St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-31
FINANCIAL.
New York.

NEW YORK. Oct. 29.-The opening OF the
stock market this morning was awaited with
no little anxiety by the bulls, as it was feared
that the great fire i'll Milwaukee would have
a bear influence on prices. the unexpected,
however, happened again, and outside of st.
Paul, which fell off IS to 70 on report that
the company had sustained damages by the
fire, the market was tolerablv steady, while
New England was exceptionally strong. 1t
was subsequently stated by Vice President
Bond, of the st. Paul road, that his company
had not lost a dollar, as its property is not
situated in the burned district
After the opening Distilling & Cattle Feed
ing was subjected to a severe raid, and th"re
was break from 81 to 6la4. The old reports
about fresh issue of stock to pay for new
property were revived, and again denounced.
One per cent was bid for the next quarterly
dividend. 1t was noticed that the demand
for the stock in the loan crowd was decidedly
better than for some days past. which indi-
Gates an oversold condition of the market.
Chicago Gas was also hammered down from
934a to 92k. The general list weakened SYM
pathetically.
In the last hour of business there was dis
tinct change for the better. owing to the IA
vorable exhibit of the associated banks. The
street had expected a loss of about $500, DOC
in reserve, whereas a gain of Sl,56l. $50 was
reported. This places the amount held in
excess of legal requirements at 3.S93, SIS.
In 1891 it was Sl2 1853 525 and i'll 1892 S70l, 9Sl.
AS the morning grew to q close the bulls be-
came more confident and advanced prices
right through the list. Distilliug aud Cattle
feeding recovered the early loss and sold at
6iIs. Chicago Gas ana the Changers rallied
sharply, while New England lost part OF the
early gain of 7s per cent.
A conspicuous feature of the later trading
was the activity in the specialties. New
York & Northern preferred was the first TO
start, and on large transactions for that stock
advanced from 20l2 to 23A. The rise was at
tributed to statements that the road will be
taken into the latest Reading deaf because of
its connection at Brewsters, in this state.
with the New York & New England. Man
haitian was tirmer at l64. 1t is stated that
William G. Whitney, who is also largely in
terested in the New York d Northern and
Metropolitan Traction mpanies, will be
given place in the Manhattan directory at
the annual election on Nov. 9.
Ontario & Western rose from 10 to 203s on
vague rumors that the Vanderbilts HAD acs
quired block of the stock. New York, Sus-
1uehauna & Western common moved up to
1yss, and the preferred jumped from 6eI2 to
rs. 1t is currently reported that this road is
also to figure shortly in an important rail
road deal. General Electric advanced to
lis rs. The market closed strong. The total
sales of stocks were 165,964 listed and %, 49l
unlisted stocks.
The Post says: 1.-The course of the local
money market is puzZling 10 those who have
reckoned on the growing stringency. But to
those who have recognized the part played
in the recent advance OF rates by the
expectation of continued bull move
ment in the stock MARKET this week s
slackening i'll demand is not at all
surprising. 1t is to this diminished demand
for money and not to a diminished supply
that the decreased loan account of the DAYS
bank statement is attributable The increase
in specie and legal tenders. moreover re-
fleet decided change in the movement of
currency. decreasing demand from the
interior has been noted for fortnight past.
/. oihing. indeed, has proved the change in
this regard more clearly than the slower in
crease in the treasury gold supply So long
as the New York banks had to get treasury
currency for westward shipments, and had
to pay gold TO get it. the governments gold
reserve piled up with great rapidity In the
first two weeks of October the treas
ury's gold balance increased at the
rate of nearly S2G000n0 week.
Since then the increase has fallen to q weekly
average of less than half million. This fall
ing Off in the interior movement has in
f1uenced the feeling of lenders and decrease
in stock market activity has at the same time
cut down the demand from borrowers How
the situation will operate on next weeks
money rates may De problematcal for inter.
est charges still reflect sentiment and eX-
pectation. Meantime, of course, the return
ing ease of our money market, coupled with
the tightening market abroad diminishes the
probability of immediate gold imports.
The Total Sales of Stocks
today were COO shares, including:
Atchison. 2,700INew England. Is. 500
burlington ~ S,390lOntario L. West Is. 2cG
Chicago Gas -. II. 00J Reading G. 400
Distillers. 4IS10lSt Paul. .... 5000