St. Paul daily globe., 1895-12-25
STOCKS HAVE FULLY RECON-
Erred FROM AN UNEASY rs
FEELING. ES
SHARP UPWARD TENDENN
BRIEF REACTIONS, BUT WITH
OUT ANY MATERIAL
--r.-.---,- LOSSES.
KEEPING THE GOLD AT HOMn.
Firmness of the London Market
Heavy Dealings in Miscel-
laneOus Bonds. :,

NEW YORK, Dec. "A. - To-
days, business in the stock mar
ket fell somewhat below yesterday,
but was we'll distributed and the tone
was buoyant. London was much less
a factor than ON Monday, but there
was comparatively light selling for
that account. Important buying for
London is not looked for in the imme-
date future, as the short interest at
that center has been practically elm
mated and investors are deferred from
this market by misgivings as to our
currency outlook. The features of to-
days local trading were the purchases
by large houses with Washington con-
nections. due to eXpec tations of an i'm
pending issue of government bonds on
a basis satisfactory to the treasury
department and the gratifying results
of the timely action of the clearing
house committee in preventing dis
tressing rates for money. Although
some call loans were made at per
cent, the bulk of the business was done
at per cent, and transactions were
made on good mixed stock exchange
collateral ats per cent.
The market proved superior to a
sharp rise in the sterling exchange
market, partly owing to the great dis
parity between the amount of the
actual enga gementS of gold for ship
ment tomorrow and the previous eX-
traordinary estimates. 1t was attempt
ed to be explained that the exports
would have been much larger but for
the difficulty experienced by would-be
ch Of hn fol in,
curing legal tenders. This condition
prevailed to moderate extent. AS a
matter of fact, foreign bankers are
dis!nclined to sell exchange to large
amount where the gold is required to
be shipped three or four days ahead,
because, in the event of clearing house
loan certificates being used, the banks
where they deposit Their checks would
receive for their credit loan certificates
instead of legal tender notes. The loan
certificates could not be paid over to
foreign bankers, and the banks would
not be willing to pay in legal tenders
out of their own stock, as their re-
serve would soon be exhausted.
The market opened fairly active and
firm and soon became generally strong,
advances being recorded extending in
some instances to. 3 per cent. About IL
o'clock reactions occurred on the sharp
advance in actual and posted rates of
exchanges. The losses were soon re-
covered, heavy purchases by the shorts
turning the scale. The upward ten
dency was thereafter maintained as a
rule, the highest figures of the day
being reached between II and II o'clock
The appreciations at the extreme point,
as compared with last nights closing
prices, are st. Paul & Omaha pre-
ferred and Wheeling & Lake Erie pre-
ferred. AZ; Tobacco, Rock Island and
3A;. Chicago Gas and Iowa Central
preferred, 31a; Denver & Rio Grande,
33s; st. Paul and c., c., c. & ST. L.,
sat, sa a9ckng ha Esey Eris l. e. #asaTn Ganada
preferred, 2& Northwest, 25s; Bur-
lington, Missouri Pacific, Southern pre-
ferred and Tennessee Coal, 21a, and
Kansas & Texas preferred, and New
Jersey Central, "a per cent. The best
the extreme panic prices of Consol-
idated Gas, s. Lead preferred, II; Pull
man, Il; Rubber preferred and Rock
Island, 10; c., c., c. & st. L., 3A; AL
ton & T. H., Chicago Gas, Delaware &
Hudson; M TOBACCO, e,a and Wheeling a1es Ing; 4 +
Central, 81; Lead and Manhattan, s;
Sugar and Distilling, 7%; Canada
Southern, ~; st. Paul and Burling--
ton, ~; Kansas & Texas preferred
Around delivery hour there was a
disposition on the part of the traders
to take profits on the advance and a
sharp slump resulted, in which the
grangers, Manhattan, Chicago Gas.
were eGn most t.', Conspicuous. The pressure
was soon over and the upward ten
dency was resumed, the market clos
ing stronger.
The appearance of heavy purchasing
advance in the railroad and miscella-
neous bond market throughout the
day. The transactions footed up g.
376,OOO The more important net gains
are: Rock Island extension 5s and
Tes 9sssstdre 0se 8 Of rs M ST. g. 6rsgda S9gsn
Short Line consol 5s, trust receipts,
2a4; Oregon Short Line 6s, 21a: Read
ing As, 21a; Reading As. 2R,
Reading trust receipts and hrst
7eOf ~ III A59hsGn adnsmea{ sdjuss st.
trust receipts, ~; Wabash seconds,
~; Rio Grande Western firsts, H..
Government bonds broke sharply on
the anticipated new issue of bonds.
The new As receded ~ and the old as
per cent. otdle OOiiuS WeIS hlS2hot cli
purchases of S25,50O, mainly Virginia
Centuries.
The total sales of stocks today were
341, ,4S1 shares, including: American SUI
gar, 45,4OO Tobacco, $4,000; Atchison,
II, 400; Burlington, 1890; Chicago Gas,
1860: Distilling, 15,1OO; General Elec-
trio. 1890; Kansas & Texas, $500; Lou
isville &. Nashville, 10,SOO; Manhattan
Consolidated, $500; Missouri PACIFIC.
10000; New York, Susquehanna &
Western. 5000; Northwest, 1000; Pa
cific Mail, 800; Reading. $500; Rock
Railroad 4,6OO Southern Railroad pre-
ferred, $500; Tennessee, Coal & Iron,
10, 5OO United States Cordage, :. 5000;
Leather preferred, 600; Wabash pre-
ferred, $500: Western Union, 1890;
Wheeling & Lake Erie, 10,SOO
/ tuations of the leading railway and
industrial stocks IestardaY: