St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-09
FINANCIAL.
n ew Work.

New YORK, Nov. SIT Is not bv
any means certain that the Republican
victories at the polls yesterday had not
considerable to do with the buoyancy on
the stock exchange today. There were
several heavy orders to buy from West
and from Philadelphia which were to be
traced to sources which looked upon
the oyerturnng of existing majorities as
national blessing. But as the pull
chasing movement was most marked in
the leading industridlS, the main cause
assigned for the strength OF
the market was that the Wash
ingtOn adviceS indicated the i'm
probability of radical changes in
the tariff which might unSettle these
properties. The opening prices were x
@14 per cent above final sales Monday,
and under brisk buying ap advance was
made in the early dealings, ranging
from 4 to 80 per cent, in which Sugar.
both preferred and common, Chicago
Gas, General Electric, Western Union,
Delaware Il Hudson, DiStilling, Lead
preferred, Cordage and Louisville, New
Albany u Chicago preferred shared
most largely. This Improvement was
reached before II o'clock and the higher
figures brought on realiZations which
caused partial reaction. The de-
preston was of brief duration at this
time, and by noon prices were again in
the upward turn. But during the first
part of the afternoon the bears began to
show signs OF movement, throwing good
sized blocks of Sugar, which had fur
Their advanced 2I per cent, on the mar
ket, which broke that stock 23S per cent,
the rest of the list. sympathiZng to the
extent of sol per cent. In the final
dealings Sugar recovered % per cent.
but the general market closed heavy at
reaction, but at an advance on the days
transactions ranging from 4 to So per
per cent. the latter in Sugar common.
ami Lead preferred; ~ IN do common !;
2 in Lake Shore and Morris & Essex;
Consolidated Gas, ~; Western Union
u; Chicago Gas and Denver u
RIO Grande preferred, 1$5; Gen
eral Ell 9ctric, Manhattan Consolidated,
Union Pacific. c., c., G. d st. l.. aud
Flint IL Pere Marquette II, and Michi-
gan Central, st Paul, Rock Island,
Louisville, New Albany preferred, Iowa
Central preferred, New Jersey Central,
New York, Chicago u st. Louis second
preferred and Colorado Fuel and Iron, l
per cent; Evansville Il Terre Haute,
which sold at Is on Nov. 3, sold today at
So on the announcement of a scrip divi-
dend; Nashville q Chattanooga sold at
65, as against 65 bid yesterday and 5S15
the last previous sale. American To-
bacco shows decline of ~ per cent.
The railway and miscellaneous bond
market was i'll the main strong, the
principal changes OH the days sales be.
ing advances; 215 IN Chicago d North
ern Pacific firsts, and Cincinnati, In
dianapolis u st. Louis, 215; New York,
Lackawanna IL Western tirsts, 81 !;
Northwest consoIs, "a; Lake Erie 4,
Western firsts, ~; New York Elevated
firStS and Northwestern sinking fund
SKIES, II per cent; st Paul tlrStS, Chi
cagO u Milwaukee division SKIES, ST. Paul
consols three, San Antonio q Arkansas
Pass fours and St.Joseph u Grand Island
firsts, IL per cent.
Declines Richmond Terminal first
SKIES, SO; SusQuehanna d Western and
general, 22; Mobile 81 Ohio new skies,
~, and Oregon Improvement firsts and
Chicago, ST. Louis Il New Orleans fives,
per cent.
The Post saws: Once IN while, but
not often, Wall street witnesses a genu-
inc ELECTION market" Today, by gen.
eral consent, was case in point. What
ever may be the markets future course,
1t rallied today because of Tuesdays
vote. Financial watchers were in sew
eral ways concerned over Yesterdays
elections. The belief prevailed today,
however, among the majority of we'll
informed financierS that the vote in
sures due caution in the immediate con-
gressional action on the tariff.
Some of the days largest gains in
prices were scored on the opening trans
actions. Active stocks averaged on the
first quotation nearly point advance.
After this buying to cover, shorts be-
came general. and in Western Union,
the grangers and some of the industrials,
therefore, further important rallies.
The movement did not appear to meet
with active selling, and in Sugar Ger
titicates, especially, there was net ad-
vance of nearly six points. This par
ticular advance was apparently on the
theory that congress will not touch the
sugar tariff. The days general trading
was marked by frequent pauseS in actiV-
ity, but by no substantial falling back
in prices, until moderate movement to
take profits in the last fifteen minutes.
MISUNDERSTANDING