St. Paul daily globe., 1892-12-30
FINANCIAL.
New YOrEk.

NEW York, Dec. 29.-The temper OF specu-
lation at the stock exchange today was 1e-
cidcdly bulliSh from start to finish. Prices
advanced right through the list, and III many
Instances the improvement was quite pro-
noun ced The bears attempted TO check the
upward movement by. attacking Northern
Pacific preferred, but as the firms
who have been carrying large amounts Of
that stock lquidated yesterday, they made
little impression on the price. The lowest
quotation touched was 447S, and rapid ad-
vance of two points ensued. The failure OF
Wayland, TTask u Co., had 10 effect, because
it was thoroughly understood that the firm
had no outstanding contracts OIL the eX-
change. The improvement in the stock was
stimulated by statements made by Director
c. B. W fright TO the effect that the company
was provided with the money needed TO pay
the January interest and was otherwise
ted occupied large share Of
attention and ranged from 14CA to 1904.
The stock made its big advance after
it became known that but one bid has been
made for the franchise of the proposed un-
dergrOund scheme, and that the rapid transit
commission had rejected this bid. The idea
prevails that the Manhattan will now be en-
able1 to obtain the terminal facilities and
other privileges which the management has
been fighting for some time past. In sympa-
thy with Manhattan, New ork d New Eng
land and New York d Northern preferred
moved up over point. The coal stocks were
prominent advancing l@3l2 points. The
story that the Reading is 10 issue Slb,0oO 0pO
new bonds was denied and at the same time
it was given out that the annual statements
of the Delaware LGckawanna ~ western
and Delaware d. Hudson would show earn
ings largely i'll excess of the dividends paid.
The Eastern and Western trunk line shares
were in good request, but ST. Paul was the
special attraction and sold up 1SB to 77$4
| There were Indications that the shorts i'll
Union Pacific we're becoming alarmed and
that the insiders were taking hold for raise
! Oh the expectation that congress Will legis-
| late in favor of the company after the holi-
davs Among the industrials, Distilling
and Cattle Feeding and Chicago Gas
! were taken freely, and advanced 1S402 per
cent. The ease in money and the quietus put
upon the talk about gold shipments by the
decline in sterling exchange had a beneficial
| effect The banks and trust companies are
| diGbosed 10 lend more freely because the
moveme of currency from the West toward
this center is increasing. The foreigners
were BUYERS of their specla1ties TO moderate
extent. and leading banking houses look for
| increased European buying afler.the opening
| of the new gear. The market closed strong
! aud on the advance.
The Post says: The sharp recovery in
| Northern Pacific securities today reflected
| the general opinion that yesterdays bear
move i'll that quarter was decidedly oyerdone.
| Even the forced liquidation of one long ac-
| count, which was the immediate object of at
tack, could hardly have justified u break of
! such dimensions Moreover, the ''beaI
stories about the companys finances today
reached a point where their serious
| consideration became hardly possible
| On data curiously vide of the
market, an elaborate analysis of
| the Northern Pacific debt was published
| this morning, in which the chief argument
was that since an increase OF S44, 600,000 in
| bonded debt during three years bad accom-
| panied an increase of LOCO miles i'll road,
therefore the new lines had cost $4,000 pei
mile. This peculiar computation, even if the
figures used had been correct, left wholly out
| of consideration the very large and profitable
| expenditures in Eastern and Western ter
minal properties, leading feature of
the c9mpanys @ recent finance ripg,
line bonds had been funded into the
consolidated mortgage except the 81 .00t
| Oregon Transconunental tirsts was fully as
extraordinary Statements are accessible
| showing that no less than S29, $4,000 of the
consolidated 5s have been issued for exactly
this purpose, and that the securities depos
! tied in trust against them represent not 1000
miles of new road, but more than 1,3J0