The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-05
STOCKS, ON THE SOUND MONEY
VICTORY, OPENED WITH A
BOOM.
10 DEMAND FOR GOLD.
THE BULLION DEALERS DECLINED
TO EXCHANGE CURRENCY FOR
COIN.
EXTREME GAIN OF SIX PER CENT.
After a Business Larger Than Has
Been Seen for Months the Close
Was Easy.

NEW YORK. Nov. 4.-The first post cleo
ton trading on the stock exchange was
strong in tone and buoyant In character, and
for the first quarter of an hour prices rose
sharply. The advance ranged up to per
cent. with Sugar as the leader Of the mar
ket. There was, however, a feverishness
about the transactions, which quickly led to
realizing sales, resulting in reactions of
about 1@219 per cent. These were followed
by sharp but only partial recoveries, the
dealings meanwhile being on an enormous
scale, and reaching proportions that have
not been witnessed for a long time past.
There was good buying on orders from out
OF town. which was stimulated by the re-
celpt OF cable advices reporting higher prices
Tor American securities on the London stock
exchange. Foreign orders were also execut-
ed in fairly large volume, and materially as
sisted in the upward movement. There was,
however large selling for the account of
operators who desired to take advantage of
the rise, which was expected to occur in
the initial dealings, opinions differing as to
the stability of the advance.
The hour preceding noon was marked by a
1airly steady tone on moderate business,
which brought the market to about its nor
mai condition. Approaching midday, the
market again was on the upward turn and
the specialties attained considerable prom
inence by reason Of wide fluctuations. The
inquiry for the low-proced shares also ex-
cited interest and comment in some in
stances the best prices of the day were at
tanned, notably in Chicago Gas, Reading and
Rock Island. Cotton Oil stocks, which, in
contrast to the general tendency, had earlier
sagged on the postponement of considera-
ton OF the preferred dividend, through lack
OF quorum, moved up toward the close
lA for the common and 312 per cent for the
preferred.
The trading in the afternoon session was
characterized by considerable nervousness and
diminished volume of business, which was
however, better distributed than in the fore
noon. The news developments bearing upon
the tributary markets were varied and ex-
tremely interesting and in sharp contrast to
recently ruling conditions. Foreign exchange
was irregular and to a large extent the quota
tons were nominal. Early in the day, actual
sterling was quoted two cents, and posted
figures one cent below the final rates on Mon
day, but later rallied slightly. Leading houses
were reported undecided as to the immediate
cause of the change and appeared dsinclined
to transact much business temporarily.
The premium on gold that has ruled for a
long time past entirely disappeared and peo-
pie who had withdrawn the gold some time
ago made Intellectual efforts to exchange their
holdings for currency at the offices of the
bullion brokers. At the sub-treasury applica-
tons were rejected, except subject to delay for
examination, and in return for receipts, it be-
ing stated that the entire clerical force of
the establishment was taxed to the utmost
In counting heavy Accommodations of silver.
Finally the gold was turned over to the banks
and savings institutions, and some of the
banks that are understood to be short of cur
rency, will, 1t is stated, pay their balances at
the clearing house temporarily in gold. Money
was distinctly easier. Large transactions were
made on call and the rate was quickly forced
down from 10 per cent, the initial figure. to
s: and finally to per cent, closing offered at
that price.
All stringency in the money market also DIS
appeared and all borrowers with gold collateral
were accommodated at 6 per cent for all
periods from thirty days to one year. The in
CURRY for funds was not pressing. A CO.
relative removal of restrictions in the mer-
camille paper market was also noted and the
demand for choice paper was in excess OF
supply. Rates were lowered to GOT per cent
and fairly large business was reported al
the lower figure. Silver certificates were
conspicuous by decline Of 2A per cent tc
621ac in the early dealings, subsequently with
liberal purchases rally ensued to 64Ac. The
total transactions were $120, 600.
Aside. from Sugar, which came third in
point OF activity and scored the extreme ad.
vance OF per cent in the active list, the
lndustrials were overshadowed in extent OF
trading by the railway shares with Reading
and st. Paul leading the last named class
The initial prices were in most instances the
Specialties, the changes in prices were very
material, particularly in Bay State Gas, which
after an early rise of per cent broke anG
left off only Y per cent higher than on Mon
day. Wheeling & Lake Erie preferred jumped
5% to 80, reacted to 81 and closed at 33
Commercial cables, which was 1873 bid or
Monday, sold at 1853 a transaction of 10(
shares and closed at las bid 1471a asked.
Government and railway bonds made sub
stantial gains with the International issues
in the last named the more prominent. Some
| lrregularity was evident in the final dealings
and the market left off easy in Tone clos
Ing prices, however, showing net gains rang
ing from los per cent in the principal shares
| The advance at the top level, compared witt
| Mondays final prices, were: Sugar, 6%; l.
/ e. & w. pfd., 4; Pullman, g. N. ]. C. ant
| u. S. Express, 8; Tennessee Coal. 4A; Adams
| Express, Brooklyn Union Gas and Consolidat
ed Gas. AZ; M. & o., Az; st. Paul. st. Pau
| pfd. Metropolitan Traction and Mnnesot;
! Iron, 4; Lake Shore, 3%; R. l., 31a; Atchison
| "a; Atchison pfd., S19 Chicago Gas, Burling
ton pfd. and Illinois Steel, g. Lackawanna
| N. Y. c., Canada Southern and w. u, 8
| Rubber, ~; Rubber pfd, 3; Manhattan, "a
Leather pfd., 2A; Erie first pfd. and To
bacco, 25s; Lead, Minneapolis & st. L., c
& E. l., L. & N, Wabash pfd, 21A Reading
! 23s; K. & T. pfd., Missouri Pacific, Northwes
| pfd. "a; Union Pacific, General Electric
! Delaware & Hudson Colorado Fuel and N
| Y. G. and St. l.. second pfd. and Pacific Mail
2, and Northern Pacific. 1%.
| The bond market exhibited decided buoy
ancy and the dealings were attended will
considerable animation. Large blocks Of thu
| leading issues were taken for domestic ant
J foreign account, causing advances of 104 pc
cent. Subsequently there were some materia
| declines on profit-taking, in which the Read
| ing Atchison and Kansas & Texas issues wer
! the chief sufferers. The sales were 81, 15S 900
| cipal mortgages were: L. N. unified As
| Az; Susquehanna Western refunding 5s
| Az; Atchison General As, 2H; do Adjustmen
| As, Az American Spirits, 4; Denver & Rt(
| Grande As, St. Louis IDS, Southwestern lists
Kansas G. Texas As, do lists, ~; IS, 8; Mobile