St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-01
THE AGREEMENT OF ANTHRACITE
PRESIDENTS STRENGTHENS
THE STOCK MARKET.
SPECTATORS BUY FREELY,
AND AS A RESULT THE ENTIRE
LIST REFLECTED THE STIM-
ULUS.
| RUSH TO SECURE PROFITS
Foreign Buying Restores Bull
Feeling.

NEW YORK, Jan. 31.-The news of the
agreement made yesterday by the anthracite
coal presidents and the thorough apprecia-
ton Of the important results likely to fol-
low 10 both OF the companies interested and
to the general public were reflected in unusual
interest in the stocks of the coaler group
today. In fact. the strength they displayed
was the dominating factor of the market
and stiffened the entire list. Irregularity
marked the course of the speculation, but
under the influence noted strong undertone
prevailed, as a rule Foreign buying lent
stimulus to the dealings, and good judges
detected signs that the speculation was in
powerful and experienced hands. The gen.
eral market opened firm, with the coalers
oVershadowing the other stocks in animation.
Heavy buying orders were executed In them,
sending New Jersey Central up 3ss, Reading
1%, Susquehanna & Western preferred almost
per cent and the other coalers important
fractions. The buying movement was soon
general decline ensued. The reaction was
accelerated by a determined drive against
Sugar on rumors of probable unfayorable
legislation regarding the existing diferential.
The stock fell IL per cent New Jersey Cen
tral also yielding to the extent of ~ per
cent and other prominent shares about
point. Around midday the bull lever was
turned upon the appearance Of foreign
buying orders, and general rally was in
augurated, in which the top figures of the
day were recorded. Manhattan was marked
up per cent. Houses with Boston connec-
tons were free buyers of General Electric,
which gained Us, causing a revival of the
rumorS OF deal between that company and
the Westinghouse people. The improvements
in the other shares were also notable. par
ticularly in Southern preferred, Tennessee
Coal, Lake Shore and Sugar New Jersey
Central and the grangers. An advance in
call money to 6 per cent was not unfavora-
bly, reflected in prices, owing to the appre-
citation of its probable temporary duration.
The higher rates were caused by the prepa-
rations making by the banks for bids for
the new government bonds. The new issue
was offered the street today at ia,
seller 30 fat. The market closed active and
strong at the best prices, with material gains
general including 3B in New Jersey Central
General Electric IL, Sugar and Southern
preferred l.
Dealings in bonds were upon large scale,
aggregating s2,275,0OO. Reading issues were
again the main features, and the total bust
ness in them footed up s., 906, 900. The mar
ket lacked the decided tone apparent yester-
day, the movements of prices being irregular.
In the late operations there was an upward
movement. which was especially marked in
Reading.
The government bond market was de-
pressed and sales were noted of $40, 900.
Sales of stocks today included: American
Sugar, 1900; American Tobacco $500; Atch-
ison, 400; General Electric $500; Manhat-
TAM 1000; Missouri Pacific, 800; New Jersey
o. & W.. 5000; Reading, 49, 800 Rock Island,
$780, do preferred, 94OO Tennessee Coal and
Iron. 800; Union Pacific 400; Wheeling &
Lake Erie, $780,
The following table shows the fluctuations
Of the leading railway and industrial stocks
Yesterday.