St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-06
FINANCIAL.
New York.

NEW YORK, JAN. 5.-ThIs was a day
of rum0r and denial of rumor OH the
stock exchange. The short interest had
covered the greater part of their con-
tracts yesterday, and the higher range
OF values established at the close of
business last night encouraged the pro-
fessional bears to an attack upon the
market today. True to the traditions of
their class, they brought to their aid
false reports and unfOunded rumors.
and the officials OF the properties af-
fected by these weapons were kent
busy denying the statements put forth
as means Of depressing prices. 1t was
said that at meeting of directors of
the Missouri Pacific held today steps
would be taken looking to the appoint
ment of w. S. Pierce, general attorney
for the corporation, as receiver. PreSI-
dent George Gould promptly denied the
story, saying that while the company's
earnings had decreased in common
with all the other railroads of the
country 1t was earning its in
tereSt charges, and he added that the
February coupons would be paid at once
less 6 per cent interest to any dou biting
bondholder. A free selling movement
was the result of the circulation of the
rumor, and the publication of the De-
mberreport showing heavy decrease
in earnings the stock lost 29l, with
a rally in the late dealings of Il per
cent. The rumor that Louisville d
Nashville would pass its Semi-annual
dividend was revived in connection
with December'S report, which showed
loss of oversee, 900. Opening g off at A,
the stock rose to 4436 and then took a
plunge TO 413s with scarcely a rally. A
director of the company gave out the
statement that the dividend question
had not been discussed by the board.
but the street has become imbued with
belief that no dividend will be declared,
and though rally of q was made on
covering by timid shorts, reaction of
q took place i'll the final dealings, max
Ing loss Of 215 on the day. London
was seller of the shares in small lots.
Chicago, Burlington & Quincy was also
the victim of speculative Imagination,
it being reported that the company had
arranged to negotiate a per cent loan
abroad. DenialS were made at the COM
pany'S office in Boston and in this CITY.
but after an ADVANCE of u. made in the
early dealings, the shares declined 13S
per cent, with only rally of Il at the
close. The other granger stocks fiuc-
tuated within narrower limits. st. Paul,
in the morning, reacted %, rallying a,
Rock Island is down Is ana Northwest
ern up 4 on the day. Russell Sage de-
med the rumor that he and President
McLeod.of New England, had quarreled,
and took occasion to commend that gen
tleman's management of the road.
After decline of % at the opening,
the stock rose 115, reacted q and rallied
q. Western Union was very actively
traded in, and after loss of a at the
opening rose on good buying II per
cent. In sympathy with the general
heaviness, a decline of 15S was recorded,
followed by rally of Is, a reaction of
e and final rally of 4. Sugar was by
no means neglected, but theirs was not
the accustomed animation in the trad
ing in this stock, the unsettled condi--
ton of tariff affairs rendering both sides
cautious. An early decline of l per
cent was quickly recovered, and on a
moderate volume of purchases an adj
vance OF rs was recorded, u OF which