St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-05
FINANCIAL.
Rev York.

NEW YORK, Oct. 1.-The speculative
situation has settled down into a game
of watch and wait, with Washington as
the point on which all eyes are fixed,
and the action of the senate that which
is waited for. Wall street rejects almost
all other motives as factors in the stock
market, except for mere temporary i
lying purposes in the interest of small
bull movement, or slight bear raid.
When the adyiceS from the capitol in
dictate that the senate is nearing vote
on the silver bill, values appreciate. and
when the reports are adverse prices 90
down. Today the general feeling WAS
that silver repeal was gaining ground,
and consequently majority of the trad
trS on the stock exchange, and they are
about the only ones III the market, were
Oh the bull side of the house.
But they did not put out any very long
lines, for the element of uncertainty eli
tiers largely into affairs, and tomorrow
may bring news of a totally different
color. The covering of the short i'll
tereSt had Il very material Influence in
hglnging about the rise in prices. aud
were 1t not for the purchases Tor this ac-
count the dealings would have been
vance much less pronounced. Not that
thFre was any definite news from WASH
ington, but that unreasonable com
iHunity known as line Street" took it
today that repeal was gaining ground,
and hence the little bears rushed To
cover and the small bulls bought lin
idfy. The large operators are hot in the
market TO any appreciate extent, and
hence the movement was light. At the
very opening OF the day there was a
fractional decline, but the depression
was only momentary and the traders who
were operating yesterday for the &c
/ cline turned tail and became buyers.
the result being all advance OF x to III
per cent, in which Chicago Gas, General
Electric, Delaware & Hudson, Chicago.
Darlington d Quincy, Canada Sauth>
efn, American Tobacco, 81. Paul, Erie,
COrdage, Reading. Northwest and West
ern Union were most prominent. Real
|, lZations followed uD3n this rise in tig-
ureS, and the Improvement was partly
lost, but before noon the upward move
ment was RESUMED and carried tar into
the afternoon. 1t was not Until the
final dealings that sales to realize
brought about a reaction, and frdc-
tional loss was sustained. The general
list recorded all advance ON the closing
Is TO 2 Per cent, the latter i'll New
Jersey Central and Manhattan ConSuli-
dated, IL in Chicago Gas, X in Mis-
souri, Pacific and l per cent in American
Tobacco. Pipe line certificates rose %
per cent. Sugar, which was very active
ill the transactions, opened and closed
at SO. the Closing price OF yesterday, and
tluctuated between 9J1s and $50. S0me
shares lost on the transactions OF today.
Edison Electric, 4; Rubber. 2; LiuSeed
Oil. Il: Union Pacific, Is: Sugar pre-
TERED. /; New England, g, and Den
yer & Rio Grande 81 per cent. The
bond market was irregular and unset
tied, with some heavy advances and de-
clineS. Duluth, South Shore & Atlantic
Eves and Ohio and Missouri consol
Slnking fund SevenS rose 5; American
GasIight tirstS, 3; Harlem registered
tirSts. 2$4; Wabash seconds, 216.
The Post says: Today's stock mar
ket was surprisingly strong wherever
any business was done. This is, how
ever, an important qualification, for al
most the only buyers were the shorts
covering their sales of a day or two ago
and the pools in industrial stocks. The
really favorable development in the
days news was the decline in sterling;
the movement which. if carried much
further, will bring back exchange rates
to the gold importing point. This unex-
pected break can hardly he explained
except on the assumption that buy
ers of exchange mlScaiculated the
markets character week or two
ago. The fact that sterling has
steadily yielded since the presidents
reputation of the compromise rumors
can hardly be mere coincidence. This
was a day. so far as Wall street was
concerned, in which belief in repeal mad
absolute sway. The opinions of Wall
street, at any rate of the stock speculat-
or contingent, on this question are,
however. perfectly worthless, being
based wholly Oh the movement of
prices. If tOmorrUw's market were to
yield all the stock exchange would
again be found lamenting the certainty
OF, compromise.
81 Tie Total Sales of Stocks
Today were 1000 shares. including:
Atchison. 1000: Sugar. $500; Buring-
ton & Quincy, $3.50; Chicago Gas. a.
coo; Z. Z. G. q st. Louis, 1920; Whisky,
1880; General Electric, $500; New
York & New England. 4.7O0; Reading,
5000; Rock Island. $4,000; Union Pa
cIfe, $500; Western Union, 1900.
StOcks-CIosing.
Atchison 1854 Northern Pacific, 67s