St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-07
FINANCIAL.
New York.

New YORK. Sept. 6.-The stock mar.
ket was unsettled again today. An
active trading was i'll progress from the
opening to the close, but it was mainly
on the bear side, and the greater num-,
Der of the stocks traded in show de-
cline on the days transactions ranging
from a to 2ss per cent, the heaviest loss
being made in Distilling. Rumor was a
large factor Of the speculation and was
used by the bears to depreciate the
shares of the two leading Industrial
properties. Sugar was attacked under
cover of report that next weeks direct
ors meeting the dividend on the common
stock would be reduced. This story
found some believers and precipitated
upon the market large amount OF stock.
The room traders also sold the shares, and
within the first quarter of an hour Sugar
had broken 2 per cent to 1O2L. The
lower range of prices brought in some
buyers. and the rumored dividend re-
duction was found to have no fOuuda-
ton; and. being denied by the trust
brokers, steady recovery took place,
which was followed by fractional re-
actions and rallies until after delivery
hour, when brisk buying movement
was organized OH what was believed to
be straight tip that the regular
dividend would be declared next Tues
day. A quick rise ensued to LOG, beng
gain of ~ from the low point of the
morning. Realization then set in,
causing reaction of q, the closing
prices showing advances of "a COM
pared with the final sale yesterday.
Distilling was neglected early in the
mn Niy,pr Nd ,r,It lxS n
e, but after midday raid was made on
the stock which sent it down 2% from
the best price of the morning. When
the tariff bill went into effect, leaving
the greater part of the trusts goods in
bond, a claim was set up that the in
creased tax could not be collected on
spirits bonded before the law went into
force. No serious attention was paid to
this pretensiOn, but on the strength of a
private dispatch from the West, point
ing out the absurdity of the claim, the
drive against the stock of the COMPANY
was made. Large blocks were sold Short
and on small covering a rally of "a was
effected. of which e was lost at the
low yesterdays closing. The general
market opened steady, but soon became
unsettled, gradually steadying. and at
II O'Clock becoming strong, prices being
fairly well held until the middle of the
afternoon. Then was developed feel
ing of depression, due largely to the
fact that there were few, if any, sup
porting orders in the maket. and a sharp
reaction took place, in which Wheeling
& Lake Erie preferred, the grang-
ers, Oregon Improvement. Western
Union. Louisville & Nashville and
Chicago Gas were most prominent.
After delivery hour slight
rally took place, which was mostly lost
losed weak. Pittsburg, c., c. & st. l..
preferred is down ~, Lake Shore, II;
Pullman and Burlington & Quincy, !:
United States Cordage, q; American
Tobacco, New England and Oregon Inn
provement, u; Northwest, Northern
Pacific preferred and General Electric,
q; st. Paul, Chesapeake & Ohio and
Union Pacific preferred and Rock
Island, e per cent Some few shares
show gains ON the day, including Laclede
Gas preferred. 1as; Colorado Fuel and
American District Telegraph, 2. and st.
Paul prefcrred,l per cent. -
The bond market was generally weak
throughout the day on decreased volt
ume of bus mess. The total transactions
were only s1,SOO,OOO. The more i'm.
portapt declines are: Missouri, Kansas
L. Texas IS. ~: United States
Cordage firsts, ~; Northern Pacific
consols s., 1as; do BIDS, II, and Rock
Island debenture IS. per cent.
Advances - Union Pacific sinking
fund IS, per cent; Baltimore & Ohio
IS OF 1928, Q; Georgia Pacific frst
trust receipts. ~; Northern Pacific
& Montana trsts, ~; Colorado Mid
land As, +; st. Paul, NJ. & NJ. seconds.
Iron Mountain secopds, DO IS and do
guaranteed, 4; Missouri Pacific frsts,
collateral 5s sold at 70, against IS OH
July 10. Union Pacific L. 6 G. IS sold
at IS. against 40 on June 10. Seattle,
Lake Shore & Eastern firsts sold at so,
against IS on April