St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-18
FINANCIAL.
New Work.

NEW YORK. March 17.-As was TO be eX-
pected, the reorganization Ilan of the Rich
mond q " est Point caused some disaDpolnt-
menJ in Wall street 10 some interests and
the reaiiZations by such parties was taken
advantage of in the early trading today 10
depress both the stocks and the trust bonds.
The concessions made i'll these securities
were very material. but the rest of the mar
ket while giving no evidence of spe-
Isi S" Of Richmond 0 ( west Point.
and displayed throughout most of
the day decidedly firm to strong
temper. To this and a bull manipulation of
Sugar contributed something. but the buy
ing of the grangers was the feature of the
dealings, and ST. Paul. Atchison and Bur
lngton worked up fair volume of business
at advancing prices and gave character TO
the whole list
Buying of Western Union and Northern
Pacific preferred was also noticeable. and
the market displayed temper which it has
not shown fer some days though the deal
ings rs whole lost little of their profess
sional character. and the volume OF business
remained small, while i'll most stocks the
fluctuations were still of the hand TO mouth
order, and the business done strictly on
parity with it, The advance IN Sugar, how
ever, was the special movement of the day, and
with the circulation of rumors of the new
combination there was considerable buying
for short account, which has become fright
ened at the persistent strength of the stock.
tJUISlue Oh Inc 0IdilSCrS, uOWeNeI, lHcIc was
little animation or force to the upward move
ment and the changes i'll quotations were
generally of the smallest proportions.
The opening of the market was made at
small gains over last nights figures, as rule.
but no material change appeared until the
sudden drop of per cent in Richmond and
West Point preferred and the loss of rs i'll
the common stocks. On the other hand
Sugar was specially strong. and during the
day its price was advanced 3 per cent, drag
pi SlQpOlSh
whole list appreciated slightly during the
forenoon. The buying of the Grang
ers, Western Union and Northern
Pacific preferred became noticeable after
that. and the general list responded more
freely 10 this improvement. though f1nctua-
tons are within the usual narrow limits.
Richmond d West Point preferred recovered
the early loss, but the common stock only
partially, while the bonds fully recovered
their losses.
The late dealings, however, were marked
by severe pressure to sell from bear sources,
and in the last hour prices melted away more
rapidly than they had advanced and most of
the gains were neutraliZcd, while in many
cases fractions in addition were lost. Rich
mond q West Point went down to still lower
figures. and the coalers sympathized. The
market finally closed quiet, but heavy, gen
orally at but slight changes in the opening
prices. While Sugar is up 3S4 Richmond and
West Point is down w: but there were no
other material changes among the active
shares.
TIL; Post says: 1T has been thought, ever
since the Richmond Terminal organization
was first undertaken, that the plans publica-
ton would be attended by active manipula-
ton of the stock. A surprise, therefore, await
ed Wall street this morning when 1t appeared
at the sturt that the REORGANIZATION had scarce
ly so much as supporting order in the market
for Richmond Terminal. The price of both
common and preferred opened dull and sold
off slowly all through the forenoon, with
only feeble rally in the preferred later OH.
The petty professional operators who had
been playing their cards tor an immediate
rise were naturally loud in their com plants,
but conservative people viii everywhere
commend the course of the reorganiZes. If
their plan succeeds it ought to succeed pure
ly on its merits.