St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-14

today suffered from liquidations on the adj
vances of the week, and the list presented a
dull but slowly dropping appearance, leaving
most stocks at small fractions lower than last
evening. There were few special features,
however, which gave life and interest to the
dealings, conspicuous among which were the
Richmond & West Point stocks. the coalers,
the industrials and Baltimore g. Ohio. The
transactions in Reading were again more
than half of the total dealings in listed
shares, and rumors of action against the COM
bination by the state authorities Of Pennsyl-
vania was the occasion of heavy liquidation
of long accounts in the stock.
All the other stocks interested in the deal,
however, were dull, though sympathizing in
the downward movement in Reading and all
scored even larger losses than the leader
The rumorS and expectations of q favorable
outcome 10 the reorganization proceedings
in Richmond & West Poin; made those
stocks the strong features of the active list
and the preferred made very sharp i'm
provement while the common, which was
very largely traded in was held at close to
its first price. The new rumors in regard to
the control of the Franklin refinery by the
sugar trust was the occasion of further ma
terial improvement in the prices of the lat
ter stocks, but the preferred failed to hold its
gain. and late i'll the session the decline in
be common from the best figure became i'm
portant.
Among the inactive stocks Baltimore &
nipuation supposed 10 be for the account of
the syndicate which has lately taken block
of the stock. The opening was made at ir-
regular changes from last evenings figures.
but the Richmond d West Point stocks and
he Sugar were all more than per cent
higher than last night These stocks made
further material gains in the early dealings,
but the weakness of the coalerS was initiated
by the rest of the list, and slow but steady
dropping tendency was seen throughout the
tr,r . tae tbn St,ro Ic
joined toward the close. Except in the
cases mentioned, however. the whole list was
kept within the narroWest limits, and The
changes i'll quotations were as rule inslg-
nificaGt.
The market closed active and heavy gen.
orally at about the lowest figures. The final
changes of note include only TWO notable
advances. Richmond & West Point pre-
ferred GA per cent. and Sugar, 1ss. while
Lackawanna lost pa; Jersey Central, Jss ::
Delaware 4 Hudson, ~, and Reading and
Cordage each per cent.
The Post says: 1t IS worth while to call
attention again to the factor which underlles
and governs all active trading in the present
stock market. The shifting of control or of
powerful investment interests in half a
dozen great railroads has cast doubt upon
the real market value of all the securities
thus affected. 1t is easy enough to say
when the normal level on a small in
vestment basis has been touched. But the
IhhueHce VI calhpaShs lor ACTUAL Control IS
much less readily summed up. The conse-
quence is that not only is there now a con-
slant query as TO whether insiders will buy
or sell, and if either, how extensively. but
the further question arises how far will new
alliances or other purchases Tor control be
necessary. TO fortify positions already as
sumed? This is ample explanation for the
feverish activity OF many stocks and their
prompt response to speculative bidding in
market whose normal condition as reflected
by the greater part of the list, is dizziness
with tendency to slow reaction. Event
ualy this combination of forces must result,
unless all signs fail in a generally lower
level.
Total Sales of Stocks
today were PSF, 1872 shares, including:
d. /. d w.. 2,80S Reading ... 124, 232
Del & Hudson 41,3j2 Rich d W. p, 2335 ,S25
Erie ...;...;.. $3.50 st. Paul. $500