St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-25
FINANCIAL.
New York.

New YORK, Oct. 24.-The specula-
ton on the stock exchange today was
on scale of magnitude to which Wall
street has been long stranger. The
peut-up forces held in check by the I'M
certainty of the financial situation, and
which it was expected would not be
given rein until the silver question was
definitely solved, were Embossed by the
Vanderbilt Maxwell combination in the
coal stocks. The acquisition OF VAN
derbilt interest in the coal roads was
looked upon as going far towards plac-
ing the shares of these companies in
position from which they might be taken
out of the purely speculative list and
given an investment character. Wnen
the fact became known that Will
lam K. Vanderbilt was already a
large holder of Lackawanna, and
was in touch with the Maxwell
party in New Jersey Central, the street
took great deal more for granted, and
at once figured out great futures for the
stocks of all the coal roads. Reading
was made center OF attraction, and
large blocks of the stock changed hands,
the sales of these shares alone aggre-
eating over $4,000, and being taken in
heavy blocks. Sales were made in lots
of 4, 500, $500, 400, 5000 and several of
1000 and above, and with all the tnc-
tuation did not exceed ~ per cent. and
the advance on the day was only "a per
cent, the closing price being l per cent
below the highest touched. Lacka-
wanna, which opened at a decline of ~
per cent. fell off 8 per cent more
on the early dealings, recovered
IA, reacted AZ, rallied AZ,
and reached 1 per cent, closing
at decline of 81 from yesterdays final
sale. Delaware d Hudson lost % per
cent on the day. the fiuctuation being
within per cent. New Jersey Central
opened at an advance of ~, butquickly
declined 2%, closing a per cent above
the lowest quotation made, and N
below yesterday.
Sugar was the feature of the general
| list. While fairly active in the fore
noon, it was not until the afternoon
| that the great movement therein took
place. Opening at last nights closing
price, 97sl, the stock gradually dropped
| to 9711s, then moved up slowly to 9955,
receding to 9S5s at noon; then came
very strong buying movement profess
| sionally, based on the certainty of the
passage of the silver bill. As the shares
moved toward par, remark OF James
| r. Keene, made some time ago, that he
would put the stock up to 100,
was recalled, and that was taken
as the probable limit Of the adj
vance, but the stock did not lag a
moment at the century mark, but on
| brisk buving moved up to 104H, an ad-
vance OF per cent from the low level
| of the morning. This great movement
| in Sugar was attended by considerable
| excitement, the big purchases being
credited to Messrs. White and Well and
| the Havemeyer interest. The phenom-
email rise induced realizations and
hn inn IN
| fuence Of which the price broke to 991a,
the quotation at the close. decline of
| Ak from the top notch, but an advance
| OF ~ from yesterday. Sugar pre-
ferred did not follow the vagaries of
| the common, but rose per cent on
slight business. New York, Chicago
& st. Louis was favorably affected by
| the coal road combination, as it is Sug-
gested that the Vanderbilt interest will
incline toward making this road
Western outlet of Lackawanna, aud
thereby materially increase its earning
| capacity. The first preferred stock
rose Z; the second preferred ~. and
| the common "a per cent on the day.
The general market was regular dur
| Ing the morning hours, but became
strong in the afternoon. The chief adj
| yances not already noted were: Lead
preferred, a: Evansville q Terre Haute,
4; Pittsburg & Western preferred, 8;
Minneapolis & st. Louis preferred
trust receipts, ~; c. c. C. & st. L., 2Ss;
| Toledo, Ann Arbor Sc North Michigan,
| ~; st. Paul preferred and Minneapolis
& St Louis common trust receipts, 2.
The railway and miscellaneous bond
market was strong until near the close,
when reaction occurred. The princi-
pal changes and advances: Hooking
| Valley skies, 5; Kansas Pacific consuls,
| 4: Toledo, st. Louis & Kansas City, 81;
| Western Pacific f1rsts, Iowa Central
tonic firsts skies. 8; Reading first pre-
| ferred incomes, 2&,