St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-01
FINANCIAL.
NaW Work..

NEW YORK. Sept 30.-The stock market to-
day was as narrow as usual. but the ANNA
ton infused into few stocks by buying for
the account of outside spectators gave the
and in the few stocks which were largely
traded in substantial movements occurred.
New England again assumed q commanding
position in the market under heavy buying,
which was believed to be partly for Boston
and partly for Chicago account, and, while
there was nothing definite revealed to show
the basis of this confident demand for the
stock, it was rumored that the buyers
which will act favorably upon the
stock. Another active stock was Chicago
Gas. which was sold heavily in the early
trading, but equally heavy buying soon raj
lied the stock completely. Distillers' also
came in for a share of the new buying. and
improved materially. Another important
feature of the day was the strength exhibited
by the Richmond IL West Point securities,
especially the 5 per cent.
The meeting of the coal sales agents has
had the effect of making waiting attitude
on the coalers, and while Reading was very
active, especially late in the day, when the
efforts to get it down became most mar ked,
it was held within range of I per cent all
day long. and closed within y per cent of its
last nights pIice. despite the pressure
brought to bear. The ether coalers were
almost entirely neglected.
The effect Of the application for a receiver
loss of 70 per cent. with the stock firm at the
rally while the various rumors about differ
eEt parties seeking control OF New England
resulted in rise of .5s per cent for that
stock. The only other important change for
the day was in Distillers which is taken care
of by The insiders. and gain of 2lS per cent
for the day was scored. Other stocks were
quite neglected, but a firm tenn per in the
early dealings was followed by a general re-
action when the rise in New England cul-
minated. but despite free realizations in the
late trading the market closed rather firm on
q slight rally.
Bradstreets weekly review of the stock
market:
Speculation in the stock market has as
sumed narrower dimensions. The present
week has not been without further evidence
OF underlying strength, but the improving
tendencies have been confined to limited
movements III particular stocks. The firmer
feeling of the money market appears 10 eX-
erc1Se restraining influence, and checks the
freedom with which manipulative interests
have of late created advances in values. a
rapid reduction of the reserve balance of
country banks in this city seems to be now in
full progress. Within two weeks the deposits
of the associated banks show decrease or
nearly $1,000 ,,000 and the outflow this week
is believed to be heavier. Tangible evidence
of the process is afforded by the stronger
condition of rates for call money. which adj
Yanced to sGl6 Ter cent, and. though subject
to variations, are more firmly held than has
lately been the case.
AT the same time this tendency in regard to
money has not been without favorable feat
ure. The advance of exchange rates, which
i'll the beginning of the week seemed likely
to lead to renewed gold exports, has been
checked, and n recession in quotations for
bankers sterling again removes danger from
that source Nevertheless, the stock market
has been affected and has dubious and I'M
settled financial outlook. outside partie-
ipation shrinking to still smaller dimensions,
while the operations of bull operators in
various specialties have displayed a cautious
and hesitating disposition Foreign opera
tons in this market continue TO be upon a
very limited scale. The trading in Americans
in London has fallen away, and little influ-
ence has been experienced from that quarter,
though the tendency has in the main been to
sell.