St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-29
FINANCIAL.
New York.

NEW YORK, April 2S.-The stock mar
ketS opened active and buoyant on the
result OF Yesterdays conference between
Secretary Carlisle and bank officials in
this city, the favorable reception ac-
corded the Reading plan of reOrganiZa-
ton and liberal purchases of securities
for London account. Early prices from
London came materially above our clos
ing quotations OF Wednesday, especially
Reading, which was quoted at the
equivalent of 307s. Hence the stock
here started off at figures ranging
from 2S to 80 against 20 Wednes
day night. Other stocks improved
a to per cent, the latter in
Manhattan. which sold up to 1.49. AS
soon as the foreign buying orders were
completed, the traders renewed their
old tactics of hammering stocks which
happened to be without effective sup
port. They were aided by the increased
strength of sterling exchange, and by
the weakness of Toledo, Ann Arbor Il
North Michigan and few others. The
first-named broke ~, the developments
in regard to the affairs of Vice Presi-
dent Ashley and his associates weigh
ing heavily against the stock. The an
nOuncement that a receiver had been
appointed at Toledo yesterday also tend
ed to induce further selling. DiStill-
ers was depressed by the uncertainty
relative to the proposed bond issue and
also in regard to future business man.
agement of the property. The general
market enjoyed rally after l o'clock.
butIWeakneSS again set i'll after delivery
hour, and the market closed weak in
tone at the lowest prices for some
shares and rally of q to Is for others.
The net losses for the day, in a majority
of cases, were less than per cent. Sugar,
Cordage, Missouri Pacific, Western
Union and General Electric closed to
IL lower, and Distillers 2X lower, while
Reading gained l Is and Louisville q
Nashville IL per cent. The dealings
were largely professional throughout
the day.
Bradstreet's weekly Wall street re-
view says: "AlthOugh partially reas-
sured by the presidents declaration that
the government would redeem the
treasury notes in gold, the attitude of
speculation during the week has in the
main been waiting one. The ceSsa-
ton of gold shipments and the fall in
exchange relieved it of apprehenSionS
of all immediate crisis, and gave a
strong undertont to prices, even if it
failed to encourage any decided move
ment. A demonstration of the latter kind
was indeed impossible in the face of the
uncertainty which at once arose as to
the means by which the treasury would
maintain its gold balances. 1T was
quickly appreciated that surrender of
gold to the treasury by outside banks
was likely to be followed by the reduc.
ton of reserve balances held at New
York, thus curtalling the supplies in
the central money market. The ten
dency OF the market during the latter
part Of the week was to await with
some anxiety the outcome of pend
ing conferences between the treas
ury officials and the representatives
of the New York banks. Europe.
while not selling stocks, was not pur-
chaser. Public interest is dOrmaDt,and
the professional operators, great and
small. were averSe to specializing on a
situation of so uncertain nature.
Bearish pressure was absent, but a GER
tain amount of liquidation in industrial
and fancy stocks has alone diversified
the market until Friday, when the an
nouncement of the Reading reOrganiZa-
ton plan made the stock the feature.
though rise i'll money at the close of
the day gave weak tone to the general
market"