St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-08
INvES MENTS
Some choice Bonds and de-
sirab1e Securities for sale.
Enquire
MERCHANTS NATIONAL BANK, St.PauI.
FINANCIAL,
New Work.

NEW YORK, Jan. 1.-THE stock mar
ket today was unusually active for
Saturday, and showed decided strength
from the opening to the close. The
strength, however, can in only small
degree be attributed to new buying,
especially by outside spectators, as the
trading remains professional Ill most
all parts Of the list. The covering of
shorts, however, throughout the whole
market has been steady tor the last two
day, and it is estimated that yesterday
and today some $4,000 shares OF
Reading have been bought in for
the short account. The activity
in the market is still confined
principally TO industrials, and among
Them Sugar and DistillerS. Sugar was
the strong point in the market today,
advancing ~ per cent, transactions be-
ing extremely large and the advance
rapid. DistillerS' at one time showed
material advance, but it was not held.
The bank statement was the great fac
tor in the late dealings, supporting the
market when disposition to realize
had appeared. 1t was somewhat Of a
surprise, being more favorable than eX-
pected, showing an increase in cash of
nearly S5,000,000 and deposits some
thing over S10;000.000 increase. The i'll
crease of surplus reserve of over s.. 000,-
900. and a large increase III loans,
amounting to S3,500000, indicated that
lenders were inclined to be more liberal
with their customers.
In the railroad list Reading still occu-
pied first place in point Of activity, but
while strong, gained only fraction.
The bears, however, are evidently pre-
pairing for the report to be issued Mon
day and claim that the results Of the
coal combination have not been up to
the predictions made a year ago. In
JERSEY Central there has been a large
decrease in both gross and net earnings.
The Reading report, the bears are
already asserting. will show that many
items which have been charged to the
Improvement account should have
counted under operating expenses, and
that those items, IT properly presented,
would show that the road cannot have
earned the interest on the incomes.
They further claim that the new issue
of bonds increase the fixed charges
ahead Of both stocks and incomes, and
are likely to prevent any further at
tempts on the thirds. Still, they hint
that the securities are now being man
ipulated for the purpose OF making a
market for the new bonds.
The feeling on the market, however,
was so bulIish over the financial sltua-
ton that prices advanced without him
drance right up TO the close. At the
same time there were no wide tiuctua-
lions except in Manhattan, which rose
216. and the industrialS, together with
the Colorado stocks, which were so I'M
duly depressed yesterday.
The Post says: The general condition
OF affairs was interpreted as favorable
today Oh the stock market. In the first
place, the gold shipment today had been
literally discounted. Indeed, there had
been many predictions that the ship
ment would be considerably larger than
really took place. Then, exchange was
somewhat easier, OH increased foreign
buying. But perhaps oyershadowing