St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-10
EINANCaAL.
New York,

New YoRK. Dee 9-The stock market was
ell one way today. and that i'll an upward dl-
rection. majority of the traders left the
street Yesterday i'll q decidedly bearlsh frame
of mind. the tear of gold exports having IN
duced them to go short of the active railway
and industrial stocks. Distilling and Cattle
Feeding received special attention from the
bears, and the stock was made to close at Its
lowest price-G1. Chicago, however was
liberal seller This morning the stock opened
al 61l2, and in a jiffy sold up to 6sH. The
rise was based on the announcement from
the West of a further advance in high wines
of &c or Ice for the week The develop
ments over night in Disiillng and
Cattle Feeding put the smaller shorts to
flight and there was rush TO cover con-
tracts. Leading bankers, usually prominent
in gold export movements, stated that they
would not ship any metal this week, and II
there wasa moderate improvement in the
supplyof bills they would ship next week.
This aGded 10 the discontinue Of the shorts.
In regard TO Western Union IL was definitely
stated that. responsible parties had made
Russell Sage an offer for MS holdings. The
price rendered it is understood. is above
current. market quotations. The general
stock market closed strong to buoyant.
Bonds were firm The sales were Sl, 10000.
of which S35S 900 were Readings.
The rumor afoat on Wall street this after
noon that DreXel, Morgan u Co. had acquired
control of the Gould holdings IN Western
Union is said To be untrue. 1t probably
started from the fact that there are unmis-
taxable indications that DTeXel, Morgan &
Co. have been buying up Western Union
stock, butnot for the Gould interest. Aside
from this the rumor in regard TO Manhattan
and Missouri Pacific may be expected any
day In point of fact, DreXel, Morgan d Co.
present larger holdings III both corporations
than the Gould holdings. There was nothing
to show that the Gould family desires TO dis
pose of any of their interests. Mr. Bowdoin.
of the firm of Drexel, Morgan y Co., said in
10
bought the Gould Western Union stock.
There is nothing in the story. II is mere
nonsense.
Bradstreets. in its Wall street review for
the week, says Speculative feeling has
been influenced to some extent during the
past week by the increasing prospect that
the Brussels conference will be barren of re-
suits. A movem mt for the repeal of the
Sherman act is believed to be inevitable in
that event and the uncertainty of the situa-
ton is unqucstionably productive of heSita-
ton in speculative circles. Such views
were reinforced by the strength of the eX
change market and the apparent possibility
of furthc: gold shipments, the conditions in
that connection being adverse to bull.
ish developments i'll the market On the
other hand the beginning of the week was
marked by q certain degree OF strength i'll
prices. due to an idea that the disappearance
OF Mr.. Gould us factor i'll the railroad stu
alton NAV bring other interests to the front
GRAFT and Furthermore eliminates the power
full position to the plans of rival managers.
This tendency, however, Was not permanent,
and. the market being entirely in the hands
of the traders. reverted into an exceedingly
duh condition. attended by more or less sag
ging of values, due to the expectation of gold
shipments.
At the close of the week stronger tone
was shown, although the activity was still
limited the movement being due TO the prob
allie postponement OF gold exports till next
week, on which fact portion of the room
traders fastened to cover their shorts, thus
causing advances i'll prices The fact that
the London market has quickly recovered
from the apprehensions created by the I'M
promising results at Brussels also had ben
eticial influence though the absence of for
eign participation III this market continues
to be suhject.of concern i'll speculative cir
cles.
The Gould stocks occupy much more
prominent position in the market than of
late 1t was foreseen that the late finaneier's
testamentary disposition would involve the
placing in trust for his heirs of the control
ling interests in the stocks with which he
was identified, while the fact that he has had
for several years no speculative interest i'll
the market at last became apparent to Wall
street Instead of the liquidation which has
been anticipated in the event of MIR. Goulds
death, there was Il marked appreciation in
his especial securities, due partly to support
from large financial interests, but more TO
covering of shorts and buying OF the kind al
ready referred to.