St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-03
FINANCIAL.
New York.

ulatlon today was largely in the hands
of the professional traders, and the zeal
contingent were in control during the
greater part of the day. Inasmuch as
general conditions are all favorable to
the stability of values and against a
decline, the market resisted stoutly the
efforts to depress prices, but as there
was no very strong buying at n time,
the sellers gained the mastery, and as a
result of the dealings all the active
stocks and the Specialties. with but few
exceptions. recorded declines extending
to 2T In the general list. The heaviest
depreciation was in National Cordage
preferred, which sold down 11% per
cent down to 50, the last previous re-
corded sale having been made at 63ac,
Oct. u. The depression in these shares
was due to the announcement that a
majority of the first mortgage bond
holders having agreed to accept 6 per
cent guaranteed preferred stock in ex-
change for their bonds, the projected
issue of this class of stock would be
made, this making the existing pre-
ferred stock a less desirable security.
American Cotton Oil common dropped
81 and the preferred 2 per cen on
the publication of the company's annual
statement showing a large decrease in
the net profits of the fiscal year. Rumor
to the effect that the earnings of the
Chicago, Burlington & Quincy would
not justify the declaration Of the usual
quarterly dividend at the meeting next
week were used with the effect of de-
preclating the shares 25s per cent.
Louisville & Nashville was hammered
down 35s per cent on reports that a con-
siderable number of stockholders, for
eign and American, were opposed to the
purchase of the Chesapeake q Ohio
Southwestern railroad. A rally of "
was subsequently made, % of which
was lost in the final dealings,
the shares closing at a decline from las
night of 21Ls per cent. The other shares
which show the most marked declines
compared with the final shares of yes
terday are: New Jersey Central, TX;
Sugar, ~; Chicago Gas,2H: New York,
Chicago u st. Louis second preferred,
3; PittSburg & Western preferred and
Flint & Pere Marquette, 2; Reading and
Paul, Union Pacific and Western
Union, 13s; Rock Island and Missouri
Pacific, II; Northwest and c., c., c. 81
st. Louis rs and Susquehanna & West
ern preferred l per cent. In exception
to the general depression, American
Tobacco rose 2I, Toledo & Ohio Gen.
tral preferred 3. and. Toledo q Ohio
Central common 5 per cent; Phoenix
mining certificates were strong on the
reorganization of the company, and sold
up l per cent.
The railway and miscellaneous bond
market was in the main weak, although
some issues recorded an advance, in
GLIDING Milwaukee q Northern firsts of
1910, 81.
The Post says: prices on the stock
market went down again today pretty
nearly to the extent of yesterdays
rally. Professional sellers were active
all day, basing their sales on the belief
in liquidation by needy outside share
holders, now that the silver controversy
is settled. The decline began with
Louisville stock, in which the early
enough earmarks of New York manipu-
lation. Nothing, indeed, could we'll be
more Enthusiastically, as an indication of
the foreigners attitude, than the pres
ent action of the, speculative London
market. The closing was irregular.
No doubt it will strike many observers
as q fresh market inconsistency that
on the day when our governments
silver purchases have at last been
lOppt Use price Oh silver Sn0ulQ
advance &c per ounce. Such, at
any rate, was the result of today's
transactions. The recovery, indeed,
was actually rather larger. Yet today's
movement in the silver market is nei-
Their more inconsistent nor more mys-
ferrous than Tuesdays movement in
stocks, in both the change of prices i'm
mediately preceding, if not actually
%oyerdone, had been at least decidedly
too rapid. Even if silver bullion is to
break materially from ruling prices
which is still thought to be pr%Obably-it
is hardly likely that the decline will
come as it came last June. The London
bullion dealers have learned a lesson
since that time, and are now aware that,
with a constant and heavy Oriental de-
mand for silver, it is not safe to let their
bullion stock run low without a supply
of forward contracts"
The Total Sales of Stocks
today were 1884, 900 shares, including:
Atchison, 1900: American Cotton Oil,
5000; American Sugar, 26.50O; Burling.
ton & Quincy, $4,000; Chicago Gas,
90. 900; Chesapeake u Ohio, 5000; Della
ware, Lackawanna & Western, 5000;
Distillers & Cattle Feeders. 80 900;
Louisville q Nashville, II. 100; New
York & New England, 1900; North
western, 5000; Reading. 5000; Rock
Island, 5000; st. Paul. 47,O0O; Union
Pacific, 1000; Western Union, $4,000.
- Stocks-ClOsIng.