St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-07
GENERAL ATTACK ON THE CHI
CAGO COMBINE INDUCED BY
ADVERSE REPORTS.
WHOLE MARKET AFFECTED.
RAILWAY AND INDUSTRIALS
OPEN IN GOOD SHAPE, THEN
FALL BACK.
RALLY NEAR THE END.
stocks During the Week in a
Generally Unsettled Condition
and Operations Dull.

NEW YORK; July G.-Chicago Gas
was the weak spot in today's stock
market. This mornings advices from
Chicago were to the effect that While
President Lincoln had not yet sent i'll
his resignation, it was very probable
that he would do so, as Col Payne,
at whose request he became the chief
executive officer of the trust, had
some time since sold out his stock in
the company. Reports from the same
source stated that other Chicago di-
rectorS would resign, and that the
attorney general would be allowed to
push his suits against the trust to the
end that the companies affairs be put
on a new basis. The bears took the
initiative at the opening of business
and forced the stock down Is per cent,
but on brisk covering an advance of
1as was quickly made. At the higher
figures the attack was renewed, and a
sharp decline of 2 per cent followed
Toward the close covering movement
caused a rally of Is per cent, restrict
ing the loss on the day to z per cent.
The general list opened moderately
active and in the main higher, and an
advance set in, ranging up to per
cent, New England leading the rail
way group and Tobacco the industrials
The depression in Chicago Gas caused
reaction of rs in New England and
a fraction, but in the final trading there
was partial recovery, and the mar
ket closed firm and in the main higher
than at the close yesterday. The gains
are fractional, except that Sugar
shows an improvement of l per cent,
New England, rs; American Gable,
rs, and Tobacco pfd, 2 per cent.
The trading of the week had been
dull and the market unsettled, hav-
ing been largely in the hands of the
professional operators. At the outset
the traders ranged on the short side
and inaugurated a movement against
the industrial shares, which resulted in
a heavy break in these stocks. The
advance in prices of grades of sugar
induced the formation of a bull pool
in sugar stock, which moved the price
up, making a net gain of 55s per cent.
Chicago Gas received support at the
low figures on the reassuring utter
ances of the management as to the
ultimate outlook on the dividend ques-
ton, and a rally was made of is
per cent Talk of President Lincoln's
retirement and other unfavorable rum
orS again rendered the stock vulnerable
to bear attack and the appreciation
was lost.
The final sale records loss of z
per cent on the week. The railway
list in the earlier operations ruled low
er, in sympathy with a drive against
the industrials, and although the
granger group at one time was tar
get for the bears, and yielded under
their efforts, the list generally closed
higher on the week. The sustaining
factors in the late speculation were
the receipt of favorable traffic returns,
cheering crop advices, London buy
ing, and the improved busin ass out
look, which caused heavy covering by
the shorts. The transactions of the
week aggregate 1,076,7 G0 shares and 133
stocks figured in the dealings. The
principal changes are: Advances-New
England, 81; Distilling and Southern
preferred 2&, and St. Paul preferred
and Illinois Central, 2N. Declines
Great Northern preferred, 4; Alton &
Terre Haute, 8, and Bay State Gas,
per cent.
Today's bond market was dull, the
sales being $S53,000, and the tone of
the trading was shade easier. Penn
sylvania 412s declined IL per cent, and
Consumers Gas, 3; Buffalo, Rochester
& Pittsburg 5s gained l per cent. The
bond speculation of the week was in
active and devoid of special features.
The sales were $6,993,000, and 234 bonds
We're dealt in. The principal changes
of the week are: Declines-Consum-
ers' Gas, of Chicago, firsts, 31a; Peoria
41as, 3A; Northern Pacific consol IS,
3h, and Northern Pacific trust re-
ceipts, AZ. Advances-Toledo & Ohio
Central f1rsts, Western division, per
cent, and Oregon & California IS,
per cent The demand for govern
ment bonds was light, and but 81, 800
We're dealt in. The state bonds were
in better demand, and III, 800 changed
hands, of which $4,000 were Tennes-
see, and $15,500 Virginias 5000 Ala
bama. In silver certificates, SAC, ZOO sold
at 67@6714c.