St. Paul daily globe., 1895-02-17
FINANCIAL.
New Xor tx.

NEW YORK. Feb. 1G. - The stock
market during the two hours Of busi-
ness today was very Irregular in it's
movement. but in the main inclined
toward higher prices, this tendency
being due to the closing out Of short
contracts over Sunday.
AT the opening speculation was
strong in tone; fractional advance
was recorded. The Improvement was
not. however, maintained for long. a
break of ~ in National Lead causing
sympathetic reaction in the general
market. New Jersey Central was also
attacked and broke 24. Before II
O'clock the temper of speculation had
undergone change for the better,
Lead having recovered ~. New Jer-
sey Central rallied Is on covering of
short contracts, and the rest of the list
moved up under similar influences.
About ii 80 there was slight reaction,
but in the final trading the market was
firm and closed in good tone, the great
er part Of the shares dealt in being so
Ia higher on the day.
Speculation was restricted in the
earlier part of the week. as but little
relief to the financial situation and the
defeat OF the bond bill merely added
slightly 10 the existing depression.
Another factor of weakness was the un
favorable reports of abroad earnings
notably of the grangerOoads. The pub
licatiOn of the terms which the gov
ernment had sold its per cent bonds
to the Belmont Morgan syndicate had
a good effect.
The requirements which provided for
the importation of gold from Europe
and that which bound the syndicate to
use its best endeavors to prevent with
drawalS Of gold from the treasury were
looked upon as most favorable to the
future of the market, implying as it
does the control of the foreign exchange
market, so as to keep rates below the
gold shipping point.
The bears attempted to eXaggerate
the importance of the purchases of
some gold in the open market. the buy
ers paying commission of 1907 per
cent to bullion brokers. But the effort
to create scare on the gold premium
was Ineffective.
Northwest was feature of the share
speculation throughout the week, and
suffered from heavy liquidation. To.
primary cause CT the break was a cur
rent rumor to the effect that an insider
was selling the stock. In the latter part
of the week there were evidences of
inside buying, which resulted in rally
of AZ per cent. Street gossip to the
effect that the affairs of the United
States Cordage company wonld soon he
transferred to the care Of receivers re-
Su ted IN stump in the ST tocks.
The closing trading Of the week dis
closed a demand for the issues, and
they were marked up to 1868 and Az,
respectively, the net losses being ONLY
s for the common, l for the preferred
and 81 for the guaranteed.
Sugar. while most prominent in the
trading, moved within comparatively
! narrow limits. In a majofity of in
stances the last figures Of the week are
! below those of the preceding week, the
more important losses being:
Wells Fargo Express company. 4 per
cent; Canadian Pacific, 80: Edison
Electric of New York, 81; Erie pre-.
ferred, 29l; Alton & Terre Haute. sT:
Bay State Gas, 2$S; Lead, "a; Chicago
Gas. u: Burlington, "a; Dlslilling q
and Rock Island. &.
st. Paul is unchanged. The aggre-
gate sales of the week were SOO,3
shares.
The bond market today was firm, the
sales aggregatng $3Q6,000. Advances
were made OF per cent in Louisville &
Nashville, Pensacola & Atlanta tirsts,
Union Pacific, Denver 81 Gulf firsts are
down 2 per cent. and Louisville &
Nashville, New Orleans & Mobile tirsts,