St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-23
NO pLAN DECIDED ON
DESPITE OF THE MANY RUMoRs OF
NORTHERN PACIFIC REOR-
GANIZATION.
REVIEW OF WEEK ON CHANGE
SHOWS DEVELOPMENTS IN STOCK
WHICH, IN THE MAIN, ARE
FAVORABLE.
EXTENSIVE FOREIGN BUYING.
At Higher Quotations, Marked
Factor in Stimulating Spec
uiatiOn.

NEW YORK, Feb. 22.-The developments
OF the week in the stock exchange markets
have In the main been favorable to higher
prices, although the actually new influences
nave been few in number. The encouraging
EXHIBITS of railway earnings, indications OF
an easier market for commercial paper and
the large deposits of gold at the subtreasury
here and with other repositories on govern
nent bond account have had a stimulating
effect. The early feeling prevailing that the
net results of the bond sales will be in ex-
cess of previous estimates and confident ex-
pectation of final payment within the next
three weeks. and without disturbance to the
money market, have stimulated revived pur-
chases OF our securities for foreign account.
Toward the end of the week the higher quo
tations from London and the buying referred
to constituted an important bull card and
encouraged the local dealers who had as
sumed that the advance had about run its
course. At intervals the stock market had
appeared, through intense dizziness. TO justify
the theory, but fresh start followed de-
velopments OF exceptional animation and
strength IN the railway bond market. The
transactions in both government and rail-
road securities reached abnormal totals on
buying for both investment and speculative
account. The declaration of the regular
quarterly dividend by the directors of the
Burlington railroad appeared to exert uneX-
pected favorable effect upon the stock of
that company, well on the other grang-
ers st. Paul has been a iavorite among
domestic and foreign dealers, in anticipation
of large earnings on account of common divi-
dend. Strength in Northern Pacific securi-
ties has been attended by the publication of
statements of alleged details of reorganiza-
ton plan. but there is an unexceptionable
authority TO the effect that nothing official in
the way of plan has been decided upon.
Indications are not wanting, however. that
the various powerful interests identified with
the efforts to~reha blitate the great property
in question are drawing much closer togeth-
er. At this time, however, the legal OBJ
stacles TO the carrying out of the plans ia
vcred by influential New York and Eastern
capitalists compel delay. 1t is encouraging
to note that the general market has evidenced
revival OF genuine investment demand for
securities and less strictly professional con-
troll of operations. The condition holds good
to only a limited extent, however in the
case Of the industrial shares whose course
continue TO be dominated by leading spec
ulators and pools. For the week the last
mentioned class of stocks mOnopolzed atten-
ton, but the railway groups soon forged to
the front, with the grangers and interna-
tional shares in greatest demand. 1t cannot
be disguised that the revival of the foreign
inquiry for our securities and notably for
our gilt edged railroad bonds are due primar-
lily TO the belief abroad that further free
free silver agitation during this session of
congress is impracticabe. The aggregate
sale of railroad stocks were 794.177 shares.