St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-19
FINANCIAL
New York.

New YORK, Oct. 1S.-The conditions
under which the speculative fraternity
entered upon the business of the day on
the stock exchange were regarded as
eminently favorable. The situation at
Washington had so far improved
that strong hopes were again enter
tanned that an immediate vote would be
reached on the silver repeal bill, and as
the success of the anti-silver contingent
in the senate is looked upon as neces-
sary TO the stability of values. the pros
pect of decision on the side of sound
finance was a potent influence in i'm
parting strength to the dealings. The
silver question still dominates the stock
market, ana prices decline or rise as the
indications are for or against repeal.
Today the end seemed nearer than for
many days past, and consequently
the buying was good, both for the long
account and to cover short contracts.
London was i'll the market as pur-
chaser of nearly all of the arbitrage
specialties except Louisville q Nash
vile, of which stock there were sales
for the foreign account. Reading, al
though a trifle weak in the opening
dealings, was taken back into favor on
the announcement that collateral
pledged for the Speyer loan would not
be sold, an arrangement having been
made by which the sale is postponed in
definitely. 1t is stated, too, that a syn
dictate has been formed to take up all
the floating debt, and thus the company
with only have one creditor to deal
with. Reports of increased earnings
by the st. Paul road toned up not
that stock alone, but al i of the
grangers, although Chicago. Burling-
ton IL Quincy was hampered some
what by suggestions of doubt as to
the declaration of dividend for this
quarter. Louisville IL Nashville was
tavorably affected by report that tie
option to buy the Chesapeake & Ohio
Southwestern road had been given up,
which was regarded as wise move on
the part of the management. These
general and special influences were
productive of strong and active spec
ulation during the morning hours, the
volume of business tapering down in
the afternoon, during which there was
periods of dizziness. The upward
movement was not carried on without
occasional set-backs, but after each re-
action a higher range of values was
established, the closing sales being in
of the day, the chief exceptions being
Delaware, Lackawanna e Western,
which is IS. Lake Shore q and
Whisky g per cent below the highest
point touched. There was very strong
tone at the close, and compared with
the final sales of yesterday prices rose
HQ515 per cent, the latter III CONSOLE
dated Gas, 8 in Rubber, 2$l in Manhat-
tan, 235 in Delaware, Lackawanna &
Western and Northern Pacific pre-
ferred; 2 in Sugar, "a in st. Paul, IL
in Rock Island, Western Union and
Chicago Gas; IL in Louisville IL Nash
vile. Chicago. Burlington & Quincy
and New York 81 Northern preferred;
135 in General Electric, ~ in Lake
Shore and l per cent in Atchison,
Canada Southern, c., c.. G. & st.
Louis. Missouri Pacific and Rock Island.
New York, Chicago IL st. Louis first
preferred was exceptionally weak and
declined per cent from the last pre-
vlously recorded sale. Phoenix Mining
dropped Sc. An unsettled tone char
acteriZed the dealings in the railway
and miscellaneous bond market. The
changes. which were quite heavy in
many cases, are: Advances - Fort
Worth IL Denver City 6s, 4; st. Paul.
Hastings & Dakota division rs, 81;
2%; Chicago Gaslight lists, 215; Pitts
burg & Western As, Terminal, and Rock
Island Trust IS, 9; Chesapeake IL Ohio
% consols, 5; National Starch lists, s;
San Antonio and Arkansas Pass is, To-
ledO, st. Louis q Kansas City lists, and
Union Pacific 6s of '99, 2.
The Post says: The steadfast atti-
tude of holders of securities in the face
of this weeks Washington complication
is magnificent proof of confidence in
American securities. Today's recovery
in price was quite as rapid as yeSter-
days decline. The losses due to yes
terday's professional attack were gener-
ally made good before noon. In some
stocks the rally took quotations above
the highest mark of yesterday. This
was again, however, wholly due to
the operations OF the traders. There
was no outside buying, and Lon
don sold more than it bought.
but the essential fact was that
the concerted effort to force
investment stock upon the market had
been failure. There was little news.
Readings advance was due to the with
drawal of the Speyer collateral from
the auction room and the statement
that the expert report yesterday to the
committee had shown more favorable
conditions than were believed to exist.
The contest for Northern Pacific has
created a transient demand for the
stock. which found expression in this
afternoons prices. Sterling exchange
was lower. too, under the free supply of
cotton bills, the specul alive movement
almost dead.
Total Sales of Stocks
today were 164,100 shares, including