St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-01
FISANCEAE..
New Work.

NEW YORK, Feb. %. - The stock
market, for the first time in weeks. de-
veloped today decidedly strong temper,
and material advances were scored all
over the list. only one stock among the
prominent shares showing a net loss for
the day, which amounted to only X per
cent The easier condition of the eX-
change market and the practical cessa-
ton or gold exports were the underly-
ing cause of this change in temper. but
the day was marked by an absence OF
the late heavy pressure to sell,
and dearth Of rumorS of a dis
quoting nature, which led to the
Inference that the bears have covered
their shorts and. are willing to see at
least a moderate rally. Less was heard
of Reading than on any day for the last
two weeks. but the stock was still the
most active in the market. and the trans
actions were large enough for any of
the late days of excitement. The news
that the payments of wages had been
resumed and the utterances of Judge
PaXsOn to the effect that all Obligations
would be met stimulated the demand
for the shorts, and the buying for that
side Of the market was entirely re-
spOnsible for the prominence of the
stock in the market. 1t rallied to above
-, after selling down to p. but closed
at 2G$4. with net gain of l = per cent.
Tue next most prominent point
in the list was Sugar Refneries,
which, after selling at 100, was
lifted TO 1874 without excitement of
any kind, the upward movement being
steady throughout the day. The stimu-
lating cause for the late rise was found
ia the development of the fact that Mr..
| nNnDnnNrnP hnH QSsfrnd u sfnoir n al
that. while there would be no extra div
idend declared, the common stock would
be put upon i per cent basis. 1t
closed only &c lower than its best
price. with 4 net gain of 35s per cent
for the day. DisIillers' and Cattle
f eeders' and COrdage were the weak
spots Of the early dealings, and the
first-named declined 81 per cent to 81,
the lowest price touched, but later re-
cOyeIy occurred and it closed with 4
small fractional advance. CoIdage pur-
sued the same course, while Chicago
Gas, General Electric and Lead were
strong all the way out, the first closing
with gain of ~ aud the other about
! Il per cent.
Railroad stocks were uniformly strong
on comparatively light transactions,
and, as a rule, the highest prices were
HlduH at Tie ClOSc. AOllilcIn 1dclHC
preferred, with a gain of 2$s, Lacka-
wanna with 2$I, and the grangerS with
gains extending from u to Ia, were
all prominent iu the dealings. but Erie
sold largely by foreign houses, while
held within narrow limits. There were
reaiZatiOns. especially during the aft
eTnOOn, for the account of the traders
who bought early in the day, but the re-
actions from this cause were very slight
in all eases, and the demand from the
shorts became more urgent towards the
close, which was active and strong, gen.
orally at the best figures.
The Post says: That the Reading
collapse has shaken confidence in rail
way management, especially on the
part of the European investor. cannot
be denied, bus it has no legitimate bear
ing on independent properties. The
recent depression of the market, as has
been pointed out can be traced to much
more vital and fundamental causes,
namely, the monetary conditions. The
money market continues hard, al
though the making of sterling loans has
prevented an unusual strngency. That
there is such 1isQuietude is shown by
the interest taken by the speculative
community in possible remedial meas
ureS."