St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-17
FINANCIAL.
New York.

NEW YORK, Nov. 16.-The depart
ure for Europe of Assistant United
States Treasurer Conrad S. Jordan, ac-
companied by eX-Secretary of the Navy
b. +. Tracey, revived the reports which
were current some time ago in London
that the government was negotiating
for a characterization dollar loan in
England. Although promptly denied at
the SubtreaSury, where it was stated
that Mr.. Jordan was on leave of alb
Sence to attend to private business, the
incident was used to bull the market,
the prospective bond issue being ac-
cepted as favorable to higher specula-
tive values. A covering movement was
the result, and there was also some buy.
ing for the long account, which impart-
ed strong tone to the early dealings.
1t did not take long, however, for the
street to realize the improbability of the
bond story, and then the traders took
the other side of the market. Rum0rs
unfavOrable to General Electric coming
to hand, that stock was hammered down
4per cent. 1t was first stated that the
cOmpany'S books had been examined in
the interest of party OF stockholders,
and had disclosed certain disagreeable
facts, land, this being denied, it was as
serted that the stock pledged for loaS
was being liquidated. and that an ANAL
gamation with the Westinghouse was
about TO be consummated on terms more
favorable to the latter concern than to
General Electric. When the pressure
to sell was removed the stock recovered
Il per cent. The general market was
not seriously affected by the raid on
General Electric, and about II o'clock
a good many buying orders were
sent into the board, which
had the effect of advancing quotations
-739% per cent-Manhattan, New Jer-
Sey Central, Sugar and Cordage being
most prominent III the upward move
ment. Toward noon the market be-
scame quite Stagnant, and in the absence
sof buyers prices generally sagged off a
Traction and Manhattan dropped ~ per
cent. There was fractional recovery
about l O'Clock. followed quickly by
partial reaction, but during the last
hour tirmer tone prevailed, accom-
panied by an improvement ranging to
II per cent, small fraction of which
Was lost in Jew Instances in the final
sales, but the general market closed firm
at all advance OH the day of 4012
per cent, the latter in Rubber common,
IL i'll preferred and Nashville d Chat
tanooga. 13s in Cordage and Canadian
Pacific, y in New Jersey Central and l
per cent i'll Cotton Oil, Tobacco, Mime
apoliS u st. Louis preferred and Kama
wha u Michigan. Some few shares
showed decline with the final sales of
yesterday. notably General Electric,
rs; Manhatt an, ~, and PittSburg, Gin
cinnati, Chicago u st. Louis per cent.
The preferred stock of the Michigan
Peninsula Car company sold at SIS, the
last previous sale made OH Sept. l hay
ing been at 9215.
In the railway and miscellaneous
market the feature of the dealings was
the activity of the Reading issue, large
blocks of which were purchased at ad-
vanceS of q in the tours and first and
second preferred incomes and q in third
preferred incomes. The general market
was also strong, and higher range OF
values was established for most OF the
issues traded in, the chief advances
being per cent in Missouri Pacific con-
ond preferred sevens.
A special meeting of the directors of
the New York d New England railroad
will be held in this city Saturday to
consider the proposed extensions by
which entrance to New York is to be
secured.
The Total Sales of Stocks
today we're 900 shares. including:
American Sugar, 2S,900; Burlington d
Quincy, Ii. 400; Chicago Gas, 10000; Gen
eral Electric, 1860; n. Y. q n. E.,
800; Reading, II, 400; st. Paul, 81, 1855;
Western Union, ZOO.
StOcks-CiOsing.