St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-18
FINANCIAL.
New York.

NEW YORK. Nov. 17.-Five stocks
monopoliZed the dealings on the stock
exchange today, to-wit, Reading, Sugar,
ST. Paul, Chicago Gas and Chicago, Bur
llngton q Quincy, which are named in
the order of their activity. The rest OF
the list was extremely dull, though in
two or three cases marked declines we've
made on very light dealings. Reading
was sold quite freely at the opening,
largely OH Philadelphia orders. induced
by the alleged unfavorable showing
made by Expert Little's report. read at
the holders committee meeting aud re-
ferred to Mr.. Marcus to- be condensed.
Although the report was not made pub
tic, rumOr had it that the experts fig
ureS showed that it would require much
more cash than was estimated to con-
solidate the floating debt and put the
company on good financial foot
ing. Eighteen millions was the fig
ure named. Large blocks of long stock
were broughtout, and the bears added
to the volume of offerings, sending the
stock down 219 per cent before noon:
During the rest of the day it fiuctuated
within range of "a per cent and closed
215 per cent below yesterdays closing
sale. Sugar, after an advance of g per
cent in the early dealings, receded a
per cent, and then on an active buying
movement, said to be for the account of
inside interests, advanced rs per cent.
During the afternoon the bears made
drive at the shares and hammered them
down 81 per cent, the final sales show
ing only q recovery. st. Paul held
up under heavy pressure to sell, in
duced during the morning by report
that the earnings for the second week
Of November would show material de-
in LOTT lN,,f r r,,
LEGATION of the figures. The decline
from the highest point of the
morning was only q per cent,
with rally of 4 at the close. Chicago
Gas was In demand at the opening, the
buying being stimulated by advices
from Chicago that the opposition COM
pany had been checkmated, and that
the Chicago Gas company had free
field. An advance OF ~ was recorded
during the morning sales, and then the
upward movement was checked by re-
alizing sales, which led the shorts to in
crease their lines, aud under the accu-
mutation OF offerings reacted 15s per
cent. losing all but 4 of the early i'm
Quincy was quoted eX-divldend of II
today, opening p per cent higher, and
then receding steadily under attacks
of bear traders until it had lost ~ per
cent. The short interest used argu-
ments that the current earnings were
not on dividend paying basis, but in
covering partially in the late dealings,
a rally of d was made. American To-
bacco broke u per cent on the an
nouncement that the attorney general
of New Jersey had brought suit against
the company to prevent its diScrim-
mating against certain of its customers
RI - oct I,a it,, 0f 70
ton. The general market was strong
in the opening dealings, but soon be-
came irregular and then lapsed into
dizziness. There were occasional peri
DDS of activity and irmness, but they
were few ana far between, and during
the afternoon the speculation became
heavy, which was the prevailing tone at
the close. Compared with the final
sales of yesterday the general list is
down 4@% per cent. Susquehanna
& Western preferred, II; New Jersey
Central, u; Pullman, 2s4; Wells Fargo,
8, and New York & Northern preferred,
80 per cent. Comstock Tunnel sold at
8. the last previous sale being at 10. In
exception to the general weakness,
Delaware & Hudson advanced ~.
Great Northern preferred II, MAMMAL
tan per cent, aud Phoenix Mining 2
per cent. The bond market was in the
main firm, but the Reading issues were
exceptionally weak, the tours receding
%, first preferred incomes 27s, and sec
ond and third incomes per cent;
Northern Pacific seconds declined 2.
and Louisville, New Albany firsts. and
Milwaukee. Lake Shore Il Western con-
vertible fives ~ per cent. The issues
which led in the improvement were Lee
high Valley fiveS and Wisconsin Cen
trail firsts, z; Great Northern thirds, g.:
KanaWha & Michigan firStS, ~.