St. Paul daily globe., 1892-12-29
FHNA&CaAE.
New York.

New YORK, Dec. 29.-The movements i'll
the stock market to-day were more than
usually Interesting. Generally speaking,
the tone of speculation was strong. prices
having ruled on higher range, despite a
sharp depression in Northern Pacific securi-
ties and decided reaction i'll Manhattan.
New York d Northern preferred and
New England. The weakness of the
Northern Pacific attracted widespread
attention, decline of 1@2 points
in the stocks and lA@.E2 in The bonds of the
company having caused !iQuidauons on an
extensive scale. 1t Is reported that one house
sold out large batch OF the securities which
IL had Det Ii carrying for customer, who were
unable to respond To the calls for additional
margins. This led 10 rumors that a promi-
nent house was financially embarrassed.
but they could not he corroborated, and,
III fact, were discredited i'll usually
well Informed quarters. No default is
likely OH the January interest obligations,
and officials of tine company state that the
floating Indebtedness is provided for up to
September. 1888. One of the reports in cir
culation is to the effect that Hill, of The
Great Northern road, is depressing Northern
Pacific with view of obtaining controlling
the interest in this company. Manhattan
dropped ! 10 l44, New York d. Northern "a
to "a, and New England 1s4 TO 4l34. Sub
sequen;ly Manhattan recovered PA and the
other two rallied about point.
Strangely enough the Weaknesssot North
ern Pacific and :he uufavorable rumors in
circulation i'll regard to the financial condi-
ton CT The company did not prevent the
general list from reaching higher figures.
The coal Sc cKs advanced ia for LackaWan-
ma, ana for Jersey Central and Delaware d.
Hudson. Reading was also III demand, and
closed with a net gain OF l2 per cent OH the
announcement that an arrangement had
been made with the Finance Com
pany OF Pennsylyania to act as dis
trl0uting agent for the Reading and
that the Finance company will advance
money to The Reading on its coal above
ground thereby assuring the payment of IN
terest on the Reading preference income
bonds Chicago Gas rose "a, Distlling and
Cattle Feeding "A, American Sugar l4s, West
ern Union IL, National Lead S. and Lake
Shore IL per cent IT, Paul, Rock Island,
Canada southern and Louisville closed AG58
lower than on yesterday. Among the spe-
cialties American Tobacco sold at llS@1Ig
against i15 for the last previously re-
ported sale before today. Tennessee Coal
and IroI fell of from 5514 10 344 and later
rose TO 36l2. 1t is stated that the contest fol
The control OF The company is i'll progress
and that interesting developments may be
looked for shortly. In a general way the
market was favorably influenced by the de.
cidedly easier feeling in money and q reduc-
tion in the rate of sterling exchange, which
sets ut rest the apprehenslons recently felt i'll
regard TO the export movement of gold The
foreigners were buyers to d moderate extent
The market closed firm.
The Post says: There is no reason why
the Readings new arrangement for It's local
finances should be regarded us all eXtraord
nary move. The reason is plain enough. IN
its effort to keep its income bondholders II
good humor the company has adopted the
policy OF anticipating revenue and borrow
! ing on this basis to meet contingent charges.
To the com pany the most convenient collat-
eral was unmarked coal, and on such Sc.
curity, il seems, money has been borrowed
! even before This year. An arrangement OF
! this kind must necessarily have proved
awkward for a regular banker and broker
| establishments such as hitherto appeared
! on the scene whenever the Reading wanted
its notes discounted. 1t does not follow, a:
was hinted today, that the transfer of thi
account to all independent concern, estab
! lished for precisely such purposes, was al
! outcome of disputes between the company!
managers and is Iong-reeognized bankers
| That some of the coal combinations vent
| lures espe ecially in the New England states
/ have been trowned upon by the Philadelphi;
| allies is we'll enough known, put it may vel
| be doubted whether the Readings manage
| meut could break away from this older bond
! holding interest, even if they wished to d(
so. And certainly it would be folly to pro
| woke trouble i'll that quarter at q someWha
critical period in that companys financia
! history.
The Total Sales Of Stocks