St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-05
FINANCIAL.
New York.

New YORK, Jan. 4. "A marked change
in the temper of speculation character
lied the dealings on the stock exchange
today. and despite the efforts of the
bears to deDreSs the market by means
of rumor innuendo and direct offensive
movements on the weaker properties,
prices moved upward in solid phalanX.
with but few of the active stocks lag
ging behind. In the early dealings the
short interest depressed st. Paul
fraction on reports that the decrease in
earnings for the fourth week in Deem
Der would be much heavier thar for any
of the preceding weeks, but when the
figures were published and did not full
ill mournfu! prophecy the reyulsion
of feeling carried the stock up-
ward, forcing the bears to cover in
quick order large blocks being bought
at advancing quotations. Early in the
day an earnest effort was made to force
the bull pool in Western Union to lioui-
date by vigorous selling, and strong
hopes were INDUCED in of uncovering
stop orders which should cause a seri-
Gus break. but the buying was too heavy
for the short interest, and the result
was that sellers of the morning became
purchasers in the later dealings, thus
materially assisting in the consequent
not in good tone in the opening deal
ings, and broke II per cent on much
smaller volume of business than is
usually required to affect this stock, the
depression being mainly due to lack
of inside support.
Subsequently the general buoyancy
carried Sugar up u, but in the later
dealings areaction Of per cent set in,
and the last sale was Is below last
nights price. Distilhng was sagged
off a small fraction during the
morning for the lack Of buying orders.
grew strong in the afternoon on pur-
chaSeS largely for Western account, due
10 rumOrs that the probability is that
the tax on spirits will be materially fn-
creased, some figures. placing the in
crease at 25c, and also TO a realization
of the fact that the lengthening of the
bond period is i'll the interest of the Dis
tilling company. London was a buyer
of Wisconsin, which was freely held all
day, closing at g advance, the impress
sion gaining ground that the receiver
ship Will be brief, and a reorganization
effected on a sound financial basis. The
receivers gave out at the close of busi-
ness an official statement as to the COM
ditlon of the company, and correcting
published statements and rumors circu-
lated both here and in London. The
coal stocks were all strong, Read
ing being largely bought on Phil
adelphia orders and Delaware,
Lackawanna ~ Western and New Jer.
sey Central being assisted to higher val
ues by reported traffic agreement cal
culated to increase the business of both
companies. Northern Pacific preferred
was heavy on reports unfavorable to
the earning capacity of the company,
and also owing TO the contest over the
receiverShip. The general market was
benefited by adYices from Chicago of
concerted effort to be made to maintain
railroad rates. At the very opening of
the day the market was a rising one,
and though general reactions Temporal
rlly checked the advances, the losses
were entirely recovered, and the late
dealings were characterized by an actiy-
lty and firmness which continued TO
the close, an advance being recorded
on the day of 4@5 per cent,
the latter Minneapolis d St. Louis pre-
ferred; ~ in Minneapolis d st. Louis
common; 8, Delaware IL Hudson: 25<.
Delaware. Lackawanna d. Western: ei5.
Iowa Central preferred, Hocking Coal
and Iron and American Tobacco: 2L.
Susfuenanna & Western preferred: ;.
New Jersey Central Il Pittsburg, C. c.
Z. IL st. L.; iM,in Wheeling i Lake
Erie preferred and Kansas CITY 81 Texas
preferred; II. st. Paul Il Omaha and
Mobile 81 Ohio; II, Distilling, Amer
lean Cation Oil preferred and New
York. Chicago j. st. Louis; 153ss, Chicago,