St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-14
FINANCIAL.
New York.

new 1OEAs
NEW YORK. Sept. 13.-The special
feature of today's market on New
York'S stock exchange was the remark
able rallying power of the active list
after the successive declines which
were established by the bears. The
short interest used its only effort to de-
press prices and took advantage of
every point that could be twisted into
an unfavorable light. The sudden
death of eX-Gov. Ames, of Massachu-
set ), was put into service at once to
depresS the leaders of the market, he
having been closely identified with
Union Pacific. Western Union and
General Electric companies, and heavy
lender upon whom the largest corpora
lions frequently drew when the occasion
required. Union Pacific and General
Electric were the stocks most freely sold
Oh this news, the latter recedIng ? per
cent and recovering per cent, and the
former selling off rs per cent and re-
covering rs per cent. mainly on buying
for the LoudOn account. Sugar, which
Is quoted eX-dividend of 2 per cent to-
day, opened at decline of q per cent
and fell off an additional 81. A strong
buying movement, however, was devel-
oped III the shares by tie decline, and a
jump upof per cent was quickly made,
III the belief that the purchases were for
the account of purchases were for the
account of bull pool organized before
the close of last month. Later IN the
termined attack on Sugar, fore
But they failed to bring ont any serious
amount of long stock, and the pool
brokers took all offers, sending the
price Is beyond the best figures OF the
morning. the close being only u per
cent OFF from the top notch, and count
Ing the dividend q per cent higher than
at the close yesterday. COrdage felt
the favorable influence of the progress
made toward reorganization and estab-
llshed an advance of l q per cent on the
day in small voluTe of business
Chicago Gas, although subjected to a
bear attack, reported to be manipulated
from Chicago, at no time fell more than
q per cent below yesterdays closing
moved it went up briskly 2l4
per cent, reacting rs per cent
and closed g per cent above yes
terday. In the general market fuctua
tons were frequent but narrow, and in
The main the tendency was upward, eS-
pecIally in the late dealings, when
strong tone developed and nearly every
stock i'll the list participated in the con-
Sequent advance. the extreme range OF
which was 16@$4 per cent on last
nights closing, Manhattan conSoli-
dated leading. Wisconsin Central gain
ing 2115, Evansville IL Terre Haute aud
Green Bay preferred 2, Lackawanna
~, Louisville Il Nashville ~, Erie
| fSn oil
chief declines were Norfolk Il Western
preferred IA. and Union Pacific,
Denver II Gnlf, Louisville, St. Louis
IL Texas, ana Buffalo, Rochester Il
PlttSburg each per cent. The senate'S
action in regard to the question, un-
doubtedly helps the bear side of the
market by keeping out OF the specula-
ton many who are awaiting the final
solution OF the great financial problem
which is being slowly worked out at
Washington, before entering upon a bull
campaign. The trading is overweight
ed by this delay of the senate 10 reach
the issue and until the silver bill is out
of the way the market will not be with
out its periods of feveriShnesS and de-
preston. independent of any other
moving influences. The railroad bond
market sympathized largely with the.
share speculation and was strong at the
close. ' s.. 80
New YORK, Sept. 13.-The Post says:
The professional spectators are now
fairly unanimous that the advance in
stocks has eliminated. They have GER
tainly been encouraged in their eXpec-
latlon of downward reaction by the
pause i'll the upward movement and the
return of inactivity. But they have not
been able to accomplish much in con-
firmaton to their belief. The market
was put to test yesterday and again
this morning, and it still showed SIN
gular resisting power. Today each
successive effort to break down prices
developed the now familiar elasticity of
the market, and was followed by rally.
Business was. however, very light all
day. The curious feature of current
operations is the effort made to magnify
the importance of minor incidents,
when developments SO much more seri-
Gus were near at hand. The bad Sep
tcmber crop report and the enormous
ShrinkageS in September railway earn
ings are almost wholly ignored; instead,
Wall street is invited 10 witness de-
cline based on the passage of the Lee
high valley dividend or OH the death of
eX-GOv. AmeS. Tie trivial character of
these operations shows plainly enough
that. whether the market be active or
dull, the advantage Of the situation is
on the side OF the market supporters.
How long it will remain so is another
question. London's short interest and
local spectators will probably contri-
butte later on a good supply of buying
orders, but it's growing to be problem
where the subsequent support at posi-
bly, higher prices is 10 come from.
SEocks-C:ostng