St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-23
FINANCIAL
New York.

NEW YORK. Sept. 22.-The specula-
tion on the stock exchange today was
marked by dizziness in the general list,
which was relieved, however, by a
mechanical uplifting OF Louisville &
Nashville, and heavy selling In Ma
tlonal Lead common, in which the pre-
ferred was drawn to limited extent.
The transfer books of Louisville closed
this afternoon for the annual meeting
on Oct. 4. and some loaned stock was
called in which forced the borrower
into market as a buyer OH the best terms
he could make, and that was 5635 cash,
an advance of 2ss per cent on yester-
days closing figures; two more cash
sales were made at 81, and then
one regular at SIS, after which the stock
sold regular at 81 and 5614. The rise
was due solely to the short supply of
the stock in the street, the lOaning rate
being and l 4 per cent. In the latter
dealing the stock declined TO So, at
which it closed, scoring per cent adj
vance on the day on purchases of only
1900 shares. The depression in National
Lead common was due TO the failure of
yesterdays directors meeting to take
any action on the dividend question, and
dividend expected to be paid next month
would not be declared. The failure to
consider the dividend question was due
to the absence from the meeting OF
President Thomson, who states that a
special meeting will be called TO dis
cuss the problem, adding that there is
10 set time for the payment OF divl-
dendS on the common stock and that
the fact that they happened to be paid
quarterly in the past did not furnish
precedent binding on the directors.
This state of affairs brought out some
long stock aud gave the bears an OPP
portunity which they took advantage of
to help the market on its downward
course. Twenty-Five thousand shares
Of the common figured in the trans
a drop of 35S per cent was
made, the preferred declining per cent
in sales of 1000 shares. One hundred
shares of National Cordage preferred
sold at GOA fall of 5115 per cent compared
with the last previous transaction, Sept.
II; the common fell off rs ner cent.
The London houses were not in the
market. as the prices III New York and
London. are about on parity, and no
opportunity is afforded for arbItrage
operations. The heavinees of the mar
ket is singular in view of the fact that
it is expected that tomorrow's bank
statement will show quite large in
crease in legal tenders. in consequence
of the heavy flow of currency to this
center during the week. In the rail
road market the Erie issues attracted
most attention. the second consols
leading and receding 2s per cent.
the third consols declining ~.
On the other hand. Erie first
consols rose 334 per cent. The move
ment in these securities was undoubt-
eddy due to unofficial talk of reorganiZa-
ton. Other advances were Louisville,
New Albany 81 Chicago fiyes, 5; Roch-
ester Il Pittsburg tirsts. 8; Tennessee
Coal and Iron, b. division, tirstS; Chi
cago & Eastern Illinois firsts and Morris
d Essex frsts, 2; Norfolk & Western
general skies, 8; Toledo, st. Louis &
York q Pennsylvania tirsts, Il; North.
ern Pacific frstS; Oregon Snort Line
consOl fives; Burlington, Cedar Rapids
81 Northern tiyes, and Buffalo, Roches.
ter 4 Pittsburg tives per cent.
Among the declines were Wisconsin
Central incomes, 2s4; Delaware & Hud-
son. Pennsylvania division, registered
trsts, 3; Wabash seconds, 29l.
NEW YORK, Sept. %. = The Post
says: The stock market today pre-
sented but few features and might be
dismissed with paragraph that has de-
scribed almost exactly similar condi-
tons for the four previous days of this
week. 1t is essentially prOtracted
period of suspended activity. But this
stagnation has its significance. Pro
fessional operators may take the market
in hand and for a period make it SEEM
ingly defy natural conditions and
reflect sentiments that do not exist.
But as the market i'll the end reflects
general prosperity or depression and is
susceptible of good or bad reports.
prices seek their equilibrium and with
reasonable degree of promptness. If the
future is assured and conditions favor
able. the buying element manifests
itself; if contrary conditions obtain, the
selling element comes into the market;
and in either case trading is INDUCED
in and prices move, but throughout the
week transactions have been abnOr-
mally small, even in the totals. Most of
the sales besides have been by the room
traders, who hove In many instances
promptly brought back their holdings.
OF real investment buying or purchases
by operators to hold for any length of
time there has been almost none.
StOcks-CiOSlng.