St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-16
BELIEF THAT THE BOND ISSUE
WILL BE OVERSIZE
SCRIBED.
STOCKS IN GOOD CONDITION.
NEWS OF THE GOLD SYNDICATE
DISSOLUTION DIDN'T, HURT
THEM.
Fair Demand for Changers and In
dustriaIs-MOre Activity in
Bonds.

NEW YORK, Jan. 15.-Wall street was sur
prised today, and agreeably So, to find the
formal announcement of the dissolution of
the world famous government bond
syndicate was not followed by any
sensational developments. The knowledge
that the new government loan would in the
event Of necessity, command the support Of
the members Of the syndicate, either indi-
vidually or as a combined forcs. caused the
news to be received with eQuanimity. The
volume of business was light and the mar
ket displayed waiting tendency. This con-
dition may be set down to the uncertainty
that prevails in financial circles as to the
probable course Of the money market in the
event Of indiscriminate Withdrawals Of gold
from the banks, or the subtreasury, to pay
for allotments of the new government bonds
AS to the lean itself, no doubt is expressed
as to its being fully subcribed or even large
ly over-subscribed, and the increased COM
petition for the bonds owing to the appear
ance of the members of the syndicate as
individual bidders is expected to result In g.
very satisfactory price to the treasury de-
partment
The Market after an early show Of strength
In which the granger and Rubber shares were
quite prominent, developed saying ten
dency, due to the doubts entertained in some
circles as to the way the market would take
the news Of the syndcate's Withdrawal
Sugar was attacked and yielded IL per cent
Losses in the general market however did
not exceed l per cent covering Manhattan
Tennessee Coal, New Jersey Central Kansas
& Texas preferred and the grangers. Around
'eliyery hour an inquiry arose for the indus
trial stocks, and especially for Leather pre-
ferred, which scored a net gain of 2B per
cent. The advance in this stock at
tributed to the covering of short contracts.
1t transpires that it has been decided to re-
duce the executive committee from nine to
five members the step to go into effect at the
annual meeting in February. There is good
authority for the statement that the payment
of a scrip dividend will not receive any con-
sideration whatever. Furthermore, when the
returns for the year are carefully collated,
there may be fighting chance for the dec
laration of the regular quarterly dividend of
per cent on the preferred stock The COM
pany is opening tanneries gradually and Of
ficials say that the business is improving
demand is still light. Sugar and Chicago
Gas rose Il and 1as per cent respectively
above the low points. The railway shares
made small fractional gains, and the closing
was firm at unimportant net changes.
A decidedly strong tone was apparent in
the market for railway and miscellaneous
bonds, the business being we'll distributed.
Transactions aggregated 81. 4OS 600. The lead
ers in the Improvement were Louisville, St
Louis & Texas consol 5s, trust receipts. 4;
Oregon Navigation firsts 81, and Ohio South
ments were irregular at the opening, but
stiffened subsequently. The sales footed up
$40, Goo State issues came in for more at
tention than usual. The transactions aggre-
gated $4,000, and slightly higher figures were
reported.
The total sales of stocks today were 49,
500; American Tobacco. 5000; Atchison, 1900;
Burlington, 5, 400; Chicago Gas, 1900. Louis
will 6, Nashville, 9Oo0 Missouri Pacific, $500;
Reading, $500; Rock Island: 3,1C0; Southern
railway preferred. 5000; Tennessee Coal,
400; United States Leather preferred, 13, 200.
The following table shows the fluctuations
of the leading railway and industrial stocks
Yesterday.