St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-02
FINANCIAL
New York.

NEW YORK, Sept. 1.-The emphatic
denials by the General Electric officials
that .the company was iii difficulties
had good effect on the stock market
today. The rally to S3$l at the opening
upset the calculations of a number of
operators who had been loud in their
predictions of further general de-
cline in prices. The course of the mar
ket, including Reading. was distinct
disappointment to this class, and an at
tempt TO cover was made by
those who had sold on the Gen
eral Electric receivership rumor.
The supply of stocks was smaller
than they had supposed, fact which is
for General Electric. Louisville q Nash
vile and Burlington IL Quincy came
under this action also. The first named
was worth IS per cent per diem for use.
In the afternoon the failure of the
Equitable Mortgage company, of Mis-
souri,, with main offices in this city. was
announced, ana it was stated that an
other Institution of similar character
was i'll trouble. The Importance
OF the failure of the former
subsequently proved to have been
exaggerated. but until the room had
put out fresh lines of shorts, brokers
In receipt of early information of the
mlsfortunes of the Equitable Mortgage
company concluded that its interests
were largely centered in the Eastern
states. Consequently they sold New
England, and 10y main force put the
stock down "a To 2. Holders of other
stocks refused to be frightened, how
ever, and when this became apparent to
the bears rush was made to get back
stocks put out at lower figures.
This buying gave the market
an appearance of buoyancy, and
majority Of the leading issues
sold ut the best prices of tue day, and
ST. Paul rose to SO, Chicago, Burlington
u Quincy to S015, Rock Island to 624,
Northwest to 9S34, Sugar to IS, Louis
vile & Nashville to 543s, Northern Pa
cifc preferred to 225s, Reading to III,
st. Paul 4 Omaha to 321, Union Pacific
to % and Western Union 70 1917. Among
the specialties American Tobacco pre-
ferred advanced 4 to Sc, Edison Hum
mating 2 10 80. Minneapolis IL st. Louis
preferred to SO, Pittsburg, Chicago Il
st. Louis preferred 3 10 40, Manitoba 2
to l02. and st. Paul & Duluth
preferred to 81. Evansville &
Terre Haute fell Q to IS. At
eiAS SiOoS elS iiloihCt was OllOIS. I've
sales of listed and unlisted stocks were
1855 shares. The fact that the mar
ket for railway bonds is broadening,
that time money can be had on more
reasonable terms and that there is
steady decline in the premium on cur
rency encourage holders of stocks who
are paying less attention to the tactics
OF the professional element, especially
that portion interested on the bear side
Of the accident. Today's spnrt at the
close is conclusive evidence on this
point, for it is a long time since the
bears have put i'll such an uncomfort-
able quarter of an hour.
Railway and miscellaneous bonds
were irregular during the greater part
of the day. but closed firm. The sales
aggregated $1,157,000. Oregon Short
Line Is rose AZ to 50; Fort Worth &
Denver City lists. 315 10 771s; Green
Bay incomes,215 to Is; New Jersey Cen
trail 5s. to 10S15; Peoria & Eastern
lists, to 63; st. Paul, Ii. & ID. rs, So to
116; Toledo IL Ohio Central lists, 81 to
1908; Onion Pacific lists of 1899, 5 to
104; Western New York x Pennsylvania
2dS,,2 to 221s@231Is. and Western Union
5s, TO 80. Edison Illuminating lists
fell PA to 91]3; Erie consol DDS. ~ TO
10; General Electric debenture 5S, %
to 679; Nashville d Chattanooga Isis,
3 to 49,; Peoples Gas and Coke of Chi
cago DDS, 3 to %. Minneapolis & st.
Louis DDS were 81 bid against ITO, the
Neutrality-suspicious.