St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-28
100000
To Loan on St. Paul Real Els
tate.
The St.PauI Title Insurance & Trust Go
FINANCIAL.
New York.

New YORK, Feb. 81. - While the
change today was not very large, there
was an approach 10 buoyancy i'll deal
ings and al absence of bear sentiment
which had 4 healthful effect upon the
market. Among the causes which led
up to this result. the most prominent
was the decision rendered in the United
States district court at Chicago to the
effect that in suits instituted under the
interstate commerce law witnesses may
refuse to answer questions on the
ground of being incriminated thereby.
The point made by the street in this
connection is that under such ruling
the interstate commerce act is to be
reg arded as dead letter by reason
of inability to enforce it, and a conclu-
sion is drawn that this state of
roads. Consequently the shorts were
in mood 10 cover today, and their pur-
chases, supplemented by buying by the
room traders, went to make a rising
market, which did not meet with seri-
Gus antagonism on the part or the bears.
The news from Washington was favor
able to the sugar interests, and the
shares of the American Sugar Refining
company were benefited thereby. Re-
ports that the General Electric COM
pany had just made some paying con-
tracts assisted the upward movement IN
that stock. 1t was rumored that heavy
bear operator was engaged in cover
Ing movement preparatory to leaving
town, and this. too. helped the bull side
of the market. Tie day was singularly
ram lar nH tn
the speculative mind. and the general
trend of prices throughout the day was
in the direction of higher figures.
At the opening OF business, prices
were irregular on slight changes, but
the market quickly took an upward
turn, and, under the leadership Of
Sugar, st. Paul. Burlington & Quincy
and General Electric, the general LIST,
! with some few exceptions. recorded a
material advance. Distilling was one
of the weak stocks. and was pressed for
sale. The uncertainty as to the spirits
tax and the bonded period is having its
effect on outside holders of the Distill-
ing company's shares, and considerable
long stock was marketed today. The
| QUO warranto proceedings to test the
legality of the corporation is also q
| factor In the situation, and helped to
| depress the shares. During the morning
| occasional reactions occurred in the
| general list; the net result Of the fluc-
tuation was the establishment of higher
| figures, and the markets swung into
the afternoon with a decidedly strong
| tone to the speculation. Prices
| did not change materially be-
tween midday and hali-past /
o'clock, being very firmly held, but al
that hour, under the lead of Sugar, a
fractional reaction occurred. The de.
preston was of briet duration, and
during the last hour the market was
strong, closing generally at or near the
best figures OF the day. with prices IA
| rs per cent above the closing sales OF
yesterday. For the active list, the
latter in Sugar common, do preferred
| lH st. Paul and Lead preferred, II
General Electric, q Rock Island, q
! Burlington and "a Northwest. Pull.
man shows an advance of 2 per cent
Those shares which show the heaviest
declines of the day are: Cotton Oil
preferred, Denver q Rio Grande pre-.
ferred and Mobile & Ohio. l; and
Canadian Pacific, ~. Erie preferred
| fell of Ia, but recovered " per cent
Chicago a. Eastern Illinois sold at s.
against 81 the last previous sale.
The further advance in sterling ex
change rates made today will, il i:
thought. result III the shipping OF golt
By Saturdays steamers, unless In ths
meantime rates should BECOME sasisE