St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-06
FINANCIAL.
Rev Yersx.

NEW YORK, Dec. 5.-A feature of the
speculation on the stock exchange today
was an attack made upon the Atchison.
the weapon used being rumor. 1t was
given out i'll the morning in the usual
bear channels that the company had
failed in its negotiations in London for
a loan of 81, 200, 000,a and that there would
be a default on the January interest.
President Reinhart is in London. and
there was no way of getting an author
itative statement on the subject but by
cabling to him, which was done, and
during the afternoon an answer came
that There is no justification for the
report" But, in the meantime, the
stock was being sold freely. very largely
on orders from London, causing break
of pa per cent. When the lower level was
reached there were some purchases to
cover short contracts which resulted in
a recovery of e per cent, and the shares
were fairly well held during the after
noon, but even when the denial was
given circulation there was no re-
sponsiye advance. and the closing sale
was at decline of 11sc per cent from
last night. A peculiar circumstance
was the bringing out of string of odd
lots running from 80 to 100, as il some
small holders were DESTROYS OF getting
from under.
In the general market the volume of
business was brighter than for some
days past, ana there were evidences
that the bear contingent is getting into
line tor campaign. The Atchison in
cident was used TO depreSS the entire
list, and at times the pressure to
sell was quite pronounced. The
alleged uncertainty as to the
shape in which the tariff bill will pass
congress was also made to do service as
a means of depressing values. At the
opening prices showed decline from
last night of 15@18 per cent, the latter
st. Paul preferred, and in the early
dealings the only strong stock was Dis
filling, which advanced 11s per cent on
report that an increased spirit tax
was assured. This did not prevent a
raid on the shares which quickly sent
them down l d per cent. An effort was
made before the end of the first half
hour to rally the market, but with small
success, for on renewal of offerings
by the bears the list again gave way to
the extent of 4@4 per cent. Cordage
preferred sustained the heaviest loss,
Cotton Oil dropping 234, Delaware q
HUDSON "a ana Denver d Rio
preferred rs per cent. During
The hour before noon the bust
ness was contracted, but the tone of
the market was weak, Cordage pre-
ferred receding l per cent more, Mobile
| d Ohio declining II and Lake Snore /
| per cent. After midday the speculation
became steadler, and agradual I'M
provement was begun, which continued
| until the delivery hour, at which time
| an advance had been established of IL
@3L pr cent. in which Rubber and
| Toledo & Ohio Central were the most
| prominent. Another selling movement
then Set in, which was assisted by some
realizing sales, Wheeling & Lake Erie
selling off IA, General Electric II,
Chicago Gas and Delaware 81 Lacka-
wanna Il and the general list 11s001 per
cent. Sugar entered most largely into
| the dealings, opening at decline of 15
| but steadily improving until an advance
of 9 per cent had been established, then
reacting Il and recovering q per cent
Richmond Terminal, first assessment
| paid, last previous sale of which was al
| 13S, sold today at Is. The general mar.
ket at the close was weak.
Compared with yesterdays closing
| prices, the principal changes on the
days transactions are decline of 5 pei
cent in Cordage preferred; 2s3s6, st. Pau