St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
FINANCIAL.
Rev YOrA.

NEW YORK, Dec. 20.-Increased activ-
ity marked the dealings on the STOCK
exchange today, and two Stocks-DIS-
tilliHg and New England-supplied half
of the transactions. Judging by ma
nipulation of the Distilling, the opera
tors in that stock were aware OF the
nature of Secretary CarlISle'S report
some time before the document was
given to the general public. A heavy
pressure to sell was noticeable during
the latter part of the first hour of bust
ness, for which there was 10 apparent
reason until it was learned that the
secretary of the treasury had recon-
mended all increase of only 1Oc in the
spirits tax, suggesting also that it
apply to the existing stock as
well as to the future supply. As the
American DistillIng company had been
banking on obtaining the benefit of the
increased tax on some ninety million
gallons of spirits now in bond, without
counting OF what it expected to manu-.
facture before the increase tent into
effect, Carlisle's proposition was ID the
nature OF decided attack, and holders
of this stock sought in large numbers
to liquidate their holdings OH the best
terms possible. The insiders who first
obtained the news had the best of the
market, for when the Intelligence
reached the street through the medium
of the Associated Press dispatches, a
sharp break ensued, and sellers We're at
the mercy OF the professional traders,
who hammered the stock down with
accustomed energy. An advance of
% was made in the opening deal
ingS, and before the downward move
ment was checked, shortly before noon,
a decline Of AZ per cent had been
recorded; then followed a recovery of
", reaction of II, and rally of IL,
the final sale being at reaction of "a,
the decline of the day being So per cent
and the sales reaching nearly 81, 900
shares. New England was almost as
largely dealt in as yesterdays, but
was much less mercurial, fluctuating
within margin of 23S per cent. and
actually gaining l x per cent On the day.
The rumor that there would be default
of the JANUARY interest was officially
denied by President Mcleod, who de-
clared positively that the money to meet
the Obligations about to come due would
be supplied by the board of directors.
Mr.. Mcleod denied also that there
were any grounds for an application for
a receiver, or that he knew Of any move
OF STOCKHOLDERS OF the company looking
to secure an injunction to prevent rati-
fication Of the New York, New England
IL Northern lease, or tine guarantee of
the bonds to be issued to build the New
York extension. He stated that he had
not sold any New England stock since
he became officially connected with the
road, and that he had not changed his
plans to secure New York connection.
After an early decline of per cent the
shares sold up 25s, reacted "a,
raliying % at the close. The
general market was firm at the
opening and fraction higher, except
for New York, Chicago 81 st. Louis and
Lake Erie IL Western, which opened la
~ per cent lower. The drive made
against New England caused a sympa-
thetic weakness in the rest of the list,
and the bear traders made demonstra-
tons against most of the active shares,