St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-21
BROUGHT A DEMAND.
Stocks Displayed Greater
Strength Than Was Ex-
pected.
Large Buying Orders Turn a
Decline Into an Ad-
vance.
Heavy Traffic Stimulates
Speculation in Railway
Shares.
Strong but Irregular Market
During the Past
Week.

NEW YORK, Oct 2O-The stock market dis
played greater strength TO-DAY than expected
in view of the protracted holiday, the stock
exchange having resolved to keep closed
until Monday morning next. The early trad
ing afforded indications that the bears in
tended if possible to use the approaching
holiday as pretext for reaction. New Eng
land was sold with considerable freedom
down to 1894 decline of nearly point
from last nights closing few other stocks
were also raided, but fractional declines re-
suited IN bringing in large buying orders for
the railroad as well as the industrial shares,
and a general advance followed.
Speculation in the railway list was stimu-
lated by advices of heavy freight and pas
senger traffic over the Western lines. Big
Four advanced 2, and the others l2 to per
cent. the prices attained being the best for
some time. Reading, which has been heavy
for some days, started on the up track, and
advanced over point, but lost half the i'm
provement before the close. Northern Pa
cific preferred advanced a little over point,
and held firm at the close at about so. The
market closed firm.
The Post says: The course of today's stock
market was q foregone conclusion. Every
body knew that since the weeks opening d
rather timid short interest had been created
which, in view of the triple holiday, would
hesitate to remain uncovered. Hence, no.
body was surprised today at a handsome gem
eral advance. All of the industrial stocks
developed their usual anti-holiday buoyancy
without exciting any particular attention
Northern Pacific stock barely stirred not
withstanding the appearances of its detailed
annual report AS whole, the market
closed very dull and firm.
Bradstreet in his Vail street review for the
week says:
while the underlying tone of the New
aha ha
action, owing to the interposition of disturb
ing factors. has been some what Irregular. In
the early days of the week speculation as
sumed decidedly bullish tendency, reports
of heavy railroad traffic and earnings supple
menting the influence of renewed foreign
demand for American securities. Later on a
reactlonary disposition was displayed, the
two DAYS stock exchange holiday discourag
ing trading, while the interruption of bust
ness from the celebration in Chicago kept
one of the most important speculative ele-
ments practically out of the market
"The action OF the money market was an
other unsettling factor. Although the surplus
reserve of the New York banks is now down
to neatly $780, 900, there is little real appre-
hension of strlngency. and banking authori-
ties are inclined to believe that the drain OF
funds to the South and West in connection
with the crop movement has reached its lin
its. and will SOON be succeeded by return
flow. AS it is the market is well supplied
with money, and transactions can be effected
at the legal rate without difficulty. The por-
ton of the market which is really effected is
the call loans. with which the requirements
of the stock brokerage community are
supplied. The supply is necessarily
limited. In spite of the variation in rates
this week. bankers balances command per
cent Such a level of rates necessarily i'm
poses limitations upon the market, the neces-
sity of paying full interest for money being
the more disagreeable because the street has
become so accustomed to easy conditions
ana low figures. This of itself inclines the
professional element to the bear side, and
there has accordingly been renewal of OPP
erations for that side of the account.
1.-The fading out of the rosy views about
the New England property, al the danger
Gus nature OF the last attack which the New
Jersey authorities have made on the anthra-
cite combination, furnished additional cause
for bearishness, though it must be said that,
save in a few instances, the declines have
been inconspicuous in their nature.