St. Paul daily globe., 1891-12-19
DIRECTORS.
FINANCIAL.
New York.

NEW YORK. Dec. 1S.-The strength of the
stock market was again clearly demonstrated
today by the heavy realization which took
place, but which were absorbed without eff
fort, and higher prices all around are the re-
suit. The market also broadened out ma
terially and the most active day since the
present rise began, both in stocks and bonds,
was seen. The important movement, how
ever, were few in number and confined to
the inactive shares as a rule, while among
the stocks which now lead in activity prices
were not widely changed and such stocks as
Erie, ST. Paul and others of like nature were
traded in over range of less than per cent
Erie again led the list in point of activity,
Atchison also showed slight advance.
The outside centers were again well repre-
sented in the purchases, and Chicago. Boston
Gnd Philadelphia, as well as the arbitrage
contingent, were heavy purchasers through
out the day. There were many signs of nerv-
BUSINESS on the part of the short interest in
local stocks and. while the rising tendency
in these stocks was stubbornly resisted, ru-
morS and assertions of trouble among the
companies in the near future were freely
circulated without apparent effect, except
i'll Jersey Central. which, however, has of
late been very feverish and sensitive 10 every
breath that blows. The Western operators
took the gIangers III large lots, while the
realizations prevented any material move
ment In any of them. The important move
ments were in such stocks as Chicago Gas
Cotton Oil, Wabash preferred, Sugar and ST.
Paul l. Duluth.
The opening was very active. and the
struggle between the different forces in the
market was too soon TO be severe,
with the advantage on the ride of the bulls
The onIy material movements were in cotton
oil. which rose 1ss, and in ST. Paul & Duluth.
which, on usually large transactions for that
stock, moved up rapidly from 434 10 45I2.
Later, Wabash preferred scored an advance
of lSs per cent and Lake Erie & Western "a.
The great bulk of the stock traded in, how
ever, display ed stubborn strength which
was sufficient to absorb the offerings. but
showed lack Of speculative forcing; and,
while the list was placed on a slightly higher
test than that of last night no movement of
note took place. In the late dealings
the reallzatlonS became more numerous and
some shares Welded enough to wipe out the
early gains, Northern Pacific preferred being
specially prominent in the movement The
market finally closed rather heavy under
these sales, but with most of the list still at
small fractions better than last night. Wa
bash is up ia, cotton oil u and sugar per
cent.
Tne Post says: An interesting contribu-
ton to the discussion of sterling exchange is
found in the statement that a large number
of matured coupons of American securities
held a broad and payable contract at par
This transaction has been made easy by the
wide. difference between present de-
mand rates and the par OF exchange
a difference amounting now to about
1c in the pound. and to nearly &C at the open
ing of this month. There is always more or
less of such advance remittance OF coupons
in the month preceding the date of pay
ment. but bankers agree that the amount
shipped from Europe since Dec. has been
much above the average, a fact doubtless at
tribuable to the very urgent demand in Lon
don for future bills of exchange, which made
the coupons a profitable speculation. Of
course, however. this means a corresponding
decrease in the ordinary supply of the same
bills next month; and as sterling rates have
been strengthened particularly of late by the
grain blockade and the CONSEQUENT tenn
porary scarcity in grain bills, it may safely
be reasoned that sharp decline in rates is
near at hand. The reduction in sterling
rates today indicates that the corner has peen
already turned.