St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-08
FINANCIAL
New York.

NEW YORK, Sept. THE conditions
which prevailed at the stock exchange
during the past few days were reversed
today. The bulls who had had things
pretty near their own way up to this
morning were obliged to give way to
bears. and even assisted the short inter
est to lower prices by putting consider
able long stock on the market in an
effort to realize part of the profits Of
the recent advance. Conservative
opinion inclined to the belief that the
abnormal rise in values required
reaction to clear the situation and
pave the way for the establishment
of a still higher range of prices.
And this feeling not only made it easy
to depresS the tone of the speculation,
but rendered it absolutely essential to
the health of the market which re-
Quired just such medicine to act in the
nature of a purgative. 1t was necessary
to free the market of the prevailing i'm
preston as to an impending decline be-
fore any further material advance was
possible, and tOday'S reaction accom-
DliShed that purpose. The fact that the
London houses were out OF the market
also assisted 10 weaken the dealings.
At the very opening pressure 10
sell manifested itself which was
most marked In Chic go Gas and
Chicago, Burlington q Quincy. On the
other hand, Sugar was strong in the
early dealings, selling up l 4 per cent.
Western Union, too. was firmly held at
this time, but as the bear attack became
more pronounced the entire list yielded,
and with occasional recoverieS indus
trials and railways and specialties sold
off from 4 10 AZ per cent. Chicago
Gas, General Electric, Cotton Oil, Chi
cago, Burlington d Quincy, Lake Shore,
National Lead. Western Union. ST.
Paul, Rock Island and Sugar being
most prominent i'll the decline. In some
instances there was a recovery during
the last hour, but prices generally
closed at or near the lowest hg
ures touched, ana the closing tone
of the market was weak. There was
no evidence of decentralization at any
period OF the day, and while II good
deal of stock was marketed there was
also a not inconsiderabie covering of
shorts. which goes 10 prove that the
bear element is not a unit on the future
course of the market and that there it is
not united for a long campaign. As
compared with last night. the stocks
which made The greatest declines We're
Chicago Gas, 4 General Electric, 33s;
Sugar (preferredD, 50; common Rubber,
3: Delaware IL hudson, ~; Cot
ton Oil and Lead, 2; Chicago. Bur
liIgton & Quincy and Rock ISL
, and, IL; Lake Shore, ~: Western
Union ! 3 and Reading ant! Missouri
Pacific Il per cent. In exception to
the general weakness there was Water
town K Ogdensburg, which in the days
transactions is per cent higher; Buff
| falo, Rochester IL Pittsburg, 2l5 higher.
ana New York Central. New England.
National Linseed, Cordage, Northern
Pacific. Tobacco. Colorado Fuel and
Iron, Whisky and Erie, 11s@Ac. Rail
road bonds were fairly active, but
without special feature. and to
some extent sympathized with the
depression in the share market.
General Electric Gebenture fives
declined 2 per cent and Iowa Cen
trail firsts, fiveS and Richmond ter
minal fives trust receipts l per cent;
Louisville, New Albany Il Chicago
general mortgages and Fort Worth
d Denver firStS rose IL per cent.
The market for sterling exchange was
easier owing to the lack of inquiry of
pills. and there was general marking
down of figures. There was no percep-
tiUle increase In the offerings, but the
regular remitters having supplied their
immediate wants, prices were made to
attract these.