St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-12
FINANCIAL.
New York.

4NOW VITA
NEW YORK, Sept. 1.-THE conditions
which prevailed at the opening of the
weeks business OH the stock exchange
were entirely favorable to bear move
ment, and it was natural to anticipate
material decline as the result of the
days dealings. But it was the unex-
pected which happened, and save in a
few Instances the general railway list.
and the industrials as well, show SUBJ
stantial advances as compared with the
closing figures OF Saturday. The intlu-
ence of the bad crop reports had de-
scended upon the street before the
trading began, and was supplemented
by reports of decreased traffic re-
turns of the general roads, coup
led with rumOrs of division
of sentiment among the directors of the
st. Paul road as to the advisability of
declaring dividend. The weakness of
American railway shares on the London
stock exchange was also in the interest
of the operators on the short side, and
to this was added heavy selling orders
in London, which included almost all
the foreign SpecialtieS. 1t was not I'M
natural, therefore, that the bears should
decide to take advantage of the depres-
sing motives, and they did start in right
at the opening to hammer down the en-
tire active list. Their success was but
temporary, very little long stock was
brought out as result of the at
tack, and there was remarkably
The shorts were surprised at
the reserved strength of the market,
and possibly trifie alarmed, and the
pressure to sell was removed, where
upon prices quickly took an upward
turn, and went above the prices at the
opening, which were all lower than
Saturdays closing. In many instances
higher figures were reached than pre-
vailed at the close of the week. The
rise, however, induced realizations, and
assisted by the liquidation of some
pools in the industrials, caused a reac-
ton. A period of unsettled speculation
followed, during which the market
fiuctuated within narrow limits. the I'M
dertone being inclined to strength
rather than weakness, which gradually
led toward higher figures. and dur
ing the greater part of the afternoon
the bulls were in the ascend
dant. A factor in the upward
movement undoubtedly was the ease in
money and the return to the normal
methods of transacting business by the
banks in making deposits of currency
with the subtreaSury. against certified
checks for customs duties, and by the
custom house in again accepting certi-
ned checks for duties, which go to show
that the movement Of money towards
the metropolis is removing the last
vestiges of the famine in currency
which prevailed for so long time. To-
days market with late dealings was de-
cidedly strong. and the general list
closed in most instances at or near the
best figures of the afternoon, and
at a material advance OH Satur-
days closing. ST. Paul was most
active in the dealings, opening at de-
cline of IS per cent, making further
decline of l per cent, selling up 31s per
cent, closing at a reaction of u per cent.
but Is higher than Saturdays closing.
Other advances on the days business
are Manhattan Consolidated, 6: Wheel
ing d Lake Erie preferred, 35S: New
Jersey Central, 81; Lake Erie IL West
ern preferred and Consolidated Gas. 8:
Delaware. Lackawanna IL Western, ~:
Pacific Mail, ~; Pullman, ~;
Tobacco aid Northwest, *, and
Cotton, Sugar, California Southern.
Lead, Hooking Valley. Minneapolis Il
st. Louis preferred Toledo. Ann Arbor
u North Michigan. Pittsburg & West
ern preferred and Richmond terminal
| preferred, each l per cent. Among the
| of B@X per cent are Louisville d
| Nashville Illinois Central, Baltimore IL
| Ohio, Denver x Rio Grande preferred:
Erie, Reading, Ontario d Western and
Union Pacific; General Electric opened
per cent down, rose 81, reacted 2 per
cent; closing at recovery of g and q
above Saturdays closing. 20
The Post says: By far the most strik-
ing phenomenon of the stock market ia
the continued scarcity of stocks. At
the elimination of each successive up
ward movement, the loan market seems
| TO indicate an exhaustion of the de-
mand, and consequent tullness of sup
| ply for stocks. But no sooner has the
downward reaction proceeded for day
| or two than lOaning rates draw tight
again, and the short interest is forced
| into the market as bidder. For this
condition of things there are only
two conceivable explanations. Either
| the short interest of the panic has
still failed TO complete It's cover
ings, OF there are buyers who are
taking their purchases continuously out
of the market. Probably both factors
| have contributed. Yet London is Ger