St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-10
STOCK MARKET STRONG.
Favorable Influences Cause
Marked Improvement.

New YORK, Jan. 9.-The stock market to-
day was strong throughout and the result of
the trading is a decided advance in many
stocks, among which Manhattan, Union Pa-
cific. Wheeling & Lake Erie, both common
and preferred, Luckawanna and Sugar
Trusts. There were many favorable influ-
ences at work to cause the improvement in
prices, and chief among these was the pro-
ceedings of the railroad conference now
in session in this city. Money continues
to rule easier, and the supply of
stock offering is not excessive con-
sidering the demand. To-day, while
there was undouDted manipulation for
higher prices in some of the leading special
ties. this very fact induced considerable COW
ering of shorts. Some long stock was sup
piled by insiders, but it is we'll known that
large short lines have been covered which
were put out at from to 3 points lower, and
this indicates that the professionals recog-
niZe the strong foundation which the market
now rest upon. The great feature of the
market was the manipulation OF sugar. 1t
was of the old-fashioned kind. and resulted
in a rise of over 3 per cent, the amount of
business done in it being largely increased.
In the general list the upward movements
were on much smaller scale, but were
based OH much tirmer foundation;
and while there were periods
of dullness and some reaction. the
upward movement met with no serious inter-
ruption during the day. The opening was
strong, and during the forenoon the heavy
covering of shorts sent prices up rapidly,
and while the movement was much less pro-
nounced later in the day, the strong tone was
never impaired. Atchison rose on the re-
ports that Mr. Gould had bought large block
of the stock from the Earrings and in the
Wizards which were prominent, though there
was manipulation for higher figures. sup
posed to be by the Standard oil interest. The
grRngers were all strong on the results of the
conference. but no marked gains were
scored outside of Rock Island, which has
late. The close was strong and confident at or
near the best figures. Reading is the
only one among the active stocks showing
decline this evening, and among the i'm
portant gains are Sugar Refineries, 8 per
cent; Rock Island and Northern Pacific, each
IS; Wheeling and Lake Erie preferred, ll2 !;
Western Union, st. Paul and Colorado Coal
each IA; Wabash preferred, Ia, and Mis-
souri, Pacific New England and Northern Pa
cic preferred, each per cent. Railroad
bonds were more active than at any time for
long WHILE certainly since last spring, and
with transactions of So, 972, 900, material
improvement was made in prices all along
the line. The only marked exception to this
sold because of the non-paynent of inter-
est on the income. There was again
great activity in spots, and Atchison
incomes furnished $29S, 600, the Texas Pa
cific incomes $50. 900 the Northern Pacific
fves S232, 90. and the Kansas Texas Sec
-onds Sl35. 600 to the grand total. Kansas u
Texas seconds rose 3s4 to 44I2: Toledo St.
Louis d Kansas City frsts, 2 to 87l2; Louis
Vile, ST. Louis & Texas firsts, 2 to 80. Gov
eminent bonds have been dull and steady.
State bonds have been dull and firm. Pc
troleum opened steady, but soon became
weak and declined csc on selling by the
West then became dull and remained SO I'M
til the close. Pennsylvania oil spot opening
at 73s4c; highest, 7334c; lowest, 7334c; clos
ing at 73s4c; Pennsylvania oil, February OPP
ton, opening at 74a4c; highest, 7484c; low
est, 737sc: closing at 74c. Lima oil, no
sales. Total sales. So. OOO bbls.