St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-26
FINANCIAL
New York.

NEW YORK, Oct. 25.-The history of
today In Wall street, taken as whole,
seems to justify the contention which
has been held that when the silver
question was solved. and not until then,
would the current of speculation return
to its accustomed channels. 1t was not
manifest very clearly in the early deal
ings that the situation had been en-
tlrely cleared. or that the expected re-
vival OF confidence in the stability OF
values had come to stay. There was
certain feverishnesS III the dealings
that appeared to be inconsistent with
steady upward movement based upon
solid foundations, but as the day ad-
Vahced the tone of the market became
healthier, and evidences of strong I'M
ueftone wero not wanting. Tor Tue
Htst time in many months tue coiii-
mission houses were largely i'll tue
liirket as buyers upon orders from
clients in town and out. cOnSlderaUi1le
proportion coming from the West. Inc
mails brought numerous inquiries ad-
dressed to the large brokerage house
asking for advice as to whether the
tinefhad come for operations in the pull
side of the market and as to the best
stocks for speculative turns on the long
side. 1t was no longer to be purely
traders market; the outside public we're
moved to take a hand in the deal. Then,
too. came the decline in foreign eX-
change, which is perhaps the best in
dicatiOn that can be afforded of the res
toration of the stability of the national
finances. and with the lower rates for
sterling bills came suggestions of pos
Sible imports of gold. There is perhaps
very little likelihood of the importation
of gold from Europe until at least the
silver bill is finally passed, but the fact
is that slight margin of profit might be
figured out in shipping gold from the
other side at existing rates of sterling.
Very little buying is reported to have
been done for the London account,
foreign investors appearing to be slow
in appreciating the true situation
affairs in Washington.
At the opening Of business firm tone
prevailed, and the active stocks sold
above yesterdays closing figures, prices
moving upward for some fifteen min
utes. Then came a reaction. followed
by recovery and another falling move
ment, all in the first hour. The result
OF the movement was. however, an ad-
vance, in which all the shares traded in
participated. BY degrees the specula-
ton became steady, and, although Just
before noon sales to realize profits
checked the upward movement for a
short while, the market swung into the
afternoon with buoyant step, which
carried it UP to higher level than had
yet been reached. Reading took the
largest part in the dealings. and was
bought at advancing quotations on the
expectation that the receivers would
finally settle the Speyer loan, which
would indicate that Reading was in
Guided in the coal combination.
Sugar was next i'll point OF activity, and,
as usual, the buying was credited to in
siderS and was accompanied by reports
of increasing business. The stock re-
covered the break made IN the late
dealings of yesterday and made a uew
record, reaching a point 81 per cent
above yesterdays, closing at reaction
of ~ and final recovery of ~ per
cent. Western Union was in heavy de-
mand throughout the entire day and at
tanned unusual prominence in dealings.
moving upward with a steadiness that
permitted only the smallest fractional
reaction, and closing within Is of the
top price. 1t is said the purchases of
these shares were mainly for the ac-
count of pool formed by the directors
of the company.
The best prices of the day were made
about o'clock, when the advance on
G yesterdays final sales ranged from "a
to 81 per cent; Sugar, Burlington &
Quincy, Western Union and Rock ISL
and leading the active list in the up
ward movement 1t was then that the
process Of realization was entered upon,
and caused reaction of 4@415 per
cent, in which Sugar suffered the most.
Before the close, however, the temper
of speculation again became buoyant,
General Electric leading up the upward
movement in the late dealings and re-
cording a sharp advance. closing 81 per
cent higher than last nights final fig
ures and within 4 of the top price. The
general market closed strong, and, with
very few exceptions, above the prices
current at the close Yesterday, the
chief advances not already noted being:
One and a half per cent in st. Paul and
Omaha preferred, Rubber, New York
Chicago & st. Louis second preferred,
Manhattan, Edison Electric and Tobac-
co preferred, ~ in New England, ~
in Mobile & Ohio assented, in Chicago
81 Eastern Illinois preferred, 21S in
Delaware & Hudson, 25s in Quincy. 81
in Pullman, 21s in B. 81 o., 81 in Rock
Island, 3M in w. u, AZ in Sugar, 50
in Wheeling & Lake Erie preferred,
and in American District Telegraph.
The weak stocks and the declines of the
day were st. P. Nj. & NJ, 2%. The rail-
way and miscellaneous list was unuSu-
ally active and strong, thesimprovement
on the day In the leading issues being Z
per cent ON Green Bay; 619, Louisville
& New Albany consolidated fves: AZ,
Colorado Midland fours; 4, Oregon I'm
provement and General Electric deben-
IL q