St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-20
FINANCIAL.
New York.

New YORK, Nov. 1S.-The specula-
ton on the stock exchange during the
two hours of business today was tame
and without notable feature. At the
opening there was an advance Of 160M
per cent, the latter in Louisville q
Nashville, which was strong on report
that the directors were negotiating for
the acquisition of another Southern rail-
way property. A slight pressure to sell
in the early dealings changed the tone
of the dealings, and brought about re-
action OF fraction in the general list
and of II in Sugar, upon which the
bears made sharp attack. This was
followed by recovery of 1904 per
cent, the market continuing firm until
II O'Clock. except for Lake Shore,
which dropped IL per cent, and
Sugar, which receded "a per
cent additional. In the early part of the
last hour a good purchasing movement
was developed, under the influence of
which Sugar rose ~. Chicago Gas II
Lake Shore per cent. and the rest of
the active list d5935 per cent, and the
market closed strong at or near the best
figures of the day. Compared with the
fnal sales of yesterday. the changes are
very slight, those of l per cent and
ware, Lackawanna & Western and per
cent in Sugar preferred and Michigan
Central, and an advance of II in Louis
Vile q Nashville and l per cent in
Northwest preferred. Some very ma
terlal changes result from the transac-
lions of the week, the great majority of
the stocks traded In having deprecated
in value.
The railway and miscellaneous bond
11ply Il,,
the dealings were characterized by
strong tone. A brisk inquiry has been
developed during the weak for the hes
classes OF railway bonds, and large
blocks have been taken out eff the street
by investors. The issues which recorded
the most notable advances in today's
market are: Michigan Central As, 6 per
cent; do 5s of 1891, 81; Lake shore di-
vision rs, D; Pacific Railroad of Missouri
2ds, 2; Manhattan As consoIs, u; Atct-
isOn As. rs, and Pennsylvania AZ cou-
pons, per cent. General Electric deb
enture IS declined l, and st. Joseph &
Grand Island firsts ~ per cent. In
view of the plethora of money the bond
market is attracting more attention than
usual, and the indications are that the
coming week will see active dealings in
this class of securities.
The Post says: The New York sur
us bank reserve passed by today's
placement to the highest figure on rec
strd. Fifteen months after the May
panic of 1884 the reserve touched S64.-
724, 100, the maximum for the year. To-
days huge increase brings the total up
to 500, 47O,475. The comparison is all
the more noteworthy in that so long
period elapsed after the acute panic
period OF nine years ago before the
highest notch was reached. The shrink
age in the bank reserve, however which
came in the later months of 1885, was
the sign of roviving activity in the COM
mercial and financial markets This
summers panic was confessedly far
more severe than that of 1884, yet there
has thus far been much less than one
fourth the period of stagnation which
was required before the last decades
complete trade revival
1t has been very truly said that if the
trades of two or three professional OPP
orators were eliminated from this
weeks market fully three-fOurths even
of the present restricted business
would disappear. But what may safely
be concluded from today's transactions
is that the efforts of these active specu-
latOrs to force down prices heavily
have failed. Outside investors, as last
weeks market proved, are not prepared
to buy, but this weeks market has
proved no less effectively that they are
i'll no haste to sell.
The Total Sales of Stocks
today were $4,000 shares. including:
American Sugar, 40, 400; Burlington &
Quincy, 5000; Chicago Gas. 10000; Lou
isville & Nashville, 2,l0O: Reading, T.
700; sc. Paul, 10000; Western Union,
1000.
Stocks-Closing.