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

memorable year III the annals of the
stock market was marked by strength
and activity, and there was not trace
in the final dealings of that hesitation
and feverishneSS which was leading
characteristic of the speculation during
the past few days. Not little of the
firmnesS CT the stock market was due TO
the fact that the short interests were de-
SirouS Of covering their lines before the
January disbursements overfowed the
already well-filled treasure chests of the
financial institutions of this and other
money centers, At no previous time in
the history Of this country have the
rates for money been so easy
all around. Never before have
held so large a surplus, which
exceeds the legal requirements of the
banking law by over $S0,000.0 900. At
the close of last year it was not quite
$1,000, 900, and the year before only SIT.
100000. When the many Interest pay
ments due Jan. are added to the pres
ent large hoardings. the amount of
money seeking investment here will be
unprecedentedly large, and hence the
conditions do not favor the bears in the
stock market, and rs the speculative
horizon has been cleared of sumo heavy
clouds during the past week, the situa-
year is brighter of promise by reason of
the fact that during the twelve months
Just about ended there has been
such a clearing up of weak railway
properties by means of receiverShiDS
and re0rganiZations During 1898 some
seventy railroad companies, operating a
total of over 81, 600 miles of track, with
an aggregate capital stock 5f over $780,
100000 and funded debts of over $780,
100000, have been placed in the hands
of receivers, including the Philadelphia
IL Reading, Northern Pacific, Erie,
Union Pacific, Atcnlson, Topeka IL
Santa Fe and New York & New Eng
land. With the difficulties of these cor
porations in process of disentanglement,
a large amount of speculative danger is
removed and an Improvement in values
is to be looked for generally, rather than
depreciation.
At the opening of business today,
there was good demand for the lead
ing stocks, Louisville & Nashville being
notably strong, the first sale being made
at an advance of rs on last night, the
general Improvement ranging from a
to q per cent. In exception to the firm
ness i'll the rest of the list, New England
opened IS lower and then under heavy
selling broke RI to 10, rallying q, max
ing further reaction to 81 and closing
at a recovery of q. The general list
fell of 4 to II III sympathy with the
depression i'll New England, but sharp
upward turn was made soon before II
o'clock. Linseed oil advanced per
cent, Manhattan and the general list
750I per cent. Atchison, which had
advanced g, declined u, but sold up
rs in the final dealings, closing at an
advance of 35 on the day. Between IL
and 11:45 speculation was heavy and
dull, the general market receding so
3, Union Pacific l and Louisville. New
Albany IL per cent. In the last fifteen
minutes OF business there was rush to
cover by the bears and the lower range
Of values induced long buying, which
combined to make very strong market
and sent prices up 4 10 Is per cent.
Louisville u Nashville, AtchlSOn and
Missouri Pacific led the upward move
ment. The market closed with buoy
ant tone, the leading advances on the
day being Louisville 25S, Linceed Oil 8.
Cotton OIL u, New York Central and
Chesapeake IL Ono rs. Manhattan and
Minneapolis IL st. Louis preferred 2,
and Southern Pacific and Wheeling IL
Lake Erie per cent. New England
leads the list of declines with a loss of
81 per cent. Colorado Fuel Il Iron
and Sugar per cent. Buffalo, Roches-
ter 81 fittsburg sold at 20 against 2S15
the last previous sale.
The principal changes on the week
are: Observation-Disclosures Ohio, New
Jersey Central, American Cable, St.
Paul u Duluth preferred and Colorado
Fuel and Iron, 2 per cent; Great North
ern preferred, ~; Canada Pacific and
Consolidated Gas. 8; Louisville IL Nash
vile and Duluth, South Shore & At
lantlc, 81 General Electric. 35S: Louis
vile, New Albany IL Pittsburg, c., c.,
G. Il st. L., 4; Atchison, As; Oregon
Navigation, 5; Minneapolis " st. Louis
preferred. So: New England, 65S, and
Buffalo, Rochester IL Pittsburg, 81.
Advances American Tobacco. .; Ma
tional Cordage, 25s, do preferred, 4 and
Linseed Oil, 4.
The railway and miscellaneous bond
market was generally strong through
out. The principal changes OH the day
were:
Advances-Atchson Is, 8; Atchison
seconds, rs; Colorado Midland As, 81;
Evansville IL Terre Haute frsts, ~;
st. Louis Southwestern firsts, II; Read-
ing As, l 4 Peoria IL Eastern firsts, 2;
Louisville u Nashville, Evansville IL
Ii. \. tirStS, per cent.
Declnes-Third Avenue Railroad SIS,
2; Long Island 5s, IL; Mobile d Ohio |
is and Northern Pacific Terminal frsts, |
each per cent; Hooking Valley Gen
eral Mortgage 6s sold at $50 against |
93l9 on Dec. 10. The leading changes |
on the week are:
Declines-Northern Pacific and Mon |
tana firsts, 1879; Colorado Midland As, 10; |
Atlantic& Pacific As, II louisville, New
Albany general 5s. 81; st. Louis Il San
Francisco consol As, 8; Union Pacific,
Denver & Gulf tirsts, q; st. Louis d San |
Fra QnjSpO Glass A 81. ilO (liocS opJ
G, AZ; Wabash debentures, series b,
Hooking Valley general 5s. 4: do Is and
Morgan's Louisiana IL Texas 5s, 5; Iron
Mountain IS, AZ, and Seattle, Lake
Shore q Eastern first trust receipts, 4
per cent.
MISUNDERSTANDING Coal IS, E1O15,
and Illinois Central, 315@415 per cent.