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

NEW YORK, Sept. S.-The depression
Which ruled on the stock exchange yes
terday was reflected this morning at the
opening by the heaviness in the deal
ings, which was felt throughout the en-
tire list with one exception, New York
d New England, in which strong buy-
ing movement was developed on the
strength of report that the company
was about 10 gain an entrance into New
York city. Chicago Gas, which led the
downward movement, was unfavorably
affected by the announcement of the
authorization of an issue of $4,000, 600
of bonds by the Peoples Gaslight and
Coke company. The pressure to sell
the stock of this company was so great
at the opening that sales were made
in tie ring at SO and IS stimuli
taneously, and 1000 shares were
sold before the quotations could be-
regularly recorded, and within the first
ten minutes the price had dropped to
561a. decline of 81 per cent from last
nights closing. The break in this stock
lad an effect to weaken the other in
dustrials, and the rail Yap list sy mpa-
thlZed to no small extent. But while
some OF the bears were trying to lower
prices, another section were endeayor-
ing to cover at the lower quotations
ruling. and during the morning there
were temporary rallies. which led up to
decidedly strong market in the after
noon. The change from weakness TO
strength was gradual, and was largely
due TO general belief that the n atural
reaction from an extraordinary bull
market was but the pIecuror of a still
further advance. The situation was
materially strengthened by reports that
the bank statement to be issued tomor-
row would be most favorable, and
would show a large increase In cash,
a good gain in reserve, which
would give tho banks once more
surplus instead Of deficiency. Re-
ports that the cash receipts OF the banks
from out of town exceeded the ship
meDts tended too to add TO the feeling
OF confidence IN the stability of the
money market, and was Il factor on the
bull side OF the securities market. The
lower range OF values brought into play
a good many orders to buy at certain
stated figures, and the bull element en-
tered into the market again with vigor,
the result being that uefore noon prices
began to mount with even greater rap
idity than they had previously descend
ed. LIZ was rlSlng market all the
afternoon upon good volume of bust
ness. and the greater portion of the act
i've list closed at the highest figures
touched, the reactions where they oc-
eurred being due to realiZatiOnS by
room traders.
Chicago Gas, after the furry of the
morning, fiuctuated upon much mar
rover quotations, but gained steadily,
and at 2 O'Clock had advanced to point
/ per cent above the opening, suisse
quently selling up 3 per cent higher,
and closing at reaction of Il per cent.
making gain on the day of 3 per cent.
General Electric fell off per cent, rose
AZ, and closed ~ per cent higher than
yesterday. Sugar was remarkably well
held, the opening price being the low
est made, and the closing figure the
highest of the day, the advance recorded
being 81 per cent from yesterday.
The other stocks which made the
greatest advances in the days
business were Lake Shore 31S, Western
Union and New York d New England
2. Delaware IL Hudson and Buffalo.
Rochester u Pittsburg 81. Manhattan
Consolidated 3la, COrdage 81, Tobacco
2, and the rest of the active list 1s@1I:
New 1ork, Chicago u st. Louis sold at
81, the last previous recorded sale hay-
ing been at 50. The tone of the specu-
lation at the close was decidedly strong.
/ Railroad bonds, which were irreg ular
and unsettled early in the day in SYM
pathy with the share list, became strong
in the afternoon, and the sales made,
which were not very heavy, were gen.
orally at higher figures. Galveston.
Houston IL San Antonio firsts dropped
from 102 10 100; Fort Worth 81 Denver
City firsts sold up from 1914 to 50.