St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-08
SHIP YOUR WHEAT,
BARLEY, RYE, OATS AND HAY
ECKERT, WILLIAMS & Co.
DULUTH, MINI.
Consignments Solicited
FINANCIAL.
New York.

NEW YORK, Jan. THE stock market
today was the most active we have had since
the revival or business last fall but while
displaying strong temper during most of
the day, yielded throughout the list in the
last hour, and all the best gains were lost
The raid was made during the last hour of
business by combination who have been
sellers OF Stocks, and who have been en-
desvoring to become buyers at lower prices
The movement started bv sudden drop in
Chicago Gas, which Is believed in some
quarters to have been the result of settle
ment with the shorts in that stock, and with
TINS settlement all necessity OF keeping its
price up was done away with, consequently
many heavy stock orders in it were uncov-
cred at every per cent down. and the sud-
deness OF the decline has seldom been
equaled. The drop was followed by de-
termined attack on The whole list, to which
the bulls did not appear TO make any strong
resistance, the more prominent among them
expressing the opinion that this reaction
would bring in fresh lot OF buyers
The forenoon's dealings were marked BY
great strength all around. but the upward
movement in New England. which fairly led
the list. was very large. and that stock rose
above so on heavy transactions, bringing the
whole list along with it. Other particularly
strong stocks were Rock Island. Richmond &
West Point, Atchison and St Paul. together
with many of the low priced specialties,
among which Louisville, New Albany & Chi
cage. Kansas Il Texas and ST. Paul d Duluth
WeTeSpeciduy most COrSplC
uous feature of the market at this time was
the strength in the industrials, including Chi
cago Gas. which rose from 1873 to so.
The only real weak point III the list how
ever, was Louisville d Nashville, which re-
sponded to selling by the foreign element
and retired over per cent in the face of the
strength of the market. The break which
carried ali the rest down had little influence
on it, and it yielded only slightly when other
stocks were running off rapidly and its de.
cline for the day is not much lar er than
some others which were stronger in the fore
noon.
The close was very active but weak, gener-
ally at the lowest prices for the day. The
important losses include: Chicago Gas 4A;
Louisville & Nashville, Us; Cincinnati, Cleve-
land, Columbus d St Louis. 49, and Cotton
Oil, lis, and Wheeling d Lake Erie, l per
cent while New England stands alone in
showing a gain, its advance being 2Is per
cent
The Post says: A factor which retarded
prices generally was the movement i'll LOUIS
vile d Nashville. 1t has been a puzzle all
along exactly what role this Southern rail
road stock would play in the general upward
movement. That 1t had much against it.
both from the congested state of the cotton
trade and from the widespread paralysis of
southern industries, all intelligent Observers
admitted. London operators began 10 sell
the stock heavily at the opening.
Later on this selling proved TO be based on
early information of the Louisville semi-an-
nual statement, which was published in the
afternoon. sharp decline followed on the
local market. But the wild fluctuations OF
Chicago Gas in the afternoon. altog ether the
result of purely professional work. was of
far more injurious character, though the
enormous realizing sales might have been
expected, after the extravaganza points
disseminated on Wall street during the fore
noon.