St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-02
GOOD MARKET IN STOCKS.
SPECULATION WAS IN THE HANDS or
LOCAL OPERATORS.
SPECIAL STOCKS TRADED IN.
Last of the Clearing House Ger
tif1cates Cancelled About
Forty Millions Wiped Out in
Four Months VanderbiIts
Buy Heavily of Chesapeake &
Ohio-GeneraI Financial News.

New YORK, Nov. LIT was a decid=
edly healthy maj ket in stocks today,
and the volume of business. though
lighter than during the past few days.
was fairly active. Two great features
of the New York market were not Ia
operation, it being a bank holiday in
London and the Chicago exchanges
being closed on the occasion of Mayor
HarriSon's funeral. This tended to re-
strict the dealing and left the specula-
ton practically in the hands of local
operators. The influences affecting the
speculation were mainly such as con-
cerned special stocks. The silver bill
was regarded as practically out of the
way, its passage through the final
stages being a matter of mere routine.
The news that the house had agreed to
the senate anne ndments did not reach
the street until after the close of bust
ness, and it is not likely that it would
have caused any movement had it been
done during business hours. The can
collation. of the outstanding clearing
house loan certificates, which was
effected this morning, closed an incl
dent of the days of panic. and was ac-
cepted as evidence of the remarkable
~recuperatiVe powers of the local
finances. The first issue of these GER
tlhcateS was made OH June II, the total
amount authorized having been S41,-
400, 000, and at one time some said
$50, 900, GOO were i'll existence, which
within the space of four months were
wholly retired. an operation which has
seldom, if ever, been paralleled In the
hnanclal centerS of the world.
Among business features of the day
was the unusually heavy buying in
Chesapeake IL Ohio, the purchase being
credited to the VanderbiltS, who, it is
claimed, are anxious to obtain a strong
representation oil the board of directors
OF the company. The interest defaults
of the Erie and East Tennessee 81 Georgia
railroad companies had no effect on the
exchange. as it had been previously an
nOunced that defaults would be made. A
m was circulated that the state
ment of the &. b. & q. for October
would show greatly reduced expenses
and that ne net income for 1898 would
not fall far short of that for 1892, which,
1t was said, insured a continuance of
the dividends for the current year at
least. From the Louisville & Nashville
contingent came the suggestion
that the directors of that com pany
would shortly announce that they had
AIKEN their option to buy the Chesa-
peake, Ohio q Southwestern road. The
Associated Press dispatch stating that
the Baltimore Il Ohio company had
floated a s $4,000, 900 loan in London was
accepted by the street al evidence of re-
turing confidence in American corporate
institutions on the part of English capt.
tallsts, and. taken in connection with
the other favorable incidents of the
day, assisted in developing the strength
of the market, and induced purchases
for the long account. as well as inviting
the short interest, which; it is said. is
quite large, to cover. After a fairly
steady opening, in which the changes
were slight, the market became
active and strong. and for half
an hour prices moved upward,
but the bears began to offer blocks Of
the grangers, industrials, Western
Union and New England, which resulted
in sending those shares below the OPEN
ing, and the general list fell off In SYM
patty. The reactlouary tendency was,
however. quickly checked, and at IL
O'Clock until shortly before 2 the move
ment was in the main upward. the oc-
%casional reactions being slight and
quickly recovered from. At this time
1SdiiZAiS oolOO oIpACSlUlVo uluCS OOIilC-
what, but in the final dealings the mar
ket recovered its tone and closed strong,
the advance for the day ranging from
Is TO 2M per cent, the latter in Chicago
Gas, Michigan Central and lackaWanna;
219 in Pittsburg, Cincinnati, Chi
cago & st. Louis preferred;
~ in st. Paul and 2 in Rubber,
~ in Manhattan, Delaware & Hudson,
Kansas IL Texas preferred and Susque-
hanna q Western preferred; 1% in
Missouri Pacific. u i'll Baltimsre &
Ohio, Rock Island, New York & North
ern preferred and Cotton Oil, 13S in st.
Paul IL Omaha and Consolidated Gas;
II in Western Union and DiStilling,
and l per CEN in Reading, Pullman,
Burlington, Chesapeake 81 Ohio, North
western, General Electric, Sugar pre-
ferred, Cotton Oil preferred and Iowa
Central preferred
Third avenue railroad sold at 155, an
advance of IA per cent on the previous
recorded sale.
The railway and miscellaneous bond
market was fairly active and strong,
the chief advances being 5 per cent in
Kansas Pacific consols, AZ in Susque-
hanna q " eStern general m~Ortgages;4
in Northern Pacific and Montana firsts;
3M i'll st. Paul tiyeS, Wisconsin IL Min
nesota division.
The Total Sales Of Stocks
today we're 81, 100 shares, including:
Atchison, 5000; American Sugar, 49,.
800; Burlington & Quincy. 81, 300; Chi
cage Gas, 2O.20O; Chesapeake & Ohio,
IS, 800; Delaware, Lackawanna & West
ern, 1880; Distillers 81 Cattle Feeding,
II, 700; Louisville d Nashville, $500;
Missouri Pacific, 1000; National Cord
age, $500: New England, 20. 7GO; North
western. 4.500; Ontario & Western,
5000; Reading, Is, 700; Rock Island,
$500; st. Paul, $4,000; Union Pacific,
4, HOO; Western Union, $4,000.
Stocks-CIOsing.
Atchison... 49,. 20s4 Northern Pacific. 7ss
Adams ExnreSs. La IN. Pacific MD o2In