St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-09
FINANCIAL.
New York.

NEW DIRK, Jan. S.-1De upward
movement Ill speculative values which
set in with such buoyancY on Saturday
received check today. The higher
range of values induced realizations at
the opening OF business, and the short
interest, which had covered largely at
the close of last week, saw i'll these
sales all opportunity to renew their
lines. Concerted attacks were there
fore made on Sugar. Western Union,
the grangers, notably St. Paul, the
leading lndustrials, particularly Sugar,
and some Of the SpecialtieS. The mar
ket did not give way without a struggle,
and several shares that were attacked
were very strongly supporter. Sugar
was most prominent i'll the transactions,
and III the final dealings. and advanced
steadily under heavy buying despite the
persistent hammering by the bears.
The improvement was due to
Washington advices giving assur-
auce of all Increased duty on
refined sugars, and before the rising
tendency was checked the stock had
appreciated 226 per cent. Then came Il
reaction in which per cent was lost,
due TO realiZingS and lack of inside sup
port, and only IS per cent was recovered
at tie close. While London was Il
seller of st. Paul. local traders were
BUYERS, and it was not until late in the
afternoon that the stock gave way ap-
probably, the final sale being made at
a decline from Saturday of l IS per cent
Reports that the January earnings of
the grangerS would compare favorably
with the same period of last year. owing
to bad weather at that time, stimulated
tie buying III these stocks during the
morning, Rock Island selling uD 235,
Northwest II, Burlington q Quincy /,
and st. Paul d Omaha IL; but in
the general depression iii the
afternoon the greater part of the
Improvement was lost i'll Northwest,
Rock Island and Omaha. while Bur
liugton receded Is below Saturdays
closing. The bull pool in Western
quite readily, and, though the pressure
was recorded when the stock took an
upward turn of l per cent, where 1t met
too many selling orders 10 withstand the
depression that was gathering around
the market and the price fell Ia to
S4$4, which was the final sale, being a
decline OIL the day. A number of West
ern orders to buy Chicago Gas was sup
plemented by purchases of the commits
sion house in the early trading, and,
after loss of q at the opening, the
shares steadily rose 1@4 per cent. but in
the latter dealings the improvement
was entirely lost. Washington advices
were construed as indicating an in-
crease in the spirits taxes; on moderate
buying, the shares of the DiStilling
| company moved up with occasional re.
sf
only d in the subsequent transactions,
! bein5 one of the most strongly held of
the active list during late weakness.
The announcement of n victory for
| General Electric in an important patent
| suit induced purchases of the com
| pany'S stock, resulting in per cent
| advance, which was warmly contested
by the bears, who fought the rise and
| caused many reactions during the up.
ward movement. The top figure was
not reached until nearly 2 O'Clock, and
during the hour following loss of Ia
| per cent was made, q of the advance be
ing retained. Reading was i'll bad ordol
| by reason of the unfavorable showing
made by the annual report published
this morning. The stock declined
steadily on heavy sales until 2 O'clock
when decline of 2115 per cent had beel
established Then, under slight cover
ing, rally of g was effected in the
late dealings.% Of which was lost at the
close. New England was in gooc
demand in the early trading oil reports
of harmony in the management, and 6
rise of ~ per cent was effected Oh
moderate purchases, but the Afternoon
transactions were mainly on the beal
side, and reaction of l per cent en-
sued. Louisville IL Nashville saggeC
| from opening to close, the last sale
being at the lowest touched, the decline
on the day being IL per cent. The gen
| eral list moved irreguiarly, and while
the tone at the close was weak for the
entire market, several shares recorded
an advance on the closing sales oil
Saturday, notably Northwest preferred
"a; New York, Ceicago u st. Loui: