St. Paul daily globe., 1893-01-27
FINANCIAL.
New Work.

NEW York, Jan. 26.-Considerably
over half the whole business in stocks
today was III the two induStrialS. Sugar
and Distilers'. These shares actually
made the tone of the market from open
ing to close. showing that the Specula-
tive interests have been turned princi-
pally to the industrial stocks. There
were comparatively large transactions
in Reading, but in nothing else what
could be called real activity. The
prospect Of large OutgO OF gold Satur-
day seems to have been without intiu-
ence upon the course of prices. although
the estimates Of the amount now reach
something over S4.OO0.000. There was
very little outside business done,
the dealings being confined principally
to the trading element, and the insiders
in the different active SpeclaltleS.
RumOrS were thick in the early morn
ing OF disagreement between the
principal manipulat0rs OF Sugar Reiln-
cries, and, although buying orders were
plentiful, the selling was extremely
urgent, and from 1885 amid great
deal of excitement the price was driven
down to 121. There was considerable
selling of Distillers for Washington &C
count, and the drive at that stock was
almost equally as vicious as that against
Sugar, and from 4S it went to 46, the
lowest price reached on the decline.
Toward noon it became evident that the
liquidation in those stocks was about
over.
Then followed comparative du Illness
with steady appreciating prices, followed
by an urgent demand in both and re-
newal of the excitement which carried
Sugar from 12l to 1855, and DlStillerS'
from 46 to 4933. The latter afterwards
retired Is. closing with net loss of IS
per cent. but Sugar closed at l25, with Il
gain of u. The other industrial stocks
followed the lead OF the two principal
stocks, but without their marked tluctu-
ations. Manhattan was again feature
at the opening, the stories OF disagree
ment among the board Of directors over
the proposed New York IL Northern
deal leading to continual liquidation III
that stock, and, with the help OF some
stop orders, it was driven down from
l6l to 15S. 1t shared i'll the general
rally. however, later in the day, and
rose per cent from its lowest price.
closing at its best figure, with Gain of
81 per cent for the day.
Railroad stocks as 4 rule were quiet,
and refused TO yield to the weakness
among lHc ltlu uSllldiS dliu SJcCIdltlcS III
the morning, and throughout the day
displayed stubborn strength within
comparatively narrow limits. In the
afternoon specially good buying was
seen in Reading and grangers, and
Reading, after rising II per cent from
its lowest figure, closed at IFS best price,
with gain Of Is. Persistent circula-
ton of rumors that the Nanderbilts
were buying Delaware Il Hudson
served to stimulate material advance
in the stock, with considerable increase
IN activity, and from 1861 it reached
1857, closing at the top figure, with a
gain Of 2I per cent for the day. There
was considerable of rally in Hooking
Coal, which closed up per cent, and IN
New York IL Northern preferred. which
closed l per cent higher for the day.
The Post says: Today the induStrials
were used as the first stocks likely TO be
| Influenced by the attacks OF the bears
who believe in coming decline and
who are looking for weaker prices.
Naturally. the general list yielded in
| sympathy, but good undertone was
! observed, which permitted general de-
clines of but small fractions with after
recOyeries. There appeared no signs
| yet that the confidence in the settle
ment Of our currency problems IN this
or in the succeeding administration,
which led to the activity Of the past
! week, has been much shaken.