St. Paul daily globe., 1893-01-28
FINANCIAL.
New York.

NEW YORK, Jan. 27.-The stock mar
ket today was somewh at narrower than
usual, almost all tie interest in trading
centering in the two leading industrials
Sugar and Distillers'. A few other
stock attracted some attention by their
activity and movement, chief among
which were the Richmond Terminal
shares, Burlington & Quincy, Union
Pacific and the coalers. The, feature of
the day, however, was the trading in
Sugar, rejecting, as it did, the contest
between the insiders and shorts. The
discovery that the Sugar stock is so
closely held by insiders that they can
make it loan at premium, which
was said in some cases to
have been as much as l per
cent per day, was surprise to the
street. as it showed that the insiders
held neatly all the stock and that it has
not been distributed among the public,
as had been supposed. The crowd trad
ing IN the stock at the opening Was SIM
ply enormous, having been equaled
only once or twice in recent years. The
opening figures varied from 126 to 127
on different sides of the crowd. against
1881 last evening. The bidding was
very urgent and the insiders supplied the
stock moderately, but the price declined
lent was that the smaller shorts were to
be allowed to cover at the prices then
prevailing, while the larger ones would
be further squeezed. The price never
got much below the best OF the fore
noon, and later in the day was run up
to 1293l, but was let off a little at the
close to 1888, closing with net gain Of
81 for the day. DiStillers was active,
but was pressed for sale in the forenoon,
dropping from 494 to 4615 on the un-
ce,tainties of congressional action
against the trust, but a portion Of this
loss was afterwards recovered, and it
closed only IS per cent lower for the
day.
The other industrials were moved
within Il narrow limit, but railroad
stocks as a rule were very quiet and re-
sponded to the gold shipments with
dropping tendency, while none of them
got more than small fractions away
from the opening figures. The coal
stocks we're inclined 10 strength on the
excellent showing for the past year for
the Delaware IL Hudson and Lacka-
wanna, but Reading was pressed for
sale somewhat, while some realizing in
Delaware 81 Hudson carried its price
back a fraction, LackaWanna, however,
after selling up to Sl.5615 closed at 81. %.
with net gain Of IA per cent. The
granger stocks were ra ther heavy Oh
account of rate cutting in the West
and the official denials of an alliance
between the Pennsylvania and the Bur
lingtOn caused considerable activity in
that stock. though the rumors had forced
it up considerably before noon. 1t
| closed per cent below its best figure,
with a net gain Of 4 per cent for the
| day. There was unusual strength de-
veloped in Richmond Terminal shares,
but there were no new developments
made public, and the buying was at
| tributed entirely to inside orders. The
common stock was carried to 1923, and
| closed at 1019, with a gain Of lJ1s per
cent, while the preferred stock
was advanced from S5 to 80, clos
ing finally at IS, net gain
gain of 215 per cent. American tobacco
was strong, rising per cent to 1.l71%,
| and tue conference of the bitumin0uS
coal people III this city was responsible
for gain of 21s in Hooking Coal. while
! Tennessee Coal receded about u per
cent. All the stories about the pur-
chase of the New \ ork & Northern have
now been deuied, and that stock and
Manhattan were today comparatively
| dull and without material final change,
| although Manhattan at one time showed
a loss Of IL per cent. The general list
was featureiess, but closed rather firm
at slight losses for the day.
The Post says: 1.-The fight for con-
troll of Sugar was the feature of the
day. In the face OF a comparatively
quiet market for the general list, Sugar
certificates fell about five points yester-
day. and advanced 4 points today. as
the battle turned Ill favor of the bulls.
1t is not pretended that intrinsic values
or general conditions had anything to
do with these fluctuations. So far as
the outside mark in purchases is con-
cerned, it would be dignifying
! the movement to call it specu-
latlon. For those who wish
to buy, they know not what,
on the chance of making or losing
money, they know not why such trad
ing may have charms, but the general
market should not be judged by such a
test. Railway shares may become the
object of a gambling speculation, of
J course, but when widely distributed
and heldSss more OF Less permanent in