St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-16
FINANCIAL
New York.

NEW YORK, Nov IA duller or
less interesting day has not been eXpe-
rienced on the stock exchange in
months than was today; in fact, the
only activity was among the rumor
mongerS, whose fecundity was abnor-
NAL. And, as usual, the reports put
in circulation were intended to depre-
ciate values, and, though in most cases
speedily denied, served the purpose of
the authors 10 make quick turns on the
short side of the account. But, in spite
of all the efforts of the bear traders to
establish lower range of values, and
in the race of an inactive market, re-
markabiy firm undertone characterized
the dealings, and in making up the bal
anceS for the day greater number of
shares were placed III the columns of
advances than in the columes of de-
clineS.
A reason for this is to be found in the
timidity of the short interest, which
is now disposed to leave its lines long
outstanding and seeks to secure its prof
its by covering at each moderate de-
cline. The purchases for this account
supplemented by new buying even
though in small volume serve to restore
values. and as the market in its present
temper is more sensitive to a purchas-
ing than to selling movement it re-
QuireS q lighter volume of business to
move the market up than TO send 1t
down. The bears are not, therefore,
doing very profitable business in the
market as it stands. and they do
not seem to consider the condi-
tons ripe for more vigorous and
necessarily more risky campaign. LII
the early dealings today an attack was
made OH Manhattan on the strength of
report that to provide funds for nee
essary repairs consolidated bonds held
in the company'S treasury were to be
sold; the shares yielded 2k per cent, but
speedily recovered all but IS of the loss,
only very small amount of long stock
being brought out, all of which was
readily absorbed. An attempt was made
to brighten holders of Louisville Il
Nashville by the circulation of a story
alleged to have come from London to
the effect that several of the directors
intended to resign. This was denied at
that the Chesapeake, Ohio q Southwest
ern deal had been declared off was de-
MED on the authority of Mr.. Belmont.
of the Louisville d Nashville directory.
Neither canard had all appreciable effect
on the stock.
Western Union was sold down TX per
cent on renewal of the reports of de-
creased earnings. and it was rumOred
that com bination had been formed to
bear the stock. When the pressure to
sell was renewed in the afternoon re-
covery of per cent was made. The
industrials were raided on private dis
patches from Washington suggesting
unfavorable tariff changes. Sugar
yielded ~, Lead preferred Is. Cotton
Oil preferred l, and Cordage preferred
per cent. the latter being unfavOrably
affected by the anticipation of bad
statement from the receiver. Union
Pacific held up we'll under the heavy
decrease in the October earnings, and
actually closed a small fraction above
yesterday. The general market was
irregular and unsettled all day,
fluctuating frequently between strength
and weakness, but in the
main making towards better figures.
At the close a fairly steady tone pre-
vailed and the active list was generally
fraction higher than at yesterdays
closing, while Nashville, Chattanooga
and st. Louis showed an advance of 80
and Minneapolis 81 st. Louis rs per
cent The shares which recorded the
heaviest declines not already noted are
New York Central l, Canada Southern
II, st. Paul preferred ~, New Jersey
Central ~, Michigan Central 2 and
Green Bay Il Winona seconds subscrip-
ton paid Is per cent.
An unsettled tone characterized the
dealings in the railway and miscel-
laneous bond market. the principal
changes being advances in Chicago,
Burlington & Northern Is, AZ; Oregon
Railway & Navigation IS and st. Paul
& Duluth seconds, 8.
The Total Sales of Stocks
today were 1s3,SOO shares. including:
American Sugar, $500; Burlington &
Quincy, 30. 400; Chicago Gas, 1880; Dis
tilling and Cattle Feeding, 1890; Gen
eral Electric, 6, 100; Reading, 9.7O0; Rock
Island. 1900; st. Paul, 400; Western
Union, %, 100.
Observation-Disclosures