St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-07
FINANCIAL.
New York.

squeeze in Delaware, Lackawanna q
Western and a break in Cordage, the
speculation on the stock exchange to-
day would have been without marked
feature. The general list was sluggish
to degree, the sales in no single
instance reaching 10000 shares, and in
only four cases exceeding 10000. The
little deal i'll Lackawanna was in the
nature of surprise tu the street. A
decline of 3 per cent was recorded in
the morning, which was quickly recov-
cred, and then the stock jumped per
cent on one sale of hundred shares to
149, and then shot upward with pyro-
technic rapIdity to 157. a 10 per cent adj
vance Oh yesterdays closing figures.
Then came a gradual decline to 1917,
with recovery to 154S4, and reaction
at the close to 1885, all improvement on
the day of 611s per cent.
Lackawanna is not very safe stock
for operators on the bear side. 1t is held
closely by insiders who keep account OF
the short interest so as to be in a posi-
ton to put the screws upon any untort-
innate bear who may be put in a corner.
AS the story goes, the shorts had Dor
rowed some twenty thousand shares.
and the upward movement was inau-
gurated TO cOmpal them to cover. 1t is
said, however, that so far as bringing
the bears to cover is concerned the
move was not an unqualified success, as
the transactions in the stock did not
reach II, 900 shares. Cordage was sold
on the announcement that the receiv-
er's report, already long delayed,
would not be given out I'M
til after it had been passed upon
by Vice Chancellor McGill, and also
OIL rumor that the organization COM
mittee and the receiver had come to a
disagreement. A decline of 2% per
cent from last night was effected before
halt was called, when upon de-
NAL of the reported disagreement, the
stock recovered 24 with final reaction
of Is per cent. Ghe general market
was firm and traction higher at the
opening, but buyers were waiting to
sustain the list, and a period of depres-
sion set in which carried prices down
| 4(0T per cent. The stock did not
begin to rally until about l o'clock,
when the rise in Lackawanna carried
up with it the other coal shares and
most of the active list, Missouri Pacific
leading with all advance of II per ceut
| from the opening. % of which was sub
Seqnently lost. FirmneSS was the pre-
valling tone during the afternoon
| and at the close. The principal
changes on the days transactions
not already noted are an advance of
3& per cent in New Jersey Centr
| II in Delaware u Hudson; rs in To-
bacco common and l in Baltimore &
| OHIO, and decline of rs in New York
d Northern preferred; ~ in Tobacco
preferred and ~ in Manhattan. IT.
regularity, most marked, characterized
the dealings in the bond market, which
during the morning was more active
than the share speculation. The issues
which advanced per cent or over are
st. Paul lists extension. 90; Louis
vile 81 New Albany 5s, 80; Mobile
q Ohio conSol 6s, 3; st. Paul gold rs,
| 30; Alton " Terre naute DDS and Lake
Shore coupon Dds, 2, and Lackawanna
IS of 1897 and National Starch lists,
per cent. Chicago Il Western Indiana
lists declined ~; East Tennessee Coal
5s, Seattle. Lake Shore & Eastern lists,
| "a; Oregon Short Line 6s and Chicago,
| st. Louis & Paducah lists, 2, and Union
Pacific, Denver u Gulf lists, u per
| cent.
! NEW YORK. Oct. 6.-The Post says:
1t will be strange if the next year or
two does not witness a general wedding
| out of over-capItallZed and loosely Or
| gamiZed industrial combinations. The
| investors in these enterprises, when
the craze was still at its height, two
years ago, were warned by all CON-
petent critics that high dividends and
watered industrial stock could be paid
only 10y oyer-productiOn, and this would
presently bring about its inevitable re-
suits. London learned it first. The
! Barring panic of 1890 taught the British
| public how much of value and how
much of wind there was in the host OF
brewery companies. and incorporated
trading concerns, for whose shares.
doubled and trebled over normal CAPT.
| taliZation. the English investors scram.
bled so wildly in 1888 and 1859. These
facts from foreign experience were be-
| fore the eyes of our own infatuated bid
ders for industrial shares last year and
this, but were unheeded. The lesson
does not even yet seem to have been
| successfully learned.