St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-30
FINANCIAL.
New York.

NEW YORK, Oct. 2S.-The week closed
on the stock exchange with an active
and strong speculation. ALI the con-
ditions seemed to favor an upward
movement this morning, and the usual
difference which many operators feel
in carrying stocks over Sunday was not
apparent in the dealings. A good hank
statement was looked for, and 1t came
equally favorable as was anticipated.
There was heavy buying on the ex-
pectation and rumored purchases on the
realization. The special influences
working on the market were nearly all
on the bull side. The London advices
showed an improvement in Ameri-
can securities; there was some
buying for the foreign account and
little selling as well. Manhattan
was III demand by operators who desired
to obtain controlling interest. Atchi-
son was bought for the Boston account,
and there were large purchasing orders
for Reading and Philadelphia. A scarcity
of floating Western Union stock was a
warning to the short interest to cover.
The Washington news, too, was very
favorable to an immediate vote on the
silver bill in the senate, and this dis
cOuraged operations on the part of the
bears and left the market practically in
the hands of the bulls. The opening
prices were higher than yesterdays
closing sales, and the market moved up
until about 1890, when sales to realize
profits brought about fractional reac-
ton.
The depression was of a brief dura-
ton as it WAS, it was slight. and the up
ward movement was quickly resumed
and continued to the close, the final
dealings being in many cases at the
highest figure of the day, and in few
instances more than a small fraction
below the best.
Cordage was an exception to the gen.
eral list, the publication of the reverse
having been accepted as unfavorable.
The common stock opened at a decline
of 80 per cent, and fell off d per cent
additional. A statement was then given
out as coming from the counsel to the
reorganization committee to the effect
that the figures did not fairly represent
the present condition of the company,
and that supplemental report would
make much better showing. This in
duced purchases, and the shares rallied
to 2753s, but reacted at the close to 2611.
The advance in the general list on the
transactions OF tine day extended to
per cent. with Great Northern pre-
ferred in the lead. The grangers shared
largely In the improvement, st. Paul
approaching to ~. Rock Island PA,
Chicago, Burlington & Quincy IL
Northwest and st. Paul preferred per
cent. Sugar rose 2, Baltimore & Ohio
and Consolidated Gas IL, Wheeling &
Lake Erie preferred ~, Missouri Pa
Louisville q Nashville IA, Chi
cago Gas IL, General Electric and
Distilling, "a, and Sugar preferred,
Cotton OH, Tobacco, Starch, Lake Erie
d Western, Iowa Central preferred and
East Tennessee I'd preferred, per cent.
In exception to the general strength,
Edison Electric declined 2, Rubber pre-
ferred ~, Illinois Central and Flint &
Pere Marquette II, and Cotton Oil pre-
ferred per cent
The railway and miscellaneous bond
market was very active and strong.
Chesapeake & Ohio, r. & A. division
consols As rose 6; Morris & Essex lists.
~; Remnsalaer & Saratoga coupon lists
and Mobile & Ohio new IS, 8; st. Paul
& Omaha cOnsols, 21a; Union Pacific,
Denver & Gulf lists, Flint Il Pere Mar
quette, Port Huron division IS aud
Louisville 81 Nashville lists, New Or
leans and Mobile division, 2 per cent,
and East Tennessee lists, ~ per cent;
Colorado Midland As declined and
Kings County Elevated lists per cent.
The Post says: There was rather
general feeling yesterday that the
stock market had "over-discounted" the
prospects for repeal. Today's market
pretty closely proved the contrary. So
far from a market over-confidentIy
bought by every trader on the eXpecta-
ton of vote, it appears that there had
been heavy selling on suspicious that
trouble might even yet return. Such
spectators found their calculations
badly upset by yesterdays late vote on
the PETER resolution; the first actual
trial of strength undera senate roll call.
This happened over night; and, in
deed, too many quick developments
have come about between the markets
close and opening to make inviting
ventures based upon theories of new
obstruction.
The Posts London special says: One
hundred and seventy thousand pounds
in bar gold were sold today, partly for
New York. Seventy thousand sover-
eigns went out to Germany. The Bank
of England still puts prohibitive sell
ing price on American eagles. Amer
lean securities were booming today on
the belief that the Sherman bill will be
repealed very soon.
Total Sales of Stocks
today were $4,000 shares, including:
AtchisOn. 1890; American Sugar. 49,
400; Burlington Il Quincy, 1,400; Chi
cagO Gas, 1900; Chesapeake d Ohio,
300; DiStilllng and Cattle Feeding,
$500; General Electric, $500; Lou svi!le
u Nashville, 1000; Missouri Pacific,
n Mt q