St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-07
FINANCIAL.
New York.

the speculation of the stock exchange
today was held for the greater part by
the bears, and values suffered materi-
ally. At the very outset of the day an
attack was made on the leading indus
trials, before which prices fell as ripe
nay before the scythe of the mower. and
the general list shared in this manu-
featured depression to an extent I'M
looked for IN view of the existing con-
ditIons, which cannot be regarded as at
all favorable to declining market.
Chicago Gas. which was selected as the
chief victim of the bear raid, sold in
heavy blocks. which sent the quotations
down to point at which stop orders
were met, bringing out some long stock
that added TO the volume of the shares
thrown upon the market by the short
interest. A Iumor was circulated to
the effect receiversbip was among the
probabilities, and, though the last divi-
dend has been paid but few weeks, it
was given out that the company would
discontinue the payment of dividends.
The stock declined 80 per cent in the
early dealings, recovered 2 per cent,
closing at a reaction of d and ~ per
cent below Saturdays closing. Distil-
ling was also sold very freely, and as an
inducement to holders to part with their
shares it was announced that the pro-
posed increase of the tax on spirits
would be but slight. A decline of 81
per cent was effected very readily, with
subsequent recovery OF IL and re-
action of only &, the net loss on the day
being ~. Sugar was sold down on a
report of unfavorable tariff legislation,
receding ~ per cent and recovering ~,
and losing only % on the day; the pre-
terred stock lost per cent. Lead, pre-
ferred, shows decline of 3 per cent;
Rubber, common, ~; Rubber, pre-.
ferred, per cent.
The general list suffered materially in
the early dealings, selling off 4 to IL
per cent, the greatest pressure to sell
as well as the heaviest declines being in
Western Union and st. Paul, which re-
ceded ~ and e per cent respectively.
About IL o'clock there was slight at
tempt on the part of some of the bears
to cover, and prices rebounded the
greater portion of the decline; but after
IL O'Clock the bear attacks were re-
newed, and the quotations again gave
decline reaching the lowest level.
The reaction brought in good buyers,
and between and O'Clock the market
developed considerable strength, prices
iHofluB SledullE upWdiu W Tie clOSe,
which was firm, and at recovery from
the bottom figures of 115@Is5 per cent.
The Vanderbilt shares were pretty
firmly held throughout, and Cotton Oil
recorded an advance of for the common
and II for the preferred and Pittsburg,
Fort Wayne & Chicago per cent.
Compared with the final sales of Sat-
urday, the chief declines not already
noted are Consolidated Gas, Is; Hook
ing Valley and Louisville, New Albany
IL Chicago. 4; Louisville u Nashville,
Northwest, Detroit u Hudson and Amer
lean Tobacco, l, and Western Union Is
per cent. EEsEA
the railway and miscellaneous bond
market is only moderately active. The
advances of the day are Milwaukee,
Lake Shore q Western firsts, Michigan
division: Oregon improvement firstS:
St. Paul, Mineral Point division, tives,
and Chicago, st. Louis IL Pittsburg
1irSts, 2 per cent.
The Post says: 1.-The process of test
ing the stock market coming at interest
pace today. The manipulators for low
prices have succeeded i'll convincing the
speculative rank and file that lower
prices are in order. At the very start
lily, breaking down prices with particu-
lar effect in the industrial stocks. This
early movement ceased later on as sud-
denly as it had begun, and the smaller
spectators thenceforward had the mar
ket in their own hands. Under their
somewhat bewildered operations prices
at first went lower, then recovered
irregularly, and ended with generally
steady tone. The business of the day
was again wholly professional. London
did practically nothing, but the market
for exchange was firm. For silver bull
ion the market rose again, emphasizing
the bad Judgment of the people, who
last m onth III congress and in the press
assured the public that the mining in
duStry was doomed.
The Total Sales of Stocks
today were 241,6OO shares. including:
Atchison, 4, 400: American Sugar, $4,000;
Burlington IL Quincy. 10000; Chicago
Gas, $1,000; Distilling. 27,7OO; General
Electric, 1890; Louisville u Nashville,
5000; Missouri Pacific, $500; New York
IL New England, O,700; Rock Island,
$500; St.Paul. 24,500; Western Union,
q, 900.
StOcks-ClOsing.