St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-05
C.ERNST & CO
Investment Bankers.
Dealers In ffrst-Class
Bonds, Bank Stocks and
Commercial Papers.
Money to loan in Large Amounts.
-oFFICES-
Germania Bank Bldg, and Temple Co urt
st Paul Minneapolis
FIN ANCIAL.
New York.

new YORK.
NEW YORK, Oct. 4.-The share Spec
ulation today was characterized by
marked strength and fair degree Of
activity. The improvement to the market
was due in some measure to the fact
that the Anglo. Franco war scare was
proven to be baseless and the more
favorable railroad reports for Septem-.
Der, but the main factor was a demon
stration OF bull pools against the short
interest. Chicago Gas was tho feature
of the speculation, and was taken in
hand early by an outside clique which
proceeded to squeeze the shorts in the
stock. the loaning rates having been
put up to 1-32 premium. Accompany
ing this movement was report that an
agreement had been entered into by
the Chicago Gas and Municipal
Gas companies for division of
territory. Under the covering which
followed, assisted by purchases for the
long account, induced by the scarcity of
the stock, the price moved up sharply
to 1925, Il gain of 2335 on the closingiprice
of yesterday. At the higher figures the
bears made drive on the stock which
caused reaction of per cent to Tx
before noon. After midday the buying
was resumed and became very heavy
late in the afternoon, sending the stock
up to 1873, the last being the highest
price of the day and "A per cent
above the last nights closing. Sugar
was forced to take second place in the
dealings. An early advance of "a was
followed by decline of q per cent. trad
ing at this time being very light. 1t was
not until later in the morning that
the shares came into good buying de-
mand, but Strengthening of the mar
ket generally led to a covering move
ment in Sugar, which resulted in
S5s, with only final reaction of d.
Advances were established in the other
industrials of "a in Tobacco. 19s in
Lead. * in Starch second preferred.
General Electric a and Distilliug "a.
The latter stock sold up ~ during the
morning on sales induced ny President
Greenhut's statement that the rebate
system had been abolished, and that all
rebate vouchers outstanding will be
paid on maturity. During the after
noon the stock had but little support
and sagged off ~ per cent. In the
railway list the grangers were most
active, and the most notable event Of
the trading therein was bear attack
OIL Rock Island, causing break of II
from the opening price, which was x
above yesterdays closing. The stock
was found to be without support at the
time and some stop orders were uncov-
cred. Burlington q Quincy, which
opened a higher. receded q in sym
pathy, and ST. Paul, which made an
early advance of q, also fell Off q. As
there was no unfayorable news in
these stocks,the recovery was rapid. st.
Paul regained all but & Of the loss, and
Rock Island all but g, while Burlington
recovered all the decline and made an
advance of g additional. There was a
very strong buying movement during
the last hour, and the market closed
strong and at or near the best figures of
the day.
The advance above fraction: New
Jersey Central and Ohio Southern, per
cent: New England. ", and st. Paul,
Minneapolis & Manitoba, 31s; Alton &
Terre Haute declined l, and a very few
other shares small fraction.
The bond market was strong all day,
and notably in the afternoon, when It
moved up in harmony with the share
speculation. The trading was active,
the sales aggregatiDg 81, 4S2. 500. The
Chesapeake & Ohio As, Burlington &
Quincy, Nebraska extension As, Reading
aud Atkinson IS being most prominent
In the dealings.
The more important changes are,