St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-31
WANTED THEIR PROFITS.
sWL OPERATORS UVL0AD AFTER THE
LATE ADVANCE.
THE COURSE OF SPECULATION.

London Was a Heavy Seller In
\ Our Market-Bad Statement
Z From the c., B. & Q.-Closing
Prices Weak and at the Low
est Point-No Market in Chi
cago.
New YORK. Oct. 30.-The week
opened on the stock exchange With the
silver bill in its last stages in the senate
and repeal almost within sight. 1t was
to be expected that the tone of specula-
ton would be steady and the tendency
of the prices upward, and so it came to
pass, but there were a number of DID,
orators who desired to take part at least
of the rise, and numerous selling orders
were sent in to be effected, and these
r%ealizations promptly checked the up
ward movement. There were special
influences at work, too, that tended to
depress the speculation. American Sc
curities in London were weak, and
London was a heavy seller in this mar
ket of st. Paul, louisville u Nash
vile, Union Pacific, Atchison,
Reading and Erie. Announcement
was made that the receivers
of the Union Pacific had decided not to
pay the interest due Nov. l, and 1t was
reported that the Erie directory had
come to a determination not to pay the
interest On the first lien mortgage due
Nov. l. This latter intelligence was
regarded more seriously, as 1t was taken
to mean that the interest on the second
mortgage, due Dec. l, would also be de-
faulted on. The September statement
of the Chicago, Burlington & Quincy,
showing as it did an Unexpectedly large
decrease i'll net earnings and in surplus,
was another factor in the declining
market, which the near approach of the
settlement of the financial problem and
the reported shipment of q million in
gold from London to New York failed
to support. The downward tendency
continued until noon, when, compared
with Saturdays closing figures a
decline ranging almost to 8
per cent had been established.
new buying and the speculative temper
experienced a change, prices moving
steadily upward until after 2 o'clock. at
which time a recovery of 4@1% per
cent had been made. During the rise
a good deal of long stock had been dis
posed of, and as the purchasing move
ment was losing force a drive was made
ON the general list by the bears, which
was rather demoraliZing and resulted in
the loss of the improvement in short
order and sent prices down below the
bottom figure of the morning. 1t is
possible that this lowering Of values
was due to manipulation by operators
who desired a substantial reaction in
order to have a low starting point for a
rise on the final vote on the silver bill,
which was to be taken after the close of
the day, and whicE was to be made the
basis of a fresh boom in stocks. The
opinion prevailed in usually Well-in-
formed stock exchange circles.
The market closed weak and at the |
lowest point, the declines on the day
ranging from Is to 2$4 per cent. the lat
ter in Missouri Pacific, 2ss in General
Electric and Consolidated Gas. 24 in
Burlington q Quincy. rs in New Eng
land, Ia III Northern Pacific preferred,
~ in Western Union. ~ in st. Paul
ferred, Cotton Oil. Toledo. Ann Arbor
and Lead preferred, 15s in AtchiSon,
st. Paul common, Rock Island d Erie,
II in Delaware, Lackawana u West
ern, Louisville q Nashville and
Buffalo. Rochester Il Pit:sbGrg, l
in Illinois Central, a in Lake
Shore. Reading and Ontario & Western,
aud % in Sugar aud Union Pacific.
Among the few shares which were ad-
Yanced on the days transactions are
American Cable and st. Paul q Omaha |
preferred 81, Chicago & Eastern ILL
iOiS and Iowa Central preferred 3, Pa
ciic Mail and Edison Electric ~, st.
Paul, Minneapolis IL Manitoba IL n
Rubber AZ per cent.
The railway and miscellaneous bond
market was strong in the early dealings. |
but closed weak, Erie seconds being !
down 81, Kansas Pacific consols 5,
oregon Short Line 6s 5 and Duluth, |
South Shore IL Atlantic 8. !
The Total Sales OF Stocks
today we're 1896, 200 shares, including:
AtehisOn. 1920; American Sugar,
24,400; Burlington & Quincy. %, 900;
Chicago Gas, "a, 400; Chesapeake Il Ohio,
4, 800; Distilling & Cattle Feeders, "a, 800:
Erie. 1900; General Electric. 1900;
q Nashville, $500; Missouri
1880; National COrdage Co.,
{, 200; New York & New England, 49,
100; Northwestern, 1900; Omaha, 5000:
Ontario d Western, ). 100; Reading, 49,
600; Rock Island, Is, roo; St. Paul, 10
600; Union Pacific, $500; Western
Union, $500; Western & l.. E., 3.4OO.
New YORK, Oct. 30.-The Post says:
is hardly necessary to search for
reasons for today'S market re-
No doubt the decision of the
Erie and the Union Pacific in regard to
their November interest played its part,
and Saturdays tragical incident at Chi
was not wholly without effect.
But these were certainly minor factors.
Without them spectators who bought
stock with so remarkable persistence
last week would have been ready to
take their profits, and to many the
profits were extraordinary. From a
point of view, a stock
reactio affords the only
sure opportunity to take bear
and ii ind with what force and in
what direction the wind is really blow
ing. The declines today were scored in
the opening and closing hours. Dur
ing the interval there was a return of
dizziness and a sharp but temporary
rally. The decrease in total business
OH the decline was noticeable. Sterling
were more engagements of gold
in London. Imports of gold by this
weeks transatlantic steamers will
presumably reach several millions.
"a decline of 2 per cent per ounce In
bullion marked today's progress
Of events IN that deeply interesting
market. Expert opinion continues
quite unanimous that a further and
more extensive break is near at hand.
Very noticeable, however, is the ab-
sence of speculative activity on the de-
cline. The sinking away in bullion
prices seems to be wholly due to a grad
ual withdrawal of bids at the previous
level
Stocks-CIosIng.