St. Paul daily globe., 1893-10-10


York Stock Exchange Was
Followed by a Drop - Final
Sales, However. Showed a Sub
stantiaI Advance.
New YORK, Oct. 9.-At the opening
morning there was promise of an activ-
ity which fell far short of realization as
the day progressed. There was quite a
rush of buying orders IN the early deal
ingS. under the influence of which a
sharp advance was recorded. At the end
Of the first half-nour reaiiZations set in
which brought about reaction that
was, however, merely fractional, and the
upward movement was quickly re-
sumed. Shortly after IL o'clock the
buying became easy, and with it the
general list, after midday another
period of strengthening in; but the
sustaining influences of the purchasing
movement were lacking, and dur
ing the afternoon prices sagged
off until at the close decline from the
highest figures of the morning had been
established, which ranged up to | y per
cent. 1t did not, however, wipe out all
of the early Improvement, and the final
sales of the day compared with Satur-
days closing figures show substantial
advance, the leaders in which were
American Cotton Oil preferred. 8; Ma
ttonal Cordage, 218; Edison Electric, 2;
Northwest, ~: General Electric, LIN
seed Oil, Sugar preferred and Lake
Shore, u; Chicago Gas and Buffalo,
Rochester u Pittsburg, 1$4; Whisky,
Manhattan Consolidated and American
Tobacco, II; Sugar common, Is, and
st. Paul IL Duluth and New York IL
New Haven, per cent. Prominent OH
the bear side of the market was l.. q
in London assisted by selling Or
ders from abroad, sold off per
cent, with recovery of 4 per cent
at the close. American Cotton Oil
opened at 50, rose 2 per cent to
81, subsequently reactlng to ana closing
at 3519. Lead, which closed Saturday
at 2615, opened at 2615 and advanced to
p. fell off to 2514, and recovered to 90
Wheeling d Lake Erie preferred opened
at 4S15. the next sale was at 43, then
42$4 and 4319 and 45115, making decline
from the opening OF 235 per cent; the
common stock fell off 11s per cent.
Among other shares which declined on
the days transactions were New Jersey
ONDlIol anu DCo &hOilIVo CS L vi bOuSS,
l per cent. The railways and miScel-
laneous bond market was irregular, and
some heavy advances and declines were
made, the most important of which
were: Advances, Cleveland & Pitts
burg sinking funds, TX; Pittsburg,
Cincinnati & st. Louis tirsts, so; To
ledo, st. Louis IL Kansas City firSts,
Mexican International tirsts, Long
Island fourS, Lehigh & Wilkesbarre as
sented and Consumers Gas of Chicago
firsts, 2 per cent.
The general movement of the days
market was quite uniform, says the
Post, and was characterized by rapid
gains. Louisville was one exception,
and in this stock London figured again
as sellers. The course of events in the
market for this stock leaves little doubt
that the scheme of 1891 is to be repeated
by the foreign bankers, and that they
are selling out theiI surplus holdings
now in expectation of taking up the
new stock on underwriters basis at a
materially lower figure. Elsewhere the
tendency was clearly towards improv-
ing prices, ank the fractional reaction
at midday was due chiefly to the per-
sistent sales of Union Pacific stock.
Total Sales of Stocks
today were $4,000 shares, including:
Atchison, 5,S05; American Sugar, IT,
go Gas, 1900; DiStillers, %, 500; Gen
eral Electric. roo; Louisville II Nash
vile, $500; National Lead, 400; New
York IL New England. 3, 100; Northwest
ern, 4,S0O; Northern Pacific, $500;
Reading, 800; st. Paul. TO- 800; Union
Pacific, 400; Western Union, 7,10O.