St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-16
FINANCIAL.
New York.

NEW YORK, Jan. 15.-The week
opened on the stock exchange with a
firm tone in the speculation. in harmony
with the strength Of American securities
IN London, and in response to purchases
for the home and foreign accounts.
After the opeding Improvement the
market sagged Oft more by reason of the
dizziness into which the trading lapsed
rather than from any great pressure to
sell, and except in some of the specula-
tions there was very little improvement
in the list until the afternoon. A move
ment to cover short contracts was de-
veloped shortly after noon. which grew
in strength as the day advanced, and
which was supplemented in the late
dealings by purchases for the long ac-
count. A factor IN the situation was
the very general belief that the con-
ditiOnS of the United States treasury
demand immediate relief, and that if
congress does not rise to the occasion,
Secretary Carlisle will be forced
to issue bonds. The secretary's letter
to Chairman Voorhees,, of the senate
finance committee, made public during
this afternoon, confirmed this view, and
as a government Issue Is looked upon
as bull point, the upward movement
showed new Impetus. Among the local
influences at work was the announce
ment that the New York bondholderS'
committee of the Reading company had
asSented to the reorganization plan,
which was accepted as inSuring its
hnal adoption, anu that at a not far dis
tant date, Reading stocks and bonds
were materially strengthened by this
report and recorded substantial ad-
vances. Speculation in the grangers
was rendered nrm by reported heavy
freight shipments eastward, coupled
with advices from the West of
gradual revival i'll trade. Burlington
d Quincy and st. Paul were both
but gave way only fractionally.
and were among the most buoy
ant III the late trading. General Elec-
Iric, which was a trifle heavy during
the morning, was bought vigorously
during the lat half-h0ur, largely for
the Boston account. selling up 215 per
cent, with final reaction of "a, making
gain of IL on the day. Louisville 81
Nashville, after an early advance of u,
reacted Is, rose per cent. closing al
reaction OF 4. but ~ above Saturday.
The generally favorable conditions of
the speculative situation caused brisk
day, and prices moved up sharply, the
market closing strong and at or near the
best figures of the day. The advance
compared with the final sales of Satur-
day ranged from l 10 per cent in the
active list.
The miscellaneous and railway bond
market was stronger at the opening and
close, but gave way partially during the
morning. The principal changes are:
Advances. Reading first preferred
incomes, 35s; do seconds, 80; do thirds,
81 do general fours, 15s; Oregon In
provement IS, 8; Chicago d Northern
Pacific firsts, 215.
The Evening Post says: Further
pressure of a limited kind was applied
today to the recent spectators for the
decline. and they were forced to cover.
The movement took its active shape i'm
st. Paul, Western Union, Reading, Bur
lington, Northwestern, Louisville, these
stocks being the natural centers of
covering" operations, since it is they
in which the spectators have recently
shown most aggresSiveness. London
prices were almost without exception
higher, which brought arbitrage
brokers to the support of today's