St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-15
STOCKS IN DEMAND.
Passage Of the Tariff Bill
Caused a Firm and Lively
Market.
THOUSANDS OF SHARES
Rapidly Changed Hands,
Sugar Trust Leading in
Point Of Sales.
CORN WENT SOARING.
Crop Reports Furnished the
Bullish Featupe--Wheat
Strong.


has again proven that it is not entirely
safe to take it for granted that specula-
tive movements on the New York stock
exchange are certain to be made upon
lines which public opinion might regard
as logical sequence of certain condi-
tons. AS matter of fact the street
finds delight in furnishing surprises to
its haOitueS from which no profit ever
accrues to the outside. Last evening
the share market closed strong and
there was buoyancy to the late trad
ing which gave promise of increasing
strength. The tariff bill had been
passed by both houses of the national
legislature on the pleasant lines laid
down by the senate, the bears were
Jubilant, trust stocks in excellent re-
pute. The crop reports were more
favorable, rains had fallen in the corn
belt, the grangers were being bought
back by the sellers of few days ago
The general situation was improving,
sterling exchange was easier and the
flow of gold was about to turn
westward. These were the condi-
lions which confronted Wall street
this morning, and as if to give a still
more rosy hue to the situation, the
London market came in strong, and
there were two good foreign buying
orders on the board at The opening. 1t
was to be expected that first prices
made should be higher than those of
the night before, and as a rule they
were. Some of the shorts were urgent
to buy, and there was not little buying
for the long account. The amateur
operators doubtless believed that a
steady and healthy
Apprecia ton In Values
had set in, but the professional specu-
lators, the clique of insiders, were not
ready yet to let the market 20 out of
their hands, and so the usual tactice
were employed to check the upwards
movement, which had set in with force,
The Sugar pool, most powerful of all the
Wall street combinations, took turn
in hammering their own shares. The
secretary of the trust gave out a
letter he had written DENYING Con-
gresham Wilson's statement that the
company had purchased $4,000, 600
worth Of raw sugar, and putting their
purchases at only Sl2.000,000 thereby
cutting down the alleged prospective
profits to comparatively insignificant
sum. 1t was rumored, too. the free
sugar bill was dangerous. Nearly an
advance OF Is per cent in the stock was
quickly wiped out, aud break of 51S
per cent was engineered with interyen-
ing rallies, so as to let holders of the
shares down easily. A big stop order
was caught on the way down. for which
very likely the CLIQUE was cunning. At
the lower ngures tniS was good buying,
and recovery was made to 10T5s. the
closing prices being IS lower and ~
below the closing sale of yesterday.
Sugar preferred lost 81. The grangers
opened higher, except for BurliDg ton,
which was unchanged. The gains were
fractional, except in St. Paul, which
was up II. The whole group took an
early dip, in common with the rest of
the market. the entire list becoming
unsettled and tiuctuating widely in
many cases and with much frequency.
The irregularIty continued until the
| late afternoon, when
Strong Zone was Infused
into the trading and rallies were made
| which wiped out the early losses and in
majority of cases advances were re-
corded on the days transactions. the
more important of these were: Canadian
Pacific. 539; New York. Chicago & St.
Louis second preferred, 3; Illinois Cen
trail, 133S; New Jersey Central and Den
yer & Rio Grande, ~; do preferred, l.;
Louisville q Nashville, St. Paul and
Lake Erie & Western preferred, 1s6;
Oregon Improvement, II, and Pitts
burg q Western preferred and Iowa
Central common and preferred. l. Some
shares record declines, notably Lead
preferred and MINNEAPOLIS q ST J,onis
II, and Delaware q Hudson. l per
cent. The bond market was strong and
active all day and most of the shares
| traded in made gains. the most material
| ones being:
AdvancGS-Southern Pacific of Cal
ifornia lists, Duluth, South Shore & At
lantic 5s, Peoria q Eastern lists. 8 per
cent, Wheeling & Lake Erie, Wheeling
Division lists and Missouri 2ds. Union
Pacific, Denver q Gulf lists, TX; ST.
Joseph q Grand Island lists anu Oregon
Short Line consolidated IS, ~: Savau-
nah u Western lists, Albany d SusQue-
hanna consolidated Is, Erie first mort
gage, Kansas Il Texas 2ds and Oregon
Navigation lists, n; do IS. trust re-
celpts, per cent.
DeclInes-Utah Southern general, 6
per cent; Long Island as. 1s5. and c.,
sion foUrs, per cent.
Total Sales of Stocks
today were 329,626 snares, including
Atchison. 1900; Sugar, 11,30O; Bur-
lington, $4,000; Chicago Gas, LOO; Dis
tilling, 30,400; General Electric, $500;
Louisville u Nashville, 9, 800; National
Lead. 100; Reading, 9,lo0; Rock
Island, $500; st. Paul, $4,000; Texas
QDO. Wootarn TInio,, = o0n