St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-18
VALUES GO SKYWARD.
FeveriShneSs in the Stock
Market. With Signs Of Re-
turning Confidence.
Prices Open Lower All Around,
But Soon Take an Up
ward Turn.
The Close Fairly Active at
the Best Prices Of the
Day.
Indications Of the General
Belief That Stocks Are
Cheap Now.

New YORK. Nov. 17.-The stock mar
ket to-day, after having time to recover
from the scare of Saturday, was much
less active than for any day for the past
two weeks, and the evident return of
confidence caused slow but material
advance in values all along the line,
Notwithstanding the fact that there was
great lrregularity and feverishneSs
throughout the entire day. There were
two more failures announced, both due
to the shrinkage in values, but they had
but slight effect, the failure of Gregory
IL Ballou serving to keep Missouri Pa
clfic down below the rest of the list, as
it was understood that the firm was
heavily long of the stock. The sales
under the rule at one time were about
all the business, but they were all
cleared away before noon, and later
when it became evident that no more
failures were to be announced the buy
ing assumed more confident front
and the upward movement in values was
accelerated. To-day's developments
show concluSively that the market has
for long time been largely oversold,
and that bids and Ostensible purchases
were made by the bears when the num-
Der of stocks called for could not be OBJ
tanned in the market. The feeling of
insecurity has almost subsidized, and a
steady improvement may now be looked
for Oil sound basis. There was re-
neWal of the old rumOrS this morning
or a combination among the leading
capitalists to support their respective
speclalties, and the action of the Boston
clearing house, in following the exam
pie of the New York banks in issuing
clearing house loan certificates, was Of
much influence in reassuring manv
would-be buyers. The general conf
dence that the
Worst Has Come Out
In the publication of the truth in regard
TO the Earrings and the, prompt action
by the Bank of England would prevent
any recurrence of the slump in val
ues in the future through forced liqui-
cation. The market this morning was
very Irregular at the opening through
the lower prices from London, and the
effect OF the improvement in the feeling
here, and while most stocks were frac-
tionally changed, Burlington aud Lack
awanna were each ~ lower, and
Northern Pacinc preferred and Rock
Island were each up l per cent. The
market was, as rule. firm from the
first sales, but there was further drop
in Burlington, Lackawanna and Sugar,
which, however, were soon checked,
and those shares, as rule, moved for
the remainder of the day with the rest
OF the list. Much irregularity in the
movements was noticed, but there was
marked absence OF excitement or an
prehension, and while the uncertainties
OF the situation for the present kept the
room traders quiet and commission
houses were not especially act
I've, the diminution of the amount
OF business was a favorable
symptom, if such it may be called, and
the demand from the foreigners and
the shorts kept prices moving slowly
but steadily In the upward direction.
The greatest interest was conferred i'm
Lackawanna, and after its early drop
there was rise of 6 per cent in it, the
price touching 130 in the afternoon.
The Northern Pacifics were still very
prominent and showed smaller fluctua-
tions than the othel active stocks, but
the preferred touched 60. There were
a few weak spots and jersey Central
went below 100 and the Wheeling Ss
Lake Erie stocks sold lower. but they
had no apparent influence upon the rest
of the market, and the close was fairly
Il
Best Prices of the Day.
The final gains are 2 per cent in c..
c., c. & st. Louis and Rock Island; 156
each in Union Pacific, st. Paul and
Louisville Il Nashville; ~ in Atchison,
II each in Northern Pacific preferred
and North American. 111s in Missouri
Pacific and per cent in Pacific Mail,
with fractional gains in the rest of the
list. Railroad bonds were also less act
i've than usual of late, and while the
more active issues showed some i'm
provement in the tone, the others were
sill weak, and almost all showed mate
rial losses from the last previous sales.
1t was announced that the Barings had
few of the Atchison As and incomes, and
those bonds were again strong, the in
comes closing "a per cent higher. The
sales of all issues reached 81, ,969. 900, out
of which Texas PacificS 2ds contributed
1925, 600. Northern Pacific5 IS S144,OOO, At
Gibson As sl44, ZOO. and Atchison incomes
1923, 600. The dealings extended to a
large number of issues, and the losses
are by far the more numerous this even
ing. Government bonds have been dull
and heavy. State bonds have been en-
tirely neglected. The Post says: Con
sidering the great shocks to public con-
fidence in general experienced by the
events in New York and London since
last Monday, the rapid restoration of
confidence in the value of American
stocks is not only remarkable, but is
significant of the general belief that
they are very cheap. The disposition to
take advantage of the abnormal depres-
sion to buy stocks for large advance
has been promptly manifested upon
every occasion when people began to
think the s'worst was Over.' Last
Thursday when it was known that the
Bank of England had not advanced it's
rate of discount, and that the fortnightly
settlements had been made without
failure in Lonuon, there was prompt
recovery from the effects of the failures
of brokerage firms and banks in this
market. 1t was noticeable that large
amounts of money came into the street
to buy stocks for people who had not
been dealing in stocks for months. Not
withstanding all the noise made by the
failures of Decker, Howell & Co. and G.
NJ. Whitney s. Co., Tuesday. the resort
to the issue of clearing house certif-
Gates by the New York banks Wednes-
day, the failure Of the North River bank
Wednesday evening, and the ominous
rumors Friday of something
Threatening i'm London.
Notwithstanding all these things there
was an evident improvement in the
stock market through the whole of last
week until the improvement was de-
stroyed by the publicly acknowledged
embarrassment of the Earrings on Sat
urday morning. Up to Friday night
the prices of l2O active stocks showed