St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-21
FINANCIAL.
New York.

NEW DIRK, Jan. ~. - lie STOCK
market gave another demonstration Of
its inherent strength today, and an al
most unbroken series Of material adj
vanceS was made in the active stocks.
The market for some time has respond
ed quickly to the indication of gold eX-
ports, but today, in view of the fact that
something over $4,000. coo was TO go out
tomorrow, exceeding all previous esti-
mates by about Sl,00U.000, it displayed
little hesitation and finally threw off the
dampenIng influence entirely and devel
oped decided strength. The explanation
of this lies only Ill the assured
ease IN money, coupled with the
confidence of American spectators
in domestic securities. and in
spite of the passive opposition of the
foreign element, the upward movement
has been carried on without their
help. Several cliQueS and pools are now
at work on the market, and the effect OF
their operations is seen in the eXtraor
binary activity Of the stocks they have
in hand as against the comparative
quiet Of the remainder Of the list. This
difference was especially noticeable
this morning, when q few stocks mo-
nopoliZed the great bulk of the trading,
and continued to do SO until the market
had thrown off the restricting influence
of the gold shipments. There was no
weakness in the market at any time,
| though in the early dealings there was
| some hesitation, and late in the day
rcalizations caused a slight setback.
The great feature Of the day was the
| operations of the pool i'll st. Paul, with
which Mr.. Armour's name was popu-
larly connected. They bought heavily
! Of their favorites. and its advance up to
| On, tlNO{ aIr
was supplied sufficient to satisfy all
bids, and no further progress was made
in the stock, though it closed with an
advance of rs per cent. New England
! supplied the only other marked feature
among the railroad shares, and, al
though it ended | a per cent higher for
the day, it was almost entirely upon
the covering Of the shorts put out in the
last few days, the movement being aC-
cOmpanied by a denial Of the rumors
upon which it declined. The other
marked gains were made entirely among
| the industrial stocks, and Consolidated
Gas at the close showed rise Of 3116 per
cent, after d reaction Of rs from the
highest. Chicago Gas rose per cent,
| and there is some talk OF buying for
| control.
In the late dealings lead was promi-
!
nOunced scrip dividend of 100 per cent
on Cordage failed to stimulate the COM
mon stock, and it retired rs per cent,
but the preferred was lifted about 3.
The one specially weak spot in the list
was Hooking Coal and Iron, and a de-
cline Of per cent marked the extent OF
the realiZdtionS on its late rise. The
general market was quiet as rule, and
displayed no decided tendency during
the entire session, fluctuations bel ny
insignificant in almost all cases, bui
later the strength became profusive,
and the advances OF the day were then
established.
The Post says: The continuation OF
the recent strong market brings TO light
the fact that the advance has been
mainly owing to purchases by Ameri
can speculative investors, who, despite
the caution Of several representative
houses, made higher prices by slow bu
persistent buying"
The Total Sales ofStocIzs
today were 800, 900 shares, including:
Atchison ....... 52O0New England -, Sol
Burlington .. 3700 n. Pacific pfd.... S, 40
Chicago Gas. Al, 600 Reading .G3, 80
Cotton Oil .. 600 Rich. & ". ?. Is 90
Consolidated Gas &, 70t Rock Island. -. II. 30
Disabling. % GN St Paul 80. -. 81, go
Erie .......... $50, ST. P. q Omaha AGO
Louis. Il Nash. II 90 sugar. 49,. -. 90, 7O
National Lead 22 TO Union Pacific. 10, 45
National Cord IL, 80 Western Union. .27, 30
| do ptd ....... $50
BradstreeTS Wall street review says
The bulls continued to control the action
OF speculation during the past week.
vigorous manipulation in regard to Ger
tain induStrialS and other shares and thu
advances III such quarters met will
more or less response III other parts o
the active list. 1t cannot be said tina
the market has broadened Or that par
ticipation has improved in quality. Or
the contrary, the manipuiative dem
OnstratiOns in Sugar and thu
other stocks which were prom
inent for their strength, seemed
only to attract professional buying
though the fact that money ha
reverted to the same condition as eX
listed during the past autumn facilitate
the carrying OF large blocks of loni
stocks and consequently gave firme
tone to the buying. Europe seems t
be occupied with the possibility of
financial or political crisis, or both, il
France as the result Of the Panam
scandal. London, therefore, is yer.
conservative in the movement, and tn
advance in prices here not only failed T.
arouse any enthusiasm in Capel court
but actually resulted i'll selling for Lon
! don account the specialties in which