St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-08
FINANCIAL.
New York.

NEW YORK. Aug. Z. -Speculation on
the stock exchange was not very active
at any period of the day, but it was ;
during the first and last hours of bus
mess that the trading was mainly done,
the market being decidedly stagnant in
the interim. After steady opening
except for Sugar and Northwest, which
were down A@T respectively, prices
began to move upward, Burlington e.
Quincy alone not participating in the,
rise. A pressure TO sell was noticeable
in this stock and this sales were heavy
and mostly for the short account, a,
renewal of the fumors that the next
dividend would be scaled encouraging
the bear clique to further efforts
to depress the property. A gain
of & had been made in the shares in the
opening trading aud the selling caused
loss of % to 70 in the first quarter of
an hour. and mp to noon the price f1uct-
uated between that figure and 703S
During the afternoon the short interest
began to cover, with the result of caus-
ing an appreciation in the value of the
shares, which at the close had reacted
N per cent from the low point of the
morning, and "a above last nights clos
ing price. Sugar quickly recovered the
early loss, but was not prominent in the
dealings during the forenoon, and not
until late in the afternoon did it take a
leading place in the trading. There
had been quiet advance in progress,
but about 2 O'Clock the tbuIl clique
in the stock taking advantage
OF the general strength of
the market rushed the stock up to 1071I,
gain of "a on the opening. Realizing
sales subsequently caused a reduction
of %, followed by full recovery and a
final recession of Is, making the gain
on the day 15s per cent. The buying in
Sugar which started the upward turn
was on Washington orders, but was not
accompanied, as Is usually the case, by
favorable tariff rumorS; in fact, there
was little, If any. street reports on the
sugar schedule today, but the good buy
ing in the stock of the trust by tile
Washington houses brought the traders
into the market as purchasers. There
was steady buying in Chicago Gas
from the opening to the close, the
last sale being at the highest of the day,
and at an advance of TX on the closing
sale of yesterday. A report that Chi
cago Gas and its arch enemy, the
Mutual Fuel company, had patched up
All agreement for division of business
is the only known factor in the i'm
provement in Chicago Gas. DistilIing
was sold down Is per cent during the
morning in the belief that the tariff bill
would fail and the trust would lose
thereby the advantage to be
gained by the proposed increase in
the spirits tax. Moderate buying
of 81 per cent. The publication of the
June report of st. Paul, which showed
but small loss in net earnings, was
the means of attracting buyers to the
shares, which, after an opening loss of
Is, rose q per cent. closing at the best
price touched. Rock Island and North
west each gained 81 on the day. In
creased earnings of Louisville induced
short covering In the stock. causing 1
per cent advance, with final reaction
of Il. The general market was in the
main firm. and closed Sol per cent
higher than on yesterday, the latter,
Mobile & Ohio and Oregon Improve
ment. 2,
The bond market was easy in the early,
dealings, but closed firmer. The lead
ing changes on the day are:
Advances-St. Louis & San Francisco
general 6s. 81: Rio Grande Western
firsts, 2; Louisville & Nashville As and
Colorado Midland As, ~.
Declines-Flint d Pere Marquette,
Port Huron division IS, 80; Peofia,l
Decatur & Evansville seconds. 8; Wa
basin, Detroit & Chicago extension tirsts
and Wisconsin Central firsts, 2. a.
The Total sales or stocks
today were 1885 shares, including:l
American Sugar. 10000; Burlington,
90 100; Chicago Gas, 11.6O0; DIstilling,
1890; l.. q N, $500; Rock Island, 1900;
st. Paul, 11,300.