St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-17
FINANCIAL.
New York,

NEW YORK, March 16. - The stock
market was again subjected to some
severe attacks from recognized bear
quarters and at intervals prices yielded
under the pressure. The movements,
taken altogether, were exceedingly er-
ratio, and it was noticeable that while
some shares yielded readily, others
worked slowly but surely toward a
higher range. Even those which at in
tervals seemed to be positively weak
closed without material net losses.
The greatest decline for the day
i'm anV OF the active stocks was i'll
Burlington q Quincy, which left off
% lower at 92l5. At the lowest
point the general list showed declines
OF anywhere from 115@*14 per cent,
with Chicago Gas, Sugar. General
Electric, the grangerS. New York Cen
trai, Canada Southern and New Eng
land in the lead. New England was un-
favorably affected by the announce
ment that an attachment for 100000
had been procured against the company
by New York firm of coal dealers, for
coal supplied the company, and New
York Ce ntral by the knowledge about
the proposed increase in the capital
stock of the company TO Sl0U,O0O,0O TO
pay for new terminals in this city and
Buffalo, for block signals and for other
purposes.
The one stock above all others which
DISPLAYED unmiStakable strength was
Northern Pacific preferred, which had
evidently secured inside support pend
ing action OH the proposed sale of st.
Paul q Northern Pacific stock, with the
view of liquIdating the floating debt
Northern Pacific preferred rose 13S00
4O6. Rumors were circulation to the
effect that the anthracite coal compan-
les were shading prices, and i4acka-
wanna, Delaware x Hudson and jersey
Central all sold at lower figures, but
Reading held stubbOrnly firm during
the afternoon. When il became plain
that there was to be no manipulation of
the money market, the bears became
tame, and the bulls somewhat ag-
greSSive. In a comparatively short
time prices moved up 1903 per cent, the
latter in New England. Jersey Central
rose 3D. Sugar IL, Lackawanna and
Chicago Gas ~. Burlington IL Quincy
TX. and General Electric anu Missouri
Pacific ~. In the late trading there
was a reaction of 5s@4 per cent from
the best figures. Erie securities were
weak on rumOrs of new issue of bonds.
while Richmond Terminal stock and
=
subsequently denied, that Sam Spen-
GERS report on the company had been
accepted as favorable by DreXel, Nor
gan & Co. The SuppOSltiOn was that
the latter would at once come out with a
plan of reorganization. The market
closed steady in tone.
The Post saws: There are not yet in
the local money market signs of a re-
turn to equilibrium. 1t is true the
maximum rates scored for call loans are
in measure fictitious, or almost repre-
sent the bids of needy borrowers with
Indifferent collateral. This was shown
yesterday afternoon when a conSidera-
BILE block of money was offered at rea-
sonable rates on the stock exchange.
The continued stringency in the COM
mercial paper market proves that IN the
banking community as whole con-
| ditiOns are still strained. TOday's out
look was better, chiefly because of the
return of funds from nearby cities,
where local money rates have
perceptibly eased off. Chicago
is still holder of New
| York funds. and for this the
grain situation is doubtless responsible.
| The future action of the money market.
| therefore, depends considerably on that
| of the grain market. Meantime the
! federel treasury continues to enjoy its
respite. Gold from the Western banks
| is not coming in as fast as had been eX-
| pected, the gain in the reserves averag-
| ing little over 100000 day. An cas-
ing off IN money rates will, of course,
mean Immediate resumption Of gold eX.
ports, and this in turn would wipe out