St. Paul daily globe., 1895-12-24
ON THE RIGHT SIDE
CLEARING HOUSE Committees
EFFECTIVE ACTION AL
LAYS EXCITEMENT.
STOCKS FEELING BETTER.
ISSUE OF LOAN CERTIFICATES
TO BE MADE WHEN
REQUIRED.
SMALL DEMAND FOR GOLD.
Material and Rapid Advance in
Prices on Both Sides of
the Atlantic.
STOCKS FEELING BETTER.
SMALL DEMAND FOR GOLD.

poftant cOnS1derat ton affecting the
stock market today was the decision
arrived at by the clearing house COM
mittee at a meeting on Sunday at the
house of President Tappan, of the
Galatin National bank, and cabled at
midnight to London, to recommend
that the issue of clearing house loan
certificates be made, at once if neces-
sary There is excellent authority for
the belief that this timely action
turned the sentiment in London to the
bull side of our securities, and Incl
dentally stemmed the semi-panic tone.
The very disproportionate engage
mentS of gold for shipment to Europe
on Wednesday to the previous large
estimates were also attributed to this
influence. The days operations exhibit
ed decided and wholesome contrast to
the panic of Friday and Saturday. The
ted, but the dealing shrunk to an ag-
gregate of about $4,000 shares below
Fridays grand total
The main interest before the opening
here logically centered in London prices
for our securities, and as the cables
recorded advances up to 23s per cent in
st. Paul, forecasts of a good rally in
the local market were confidently
made. 1t was also known that large
buying orders had been uncovered for
foreign account to be executed in this
market. Accordingly, amid consider
able excitement, the initial prices were
moved rapidly upward, the advances
in the first few minutes ranging up to
6 per cent in New Jersey Central. The
rise had been SO sudden as to prevent
the fulfillment of many of the London
orders, and, after the first quarter OF
an hour, realizing sales checked the
rise. Sugar and Susquehanna & West
ern preferred sustained. losses of 212,
Western Union, 23s, and Southern
preferred, st. Paul and New Jersey
shortlived but the subsequent dealings
were irregular.
The market again took decided turn
upward around p. M, feature being
the execution of an unusually large
number Of small investment orders for
cash purchasers. This was ALSO it will
be recalled, potent factor in ending
the 1893 panic. In this movement the
best prices. of the day. were made as a
rule The gains at the top figures
SSl2; Consolidated Gas and Alton &
Terre Haute, 8; Chicago Gas, 2; Lake
Erie & Western preferred, SIC; Rock
Island, 6%lc; Lackawanna, Metropoli-
tan Traction and New Jersey Central,
s; Cordage gtd, 5A; Louisville-New AL
33s, and Northwestern IL.
Covering of shorts was large on the
general rally, and was also induced by
the comparatively Eight engagements
OF gold, amounting to only S1,0GO, ,000.
1T had been announced that the assay
office would be closed at noon tomor-
row, and this encouraged the eXpecta-
tlon that the exports would be limited
to that sum. Later in the day, how
ever, the order was countermanded,
and full day will be allowed to would
be shippers of the precious metal
Most of the large gold houses have ex-
pressed unwill.ngness to ship at this
time. The call money market was er-
ratio, and as high as 70 per cent was
paid on moderate line of money. Sue
ceSSively low and high figures were
quoted, and eventually money was Of
fered freely at per cent in the late
dealings, and closed at per cent. The
clearings of Friday and Saturday with
out important financial embarrassment
excited favorable comment. A single
failure was announced on the New
York stock exchange. An equally un-
important suspension occurred on the
Consolidated exchange. The opinion
that an issue of gold bonds is fmni-
nent, probably before the end Of the
present week, is general in banking
circles. The market left off strong and
close to the best prices of the day.
The speculation in bonds was again
of large proportions, the transactions
aggregating $3, 600. The specula-
tive issues were in good demand and
scored material advances. The market
was governed by tho influences noted
in the review. of the share speculation.
Some of the less active mortgages,
however, sustained sharp declines
Cordage first rose 11a per cent to "a, re-
acted to 25, and rallied again to 2S12 at
the close. Other important gains were
Northwest debenture 5s of 1902 and
Savannah & Western first trust re-
ceipts, 5; Wisconsin Central first trust
receipts, 51a; Kansas & Texas 2ds, Az;
Atchison adjustment As, AZ; Southern
5s and Atchison As, S24: Northern Pa
3; Union Pacific, D. & G., Northern Pa
cific collateral trust 6s and Atchison
2ds, 2s4; Iron Mountain 5s. 5; Texas &
Pacific firsts and st. Louis Southwest
Gas 5s. Chesapeake & Ohio, AZ; Bur-
lington consols, Atchison As trust re-
ceipts, 2, and Northern Pacific first
trust receipts, l per cent. The sale Of
Southern 5s at 50 on Saturday was an
erroneous report by the stock exchange
ments receded sharply on the probable
ity of new issue. The recessions
amounted from l to 11A, the last on 5s
coup, of which $1,000 were sold. The
other issues were not traded in.
The total sales of stocks today were
gar. 1880; American Tobacco, 12,6Oo;
Atchison, 2O,200; Burlington, II, 200; Cam
ada Southern, 3,400; Chesapeake & Ohio,
400; Chicago Gas, %, 100; Con. Gas,
2,so9; Ristillings 17CCo; General Eleetrle. re.
n. A. & c., $500; Missouri Pacific,
5000; National Lead, $500; New Jersey
Central, 5000; N. Y, Susquehanna &
Western preferred, 1900; Northwest,
n,,to rin q,