St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-20

FINANCIAL.
New York.

NEW YORK. Dec. 19.-The feature of
the speculation on the stock exchange
Today was pronounced and fairly sue
cessful bear raid on the Vanderbilts,
which was not entirely premeditated,
but was largely the result of transac-
ton on the London exchange. 1t seems
that block of 1000 New York Central
was offered for sale in London, which
was purchased by well-known house
having connections in this city. There
was profit in disposing of it on the
New York exchange, and the transac-
ton attracted attention to the stock. 1t
being bear market. the professionals
thought If one Vanderbilt stock was a
good one, why not another, and
Lake Shore was selected as
the chief victim. To help bring
out stock it was suggested that the
earnings of the road were decreasing
and the general business depression was
that the present rate OF dividends could
not be kept up. Michigan Central,
Canada Southern and Cleveland, Cincin-
natl, Chicago IL st. Louis were touched
upon very slightly, but still suffered in
the general attack upon the sister
shares. The lowest point was reached
shortly before noon, at which time Lake
Shore was down 81, Michigan Central
II. Cleveland. Cincinnati. Chicago d
st. Louis l, New York Central x and
Canda Southern Is. Lake Shore subse-
quently rallied 212, but reacted l, clos
ing at loss of "a per cent. The
other Vanderbilts recovered portion
of the loss before the closing, New York
Central hpjpp off nnlv II ouI
Central 1. Canada Southern showed an
advance of %. New England was again
subjected to very heavy pressure to
sell, for which no satisfactory reason
was given beyond theory that the
bears were engaged in a concerted
movement to bring out block of long
stock which they had been cunning for
these past few days. The shares were
very feverish and made frequent up-
ward movements during the process of
depreciation, but each rally brought on
increased hammering, and the bottom
was not reached until late in the after
noon, when the decline from the highest
of the morning was 555 per cent, and the
final sales were only Is above the
lowest. The sales were on a very
large scale, and developments are
looked for TO explain the heavy slump
in the stock. The granger shares came
in for share of the attention of the
shorts, but were fairly well held. The
coal stocks suffered somewhat in the
general decline, notably Delaware.
Lackawanna & Western, which broke
35s per cent, recovering ~. New Jersey
Central is down l and Susquehanna d
Western 2$ per cent. The ndustrials
were not drawn into the selling move
ment to any great extent, and In only
one case lost more than a fraction on
the day. while Tobacco preferred rose /
and Sugar preferred a per cent. Rub
Der common shows a decline of Il per
cent. In the specialties, declines were
recorded of 155 in Illinois Central. IL
in New York d Northern and Northern
Pacific preferred. q in New York, Chi
cago 81 st. Louis second preferred. IL
in Minneapolis q st. Louis, and l per
cent in Norfolk & Western preferred,
The railway and miscellaneous bond
market was generally weak and lower.
the principal changes being: Declines
Virginia Midland stamped and Read.
ing I'd preference incomes. 8 per cent
each; do Sd, 215, and general mortg age
As, l.; Colorado Midland As, "a, New