St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-31
FINANCIAL.
New York.

NEW YORK, Jan. 3O.-The street was
treated to a mild sensation shortly be-
fore the close of business today by the
announcement of the formation of a
syndicate to take any part Of the pro-
posed government loan that might not
be subscribed for at Secretary Carlisle's
upset price. This change of front by
the New York financiers who yesterday
were by no means ardent in their re-
ception of the secretary of the treas
ury'S plan, is in part accounted for on
the fact that upon reflection the bank
ing element concluded that the failure
of the loan would affect the credit of
the United States abroad. which would
have the effect of inspiring
lack OF confidence in the foreign
holders of all species of American Sc
curities, with the result of creating a
situation inimical to the financial inter-
ests of Wall street and the country at
large. Then, too, it was possibly taken
into consideration that by forming a
syndicate to take the bonds at no adj
vance on the upset price the competition
was leSSened and the necessity for pay
ing premium on the upset price was
removed, thus increasing the margin of
profit to be gained by the syndicate
subscribers. The announcement of the
formation of the syndicate did not reach
the exchange until just before the close
of business, but it materially strength
ened the final dealings and impaired
tone approaching buoyancy to the spec
ulation at the close.
The day on the stock exchange was
very dull one. London was a small
seller of st. Paul and bought lightly Of
Louisville u Nashville, taking also
block of 1,500 shares of New York Cen
trial. There was very little news of in
terest to the spectators, and the crop
OF rumOrS was small. The decision OF
the United States circuit court at Phil
adelpha, holding that the American
Sugar Refining company was legal
corporation, madelin the suit of the gov
eminent to declare it an unlawful com
blnatlon. impaired temporary strength
to the dealings i'll the Sugar shares.
AdylceS from Chicago explaining
away the rumored institution of
proceedings by the attorney general
OF Illinois to forfeit the charter
of the Chicago Gas company and the
other disquieting reports regarding
local opposition served to induce q
strong buying movement i'll the stock,
which resulted in sharp advance, the
closing being the best price of the day.
OOuSIit
ately, and General Electric was pur-
chased for the Boston account in small
lots. The shorts covered largely in
Western Union, an early decline of "a
per cent having developed the exist
ence of a number of buying orders,
which did not look healthy for the bear
element, and there was quite a scram-
bic TO get back the stock sold. resulting
in an advance of II per cent, of which
| only Is was lost at the close. A sale of
500 shares seller sixty days was made at
S33s when the regular quotation was
S41s. A report that the National
Lead company had a million and
half cash on hand induced pur-
chases of the company's shares,
causing it to appreciate i'll value.
The publication OF the Burlington 81
Quincy earnings for December, showing
goodly increase, and rumors that the
st. Paul statement wodld make a bad
showing for the fourth week in JAN
uary, did not materially affect either
stock, both of which closed at the high
est OF the day. After weak opening
the general market rallied under the
leadership of Chicago Gas. and then