St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-16
FINANCIAL.
New York.

New YORK. Feb. 15.-This was field
day on the stock exchange for the Sugar
shares, the trading in which was on a
very large scale. The influences bear
ing OH this meTcurial property were all
of depressing nature. The failure to
hold the annual meeting yesterday on
adjournment from last month, and the
statement of the counsel for the COM
pany that minority of the stock had
legal right TO adjourn the meeting,
created Il situation which was not re-
garded as favorable by certain stock
holders, and which was taken adyan-
tage of by the short interest TO hammer
the shares. Advices from Washington
We're adverse to the Sugar inter-
ests, it being reported that the
senate subcommittee had agreed to
report in favor of free sugar, both raw
and refined. In view Of these coudi-
lions it was not unnatural that Sugar
should be sharply pressed for sale, or
that considerable long stock should be
brought out. The selling movement
began at the opening of business, and
large blocks were thrown on rapidly
declining market. Some 112, 900 shares
were disposed of before noon, and a
decline of 318 per cent established. This
serious break brought in some buyers in
to squeeze the short interest, and there
were orders from Washington to cover
sales made at the higher figures of yes
terday, which combined to bring about a
recovery of l16 per cent, but in the later
dealings 81 OF the improvement was
lost, and at the close of the day
the tendency was still downward. Sugar
preferred recorded a decline of 81 per
cent. closing at the lowest point touched.
Mayor Hopkins veto of the Watson gas
ordinance and the failure of the Chicago
common council to override it, together
with the defeat of the resolution to for
felt the charter of the Gas Trust, gave
material strength to the speculation in
Chicago Gas in the opening dealings,
when on purchases of 1000 shares, the
stock moved up ~ per cent. The buy
ing developed such ready supply Of
stock for sale that the traders grew Sus-
piciouS, and taking the other side Of the
market, sent the quotations down X
per cent within very few minutes.
The trading was very light in the shares.
Small buying caused rally or small
fraction, which was subsequently lost.
The uncertainty as to the rate of divi-
dend to be declared at tomorroW'S meet
Ing of directors gave an unsettled tone
to the dealings i'll Burlington The coal
SudItS WeIc weak OWING 10 the 1dllurc
of the coal sales agents at today's meet
ing to arrive at decision regarding
prices, and Delaware, Lackawanna d
Western broke 215 and Delaware &
Hudson g per cent. In the rest of the
days transactions DistilliDg, Reading
and Western Union were the only stocks
in which the transactions exceeded
5000 shares, and in all three the fuctua-
tons were slight and the closing figures
were in such cases changed only a from
yesterdays final sales. The general
market at the opening was quite firm,
and at the close was steady to firm,
Sugar being the only really heavy stock
in closing dealings,
The bond market was firm throughout
| the day, the more important changes
in the issues dealt In being:
Advances Bridge firsts.