St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-13
FINANCIAL.
Rev York.

NEW YORK, Sept. 12.-In the specula-
| ton oh the stock exchange today the
bears held the mastery and there were
several factors which helped them to
depress prices. not any of which was
specially significant. and which all to-
gether could not seriously affect the
| dealings upon day of active trading
with a pugnacious bull element in sup
port of the market. But there was not
| avery decided buying movement in
| angurated today. 1t is true there were
periods when prices were sent up by
| purchases for the long account and to
cover short contracts, but there were by
| far a greater number of realiZatiOnS and
the bears put out some fresh lines
| of stocks with more boldness
| than has characterized their opera
| ions in the recent general advance in
! values. Among the local influences
| which went to sum up a very general
| effect were report, subsequently veri-
| fed. that there would be no in
crease in the Manhattan Hallway divI-
dend, an announcement of the proposed
organization Of an opposition gas COM
| pany in Chicago, the expectation that
the Western Union quarterly report
would show serious decreaee in net
earnings, and near the close of the day
the receipt of advices from Philadel-
phia that the Lehigh Valley Railroad
company directors had decided to pass
the quarterly dividend, which had paid
without break for the past thirty years.
This last piece of news was most
effective in depressing the market.
and was taken advantage of by bears to
hammer down prices in late dealings.
And thus the day closed with species
OF wet blanket on the exchange which
held prices down to or very near the
lowest figures of the day. After a weak
opening the market became feverish
and unsettled. During the meeting the
bears were held pretty well in check,
but during the afternoon their efforts
were crowned by more decisive re-
suits. and sharp downward movement
set in. At times the market was fever
ish in tone. Rallies were frequent, but
the declines were greater than the
recoveries and a lower range of prices
was effected and maintained the decline
compared with last nights clos
ing figures being 14@4 per cent
the latter Manhattan CONSOLE
dated and New Yorg, Chicago
IL st. Louis, the other stocks which
participated largely in the fall being
Chicago. "a; Louisville IL Nashville
and Pacific Mail, 2; st. Paul, ~; Su-
gar, ~; Rock Island and Colorado
Oil, IL; Northwest, 13s, Delaware.
Lackawana & Western, "A; Reading,
Western Union and Southern Pacific,
rs, and Chicago, Burlington & Quincy,
Lake Shore and Northern Pacific, Lake
Erie Il Western preferred, 5; Cotton Oil
preferred and Lead preferred, per
cent. There were exceptions to the gen.
eral list, and some stocks made advances
on the days business, notably Evans
vile u Terre Haute, per cent;
Michigan Central 2114; Chicago IL East
Ann Arbor and North Michigan, Rich
m0nd Terminal preferred, Cedar Falls
and Minnesota IL Louisville, st. Louis
IL Texas per cent. The market closed
weak. The railroad bond market was
quite active throughout the day, which
was in the main strong, although at the
close the weakness of the share specula-
ton had Its effect upon this class of
securities. Union Pacific first of 1898
rose y per cent, Union Pacific first of
1889 rose 81 per cent, Union Pacific
Hannibal 81 st. Joe consolidated ~,
Richmond u Danville certificate fives
212, and Hooking Valley tives 311s.
NEW YORK, Sept. 12.-The Post says:
1t is now almost exactly six weeks
since the recovery in the Securitysmar-
ket began. The movement has been
one of the most extraordinary on rec
ord. 1t was based first on the eXhaus-
ton Of panic excitement. then on the
repeal bill in the house, and finally on
the returning supplies of domestic
money and the signs of business reviv-
ing. Where the short interest was
mostly excessive the recovery has ma
turally been the greatest. Thus Sugar
certificates have gained 25 points over
the lowest, Cordage "a and Chicago Gas
%. The granger stocks, despite their
enormous shrinkage in earnings and the
steadily decreasing estimates for crops,
have averaged an advance of 10 points.
StOcks-Closfng