St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-09
New York Stock Exchange
More Active Than for
Years.
Only Panicky Times Of 1885
Can Compare With Volume
= Of Business.
After a Day of Very Quiet
! Trading Chicago Prices
Turn Upward.
From a Half to One Cent Ad-
+ vance on Cereals, and Pork
Also Gains.

NEW YORK. Feb. S.-The stock market to-
day was more active than on any day for
years, and we must 90 back to the panic of
1856 for a parallel to the enormous business
transacted in both stocks and bonds at the
stock exchange today. The coal stocks were
again the great feature of the day, and the
unprecedented activity in Reading was not
only maintained, but surpassed the transac-
tons in that stock, being the largest ever
known on the exchange. At the same time
the late strength developed in the anthracite
properties was fully maintained. and heavy
advances were scored in all of them
For some time this morning there was
nothing in the market but the coal stocks
and Erie, which latter was also heavily in
demand on the theory that anything which
helped the coal trade was of benefit to
the Erie. The transaction in these stocks
were more than half of the total business of
the day. The improvements values was ex-
tremely sharp in the early trading, but with
the dminution Of the numerous trading
prices became more settled and, while the
best prices were not reached till the last hour,
there was frequent fluctuations in tbs down
ward direction.
The extreme advance in Lackawanna, how
ever, reached 6la per cent. in Jersey Central
IA, and i'll Reading 4sS per cent Delaware g.
Hudson being more moderate in its changes.
while Erie rose 2ls. The strength in the coal
stocks did not affect the rest of the list to any
appreciate extent during the early trading.
and bears and traders were still disposed to
hammer the general list as usual, and in
Union Pacific over per cent was lost before
the stlmulous reached the rest of the list.
The steady and unprecedented gains, how
ever, made the shipments uneasy at last. and
as The morning wore away more attention
was paid 10 the grangers, Louisville d Nash
vile and Northern Pacific preferred, Us we'll
as some of the low priced specialties.
Prices began to rise, and before the close of
business the early losses had not only been
recovered. but material amount in addition.
Huntington, Northern Pacific preferred.
Union and Pacific Mail, Union Pacific and
some others being by turns remarkable for
the advances made. There was sharp re-
action in the coalers in the last few minutes,
but while Lackawanna dropped from 159 to
l3I, 1t closed at 15sis the others in proper
ton. The rest of the list were sold well. and
the market closed active and strong. gener-
ally at close to the highest figures of the day
The final changes in the general. list are all
Iractonai advances. but Lackawanna is up
6h. Reading 4, Jersey Central jl2 and
Erie Is.
The Post says: The plain explanation of
the fluctuations of the active stocks lay i'll
the perpleXity of the traders. Taken as
whole, the professional element was pretty
much converted to the bull side by the signs
and wonders vouchsafed in the coal stocks.
The change in sentiment was very pro-
nounced, but 1t did hot express itself in the
market as promptly as might have been
expected. There was good deal of
hesitation which did not give way until n
renewed advance in Reading stimulated en-
thusiasm. This happened in the last hour
at which there was marked improvement
throughout the list. During the last half
hour of business the movement of coal stocks
themselves once more oyershadewed every
thing else in the market and, although The
trading was in small lots as compared with
the earlier huSinpS nrifaS m nttI II n
such pace as to sweep aside. for the time
being. opposition ia almost every quarter of
the market. e.~
PHILADELPHIA, Feb s.-The Enquirer says
the rise in conl stocks is due to the operations
of syndicate of bankers headed by Drexel--
Morgan in harmonizing the interests of the
great corporations now engaged in produc-
ing and handling coal Each railroad COM
pany will secure control the tonnage orig
mating along its line, thus limiting the mum
Der OF sellers TO seven or eight.
Total Sales of Stocks
foday vrara e0S Sol cborac ipolud;or.