St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-30
FINANCIAL.
New York.

New York.
NEW YORK. Sept. 29.-It was a bull
market on the stock exchange today,
and the speculation resulted in SUBJ
stantial improvement in almost every
thing dealt i'll, specialties as we'll as the
active list. The permeating influence
was the more cheerful tenor of the adj
vices from Washington, giving almost
certain promise of the passage of the
silver bill at no very distant day and
without conditions that might rob it of
a full fruition of usefulness in reStor-
ing stability to the finances of the
country The London market for
American securities displayed equal
strength, and gave courage to the buy
ing movement in this market, which
was also given aid and comfort by
count in the arbitrage shares. Another
factor in the advance was the reduction
in the sterling exchange rates, which
was regarded as removing still further
from the calculations of the street the
threatened gold shipments. Another
point in interest, too, was the promise
of a favorable bank statement tomor-
row, it being stated authOritatvely that
some $5.000,O00 in currency has been
received from the West during the past
week, and that the banks have gained
largely in cash from other sources. Spe-
cial influences were also at work in sew
eral of the active and some of the
usually torpid shares. Whisky, which
took the lead in the transactions, was
bought heavily on the report that the
differences between the diStllling ana
distributing companies had been
patched up. and on rumorS that the
tax on spirits was to be doubled.
Sugar, which was next in point of
activity, was moved upward on large
purchases, said to be chiefly for the
Philadelphia account and based on
prospective increased earnings by rea-
son of the impetus given to the sugar
trade, which has set the retineries of
the trust running to their full capacity.
New York IL New England was favor
ably affected by the state railroad COM
mission granting the company permiS
sion to extend its road to the city limits.
Even Reading was assisted to higher
range by assurances that foreclosure
proceedings would not follow the de-
fault III the payment of the funded debt
of tine company about TO become due.
Changers were strong Oh alleged iudi-
cations of better earnings for October.
Louisville IL Nashville was the one
stock which was borne down by sharp
selling movement developed right at the
opening. first price made being Ia per
cent lower than yesterdays closing, and
the bottom not touched until further
decline of "a per cent had been eff
fected. The depression was supposed
to be due to tue threatening aspect
of the cOmpany's employees, but it
was based on far more important
matter, being none other than a contem-
MI tnh il or oil or
which will bring the capital stock up to
S6Q000,000. This was not known in the
street generally until after the heavy
break i'll the shares and the selling of
the morning. and therefore to be cred
tied to intsiders, who, it is said. were
buyers later in the day. when reaction
set IN and an advance of pei cent was
recorded, bringing the stock up 81 per
cent above the opening and within per
cent of yesterdays final figures. The
dealings in General Electric were heavy
during the morning on rumOrS OF the Or
ganization of big electrical syndicate
in which one of the directors of the
general company was interested. ID.
O.Mills, the director in question, denied
any intent to resign, and expressed lg-
| norance of the formation of an OPPOSE
ton company. The shares did not re-
main under a cloud for long, and ad-
vanced with the rest of the market,
closing within 4 per cent of the
highest of the day and ~ per
cent higher than yesterdays closing.
While the course of prices generally
were in the direction OF a higher level
there were occasional reactions in the
general list due to bear raids and reaii-
cations at the advance, but at the close
| it was found that, compared with yes
| terday's the last prices o. today were
| 4@4 per cent higher, the latter in
| American Tobacco and Consolidated
Gas. The other advances were Cleve-
| land, Cincinnati, Chicago IL st. Louis,
~; Missouri, Kansas 81 Texas pre-
ferred, ~; Sugar. New England,
| Whisky, Delaware IL Hudson, New Jer
Sey Central, Iowa Central preferred and
Louisville IL New Albany, 2: Lead pre-
| ferred, IA; Lead common, 15s; General
Electric and Hooking Valley,1%; Lack
awanna and Rock Island, "; Reading,
13s; Northern Pacific preferred, TX and
| Western Union, Chesapeake, Burling-
ton d Quincy. Michigan Central and
| Minneapolis IL st. Louis preferred per
cent.
The railroad bond market was gen.
orally strong, the Reading issues being
most prominent IN the dealings. the
fours advancing 219; first preferred and
| oSCOlN dIlu Gllllu w. L. 1GAdo dCluC
| tirStS, and AtchiSOn, Chicago d Erie in
comes sold per cent above the last
previous sale. Detroit Union Gas fives,
which sold Sept. 81 at %. advanced to
35 today on single sale. The course of
the bond has been erratic. On Sept. IS
it sold at Is as against IS, a month previ-
Gus. Wisconsin Central incomes de-
cIined 3; Union Pacific gold SKIES, 215
Union Pacific, Denver e. Gulf frstS,
and Canada Southern seconds, 2.
Total Sales of Stocks
today were 275,2OO shares, including:
Atchison, 1000; Sugar. $4,000; BaltI-
more q Ohio, $4,000; Chicago Gas, 10, 400;
Delaware, Lackawanna & Western,
1900; Whisky, $500: Erie, 400; Gen
eral Electric, 1900; l.. & N, 1900; Mis-
souri, Pacific, 7,7O0; National Lead,
5000; N. Y. " n. E., 10000; Reading,
5000; Rock Island, $500; St.Paul, rs
700; Western Union, 1880.