St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-28
FINANCIAL.
New York.

NEW YORK, Dec. 27. Speculation on
the stock exchange today was feverish
and unsettled. 1t was known at the
opening of business that receiver had
been applied for by the opponents of
President Mcleod for the New York d
New England Railroad company, aud
before noon the announcement was
made that Thomas g. Plat had been
made receiver: although this contin-
gency had been largely discounted dur
Ing tie past few days, there was a rush
to sell the shares on the part of those
holders who had beliel that Preside mt
Mcleod. could hold control of the
property, and their sales were supple
mented by heavy offerings on the part
OF the bears, and the result was a
break of q per cent from yesterdays
closing prices, where the lower level was
reached a good buying movement was
inaugurateG, due largely to covering of
shorts who did not feel disposed to leave
their lines out over night in view of the
mercurlal properties OF the shares. The
decline III the stock on the day is 2 per
cent. General Electric was strong in
the early dealings and rose 13S per cent.
DuI during the afternoon was eXcep-
tionaily weak and was freely sold for
both long and short account. The de
preston in the stock was due to reports
That plans were being formed for re-
organization Of the company and that
the company'S business was not on a
satisfactory basis.
After midday the pressure to sell be-
came very pronounced, and a break Of
655 per cent was made before the DOT
tom was reached. Sales to cover caused
rally Of Ia i'll the final dealings, leay-
ing the net loss of the days transactions
32S per cent. Louisville d Nashville
was unfavorably affected by rumors
that peIther scrip nor cash dividend
would be paid for the six months end
ing with December. August Belmont,
chairman OF the executive committee OF
the company, refused to talk on the sub
Ject. The stock declined 81 per cent,
with final rallv OFFS. National
Cordage, ON small purchases. rose 3A
per cent, the moving influence be-
ing the success of the reurganiZa-
ton scheme and reports OF the
successful termination Of important law
suits. In the late dealings a reaction of
IA and recovery of = per cent ell
sued; the preferred shares advanced
81 per cent. The general market was
firm at the opening and in the early
dealings advanced a fraction, but with
IN half ali hour Baltimore s. Ohio
list 3 @l per cent, which was quickly
followed by a'rally Of 4@1% per cent,
the latter i'll Louisville-New Albany
preferred; shortly before IL O'Clock a
drive was made in Distilling i'll an eff
fort to bring out some long stock, which
was not very successful. These
shares after 4 per cent reaction at
The opening had advanced . and they
now fell OF Is per cent, at which fig
ures the buyers were attracted, it being
officially announced that the company
was III good condition and dong good
business. Under steady purchasing the
stock quickly rallied. selling up 33S from
the low point and closing at a reaction
of Is per cent. The whole market was
strong between II and u O'clock, prices
advancing 4@15s per cent, Chicago Gas
and the grangerS leading the upward
movement. During the fternoon de-
cline OF 76@2 per cent was recorded.
III which Minneapolis q st. Louis COM
mon and preferred and Sugar were most
prominent. This was followed by a
slight rally and quick reaction, but in
the late dealings better tone preyaile i
and prices moved up with a IL psr
cent raise, the latter American Tobacco,
the market closing generally firm
a mong the more important declines on
the day are 81 Oh Duluth, South Shore
q Atlantic preferred. 2 in American
Cable. ~ in New Jersey Central; in
Minneapolis u st. Louis preferred;
Baltimore Il Ohio, Consolidated Gas