St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-04
DIRECTORS
FINANCIAL.
New York.

New YORK. Jan. 2.-The stock market
opened the new year today with an active
and Duoyant speculation, the volume OF bust
ness being something unusual for the season
of the year,as we'll as for a half holiday be-
tween two full ones Among the active
stocks there was heavy buying in which
London was something of a factor. while the
demand from commission houses continued
undated. aud outside centers contributed
their quota to make one of the most active
Saturdays seen in year.
The feature of the dealings. however was
the large trading and very substantial adj
vances among the loW-priced shares which
are believed by some to have future. new
lead. common, scoring a gain OF tip per cent
though the greater part Of this was the sim
pie process of marking up which, how
ever, could not be urged against all of the
very material gains In the others. The in
duStrlals were especially conspicuous in the
outward movement, however, and, as lead
took the lead among the unlisted shares, SO
Chicago Gas led the listed stocks.
Among the latter however the demand in
Union Pacific. Wabash, New England and c.
c. G. d ST. j.. was sufficient to raise those
shares to the highest prices for some time
and among the loW-priced shares Oregon
Short Line. Hooking Valley and the cotton
Oil shares scored gains from one to three
points. The bank statement showed an ex-
traordlnary heavy expansion in loans, but
the receipts Of currency were such as to
cause only comparatively small decrease
IN the surplus reserve and it had no appar-
ent influence upon the course of prices.
The opening was active and generally large
fractions higher than Thursdays fig
ures, and while some sluggishness was
shown among the more prominent stocks
the concessions were insignificant and
others displayed the most pronounced
strength. Union Pacific was one of the
shares that made rapid progress. The market
finally closed active and buoyant at the top
prices of the day. The important gains
among the active shares were: Cottonseed
Oil, 1S4; Sugar. l; c. c. G. d st. Louis ia !;
Chicago Gas, 33s: New England, 1ss; Union
Pacific, Ia, and Wabash preferred ia The
trading reached 2i3,04 listed and 25,92S I'M
listed, Union Pacific contributing 23, $50.
The Post says: To London belongs the
distinction Of starting the upward movement
OF prices for the new year. Whether the
materially higher level of quotations prevail
ing on the early market there was due to
actlve foreign buying or only TO manipua-
ton matters little. 1t is beyond question, in
either case, that it reflected properly the
sentiment now prevailing in regard to Amer
lean securities. TraditiOnallv. today's bust
ness ought to have been of the most quiet.
and 1t is this succession of reversed prece-
dents and confuted predictions which makes
tne most conservative cautious in their OBJ
jections to the market.
Conservatism has proved almost as poor a
prophet as pesSlm1sm since the forces under
the present market began to surge. The
action of the market today was not however
altogether what should be called a healthy
movement. There was q considerable adj
vance in all the standard stocks, but the less
favorable feature was the extent TO which
the industrial stocks seized the leadership.
and especially in the second hour.