St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-13
FINANCIAL.
New York.

NEW YORK, Nov. 1.-THE only feat
ures OF the early market today were
Reading, New England and Chicago
Gas. The interest aroused in those two
speclalties yesterday was sufficient to
carry over night. The rest of the list
was dull and inactive, but in the main
firm, with tendency to advance as
shorts endeavOred to cover. New Eng
land was weak, opening off ~. at 81,
and declining to 3614. 1t was not enough
yesterday that the Vanderbilt interests
had cut the road off from it's full train
service from the Grand Central sta
ton in this city and blocked
its traffic scheme by way of
the =, Poughkeepsie bridge. Today
comes the announcement of a close
alliance between the New Haven q
Hartford and the Lehigh Valley. One
of the strong points In Mr.. McLeod's
recent fairy tales has been the proposed
combination between the New England
and the Lehigh Valley, but it seems he
is checkmated in this, as he has been in
so many other cases. Today the New
England is more of cul de sac than
ever. This new aggressive move ON
the part of the Vanderbilt interests
gave the New England stock another
severe wrench and caused the further
break. incidentally, Reading adj
yanced sharply OH the publication
taken to indicate the pronounced
policy of the Vanderbilts regarding the
coal business. IL gave further grounds
for hope that this powerful interest
would take an active part IN the re-
organization of the company. 1t was
even intimated in the enthusiasm of
the moment that a favorable plan had
even been agreed on which would in
clude the buying of the part due cou-
pOns Oh the fours and the consolidation
of the floating debt by the issue of
blanket collateral trust mortgage. The
street is firm In the belief that the
greatly increased If the VanderbiltS are
found to be really interefted in the
road.
The bear party in Chicago Gas was
treated to another turn of the thumb
screws this morning. The inside party
or pool is believed to have increased its
holdings during the recent raid against
the stock when ii was depressed to SO,
and the shorts created in that movement
now find the stock very scarce.
The Post says: Only a handful of
STOCKS were traueu III To-Day, ana IN
these the movement of prices was some
what irregular. In the industrials con-
certed bear movement was made with
out, however, auy news to influence the
sales. From one point of view, and
from that most widely adopted in specu-
lative Wall street. today's bank state
ment was very favorable. Specie and
legal tender holdings increased $780,
100, which is gain much larger than
had been anticipated. But it may be
suggested at this time that the bank
statements most hopeful future sign
will be a smaller weekly increase. Idle
money in bank means idle times in
trade. When interior trade begins to
revive on an extensive scale, then
New York banks surplue will
begin to shrink, This was the
case in 1885 and in 1874. No
doubt, when such change becomes Wis
ible, the surface spectators will COM
plain and will sell securities, for to the
average board room trader the call
money market is the beginning and the
end of the financial situation. But the
community of investors is not made up
board room traders.
The Total Sales OF Stocks
today were $4,000 shares, including:
Atchison, 2,400; American Sugar, {, 1900:
Burlington, 1890; Chicago Gas, q. 600;
General Electric, 1880; New York q
New England, 5000; Reading. TOO;
st. Paul, 66,500; Western Union, 1900.