the morning
buyer of st. Paul, Louisville & Nash
vile, and IN small amount OF New York
Central, and later in the day sold both
New York Central and st. Paul. The
market opened firm at fractional ad-
vance on yesterdays quotations. Read
ing, which was Is lower, being tue only
exception. For fully three-quarters of
all hour the trend of prices was up
ward, except for Sugar, which, after
the opening rise, reacted a fraction, but
quickly rallied and established a higher
level, Missouri Pacific also being PROM
inent in advance. Before III O'Clock
Sugar had lost the gain, carrying the
rest of the market down fraction, in
Guiding New York Central.
The speculation was heavy until near
FRO
place in the general list, and a rise of 2
per cent in American Tobacco, which
was subsequently lost. Soon after mid
day the buying movement spent its
force land the market again took dowu-
ward course, the declining tenGency
continuing until 2 O'clock, when another
recovery OF fraction occurred, prompt
lY followed by reaction. In the early
part of the last half hour the sharp up.
ward turn was made, in which theCord.
age shares and Tobacco preferred were
most prominent. Some shares did not
participate III this advance. and Wheel
ing Il Lake Erie preferred dropped
"a. A partial recovery followed, and
few other stocks recorded
losses of ia fraction. Sugar was
very cratic in its movements all day,
opening at 1854. receding to 1929, ad-
t"hSihe W Ao1/Ss tHeIis ditet uuuleCOuS
intermediat e fluctuations, breaking to
100, closing at e above the lowest point
touched ut Il decline OF 211s for the day.
The preferred stock rose and de-
clined l5s. The other more Important
losses ON the day are: Laclede Gas
preferred. ~: Hooking Valley. tx;
Illinois Central, II: Lake Shore, Il
New York Central, st. Paul Il Omaha
and kanawha & Michigan, l
per cent. The grangcrs are
down Is @ u. except Northwest,
which is unchanged Advances
were established of AZ in National
Cordage preferred, do common. 3 u.
5. Cordage preferred. Chicago &