The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-27
GREAT CONFIDENCE AND ON
A LARGE SCALE.
MARKET BROAD AND DEEP.
EVEN THE MAINE INCIDENT con-
VERIFIED INTO AN ACTUAL
BULL FACTOR.
1y to Induce Gold Imports
Bonds Active.

NEW YORK, Jan. Psf the strength in
yesterdays stock market was to be attribu
ted to naturel recovery from the scare
caused by the Names departure for Havana
there could be no doubt of the underlying
strength and breadth of today's market for
securities. The Maine incident has in fact
been converted into an actual bull factor in
the market The exchange of courtesies at
Havana being looked upon promising more
towards smoothing relations between the two
countries than anything that has yet &C.
Cured.
The movement of today's market was broad
and deep and left no room to doubt that large
interests were absorbing securities with great
confidence, and on very heavy scale. Pur-
chases of LOCO share blocks were frequent in
leading stocks, all through the list, and there
were number of transactions In bonds in
which 100000 par value changed hands in
one block. Almost every group of railway
properties in the market was represented in
the advance, the continued heavy buying of
New York Central and the Vanderbilts being
the decisive influence the market, as for
some time past. The grangers, the Southern
group, the Southwesterns, the coalers and the
Klondike group all developed advances from
10 points. Kansas G. Texas preferred rose
points on rumors of approaching dividend
declaration, and New York Central at one
time added nearly more points to yester-
days gain. Lake Shore rose AZ. OF the
grangers, Rock Island was the leader with
rise of 23 and all the leading members of
the group rose over 1 point. Reading first pre-
ferred was in the of the coalers with a
rise of 21a. Similar sharp gains were scored
all through the industrial list. The group of
New York corporations was an exception, and
showed signs of heaviness. London continued
a large factor, though its purchases were
probably not as large In this market as was
the case yesterday
The exchange rate reflected the further eff
feet of this development, with a sharp drop
of &c in the actual rate for demand ster-
ling, bringing it down to $4.S4A. This is the
point which has started the two last import
movements of gold, and there was talk in the
street today of gold imports. This would be
more remarkable in view of the hardening
OF money rates abroad and continued ease
here. The local money market showed no
effect of the release by New York banks of
the first 10 per cent installment of the gov
ernment deposit on account of the Union Pa
enc tiaa sale This transaction resulted in prac
tlcally Wiping out the subtreasury's debit
balance at the clearing house today which
mas been running recently at from over $780,
wv to nearly 81, 600. 600 day
Dealings in bonds were large and prices
W. very generally improved. The Kansas
q Iexas seconds were most active and gained
q Total sales, $5,57O00O. United States old
os, coupon, and the new As declined "a bid,
and the 6s, coupon, advanced Is bid.
Total sales of stocks today were 4S6, 700
shares, including: II $50 Atchison preferred,
5.5S5 G: O.. 1,675 Burlington, s,SO5 l.. &
n, q, 26O Manhattan, 1886 Reading preferred,
a:S 60 Missouri Pacific. $3.50 M, K & T.,
Is 2 800 NJ K: & 7. preferred, 1880 n Y.
Central, $50 North American, Is $40 North
ern Pacific, 1920 Northern Pacific preferred.
u Z2o Ontario & Western, 1905 Reading, 80, 120
ROCK island, q, $50 st. Paul, A coo Union Pa
cago Great Western, 101O0 Peoples Gas, 419O
Consolidated Gas, $3.50 General Electric 800
Laclede Gas, II ,974 Sugar
The following were the fluctuations of the
Leading railway and Industrial shares fur
n1shed by c. H. F. Smith & Co., members
New York stock exchange and Chicago board