St. Paul daily globe., 1893-01-17
FINANCIAL.
gew York.

NEW YORK. Jan. 16.-Wall street
was still in bullish humor today, and
the evidences multiply that outsiders
for the time being have taken the course
prices out of the hands OF the trading
element, who, having completed their
deals Oh the long side, are now working
for a reaction. In this design they we're
aided somewhat by sales for London
account. but the volume of trading by
the foreigners was small and had little
or no effect upon the market. In
tiuential commission houses were
unusually active on the buying
side, and their purchases followed
the market to the highest points.
The market broadened still more, the
distribution of business being mos eX
Cellent. while all the active stocks par
ticipated in an upward movement, with
one marked ceptiOn-Manhattan A
feature Ofathe days operations was the
increased animation and strength in all
the coal stocks. and Reading. especially
during the forenoon. was very heavily
traded III at advanced prices and finally
scored a net gain Of IL per cent. The
bears. however, say they are counting
on the TemarkIng up Of the Reading.
The other coal stocks, however, were
even stronger on much smaller vol
ume of business, and Jersey Central.
after recovering its dividend right at
the opening, scored a further advance
of about % per cent. Delaware u HUd-
son and LackaWanna were but little be
hind, and the last named, aIter a re-
action of per cent. closed with gain
of l5s.
The pressure upon DiStillerS' was re-
lieVed, the story on the street beng
that an order to sell $4,000 shares had
been executed within the last few days.
There was no pressure on the stock to-
day at any rate. and, instead OF the
usual drop of about 4 per cent at the
opening, q substantial advance was eS-
tabished. which was gradually id
creased during the day untIlIt mounted
to 418 per cent. the closing price being
the best OF the day. The other indus
trials were strong throughout, but the
advance OF , per cent in Sugar was
not surpassed. The only weak spot was
found IN Manhattan, Ill which iqulda-
ton still progressed. ana from III IT re-
tired to l66. At this point, however not
only was a substantial rally effected. but
there was 4 marked falling OF in the
amount Of business done Ill the stock,
and the Inference was that all the stock
likely to come upon the market at pres
ent conditions has been sold. From l6j
it rallied 10 l69. at which point it was
only la5 lower for the day.
The gTangers were quite active and
strong and, although reports of snow
blockades on their lines and consequent
interruption to business somewhat in
terfered with their advances. prominent
houses, among which that headed by
the governor Of New York was con-
spicuOuS, aided their market interests.
bOth by purchases and argument, and
Rock Island. Burlington and st. Paul
showed material gains for the day.
Among specaltIes the bitumin0us coal
stocks were prominent, but owing to the
reported hitch in the negotiations for
combination their prices did not adj
vance. New York Il Northern pre-
ferred advanced materially early in the
day. but fell back later. Louisville,
New Albany IL Chicago followed the
same course. The general market
showed . healthy expansion, and, after
opening advances OF fractional amounts.
further gains were seen all over the list.
The movement was uniform. but not
large. the reIliZatiUnS on the advances
already scored checking the upward
movement TO 4 considerable extent, but
the news of the DAY was not calculated
to give much encouragement to the
bears. and the bu1iIsh feeling carried all
before it,