St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-30
FINANCIAL.
New York.

New YORK July 29.-The stock market
to-day has more of a professional look, and
was narrower than during the last few days,
while on the whole it displayed a weak tone
though here and there strong stocks were
found. The bears were inactive, except in
Burlington. Northern Pacific preferred, Lou
isyille and St Paul. while a few SpecialtieS
like Tennessee Coal scored material declines
on small transactions. The beginning of
shipments of currency 10 the West is being
looked ar more closely. but the position of
the banks at present does not warrant any
uneasinesS on that point for some time TO
come, even though the deposits al the sub
treasury Tor the last two DAYS Tor transfer TO
Western points aggregate nearly S40OeOJ
The bears for the present are certainly on
top. but they cannot press their advantage
too far, and their following among the trad
erS are easily frightened ana driven 10 cover.
The explanation of the dizziness and co IL
sequent weakness Is evidence that there IS
more money in lending funds on good secur-
lty than IN buying securities, but were there
such a demand for funds the large sur
plus reserve now held by the banks would
not be in existence. The market is narrow
and the fluctuations either way are small.
while the dizziness makes the general tenden-
cy in the downward direction, pending some
decided action by those whose interests lie
i'll higher prices for securities. To-day s
market is excessively narrow. four stocks
furnishing by far the greater portion of the
business done, and the movements in these
stocks give character 10 the whole
list The traders raided the leading
stocks, making a weak opening. but the
extent Of the declines was insignificant out
side of three or four stocks AMI the temper
of the market continued rather unsettled
throughout the day, though showing weak
feeling during most OF the time. The bears
attacked different stocks in turn. and e&cn
yielded materially before the pressure was
removed, so that, while the final changes in
most of the list are confined 10 small frac
brrf gfao~ -r1ff' 1ar
losses Tor the day
The earlier efforts were aimed at Burling-
ton and Northern Pacific preferred, but
Louisville. Lackawanna, and finally st. Paul
and Chicago Gas felt the pressure TO sell.
There were frequent small rallies. but
no material progress was made toward
higher figures IL any of them, and the
market finally closed dull but weak at or
near the lowest prices OF the day. The i'm
DOrtant losses include Tennessee Coat. 2t2
Chicago Gas pa Northern Pacific preferred,
1853: Colorado Coal and Wheeling & Lake
Erie preferred, each. Ia Louisville Il Nash
vile, iIE. and st. Paul, 1 per cent. Railroad
bonds were unusually dull. and the trading
extended to a small number of issues. and
the dealings were devoid of feature beyond
the drop of l per cent in Richmond & West
Point trust IS 10 &C. and the subsequent re-
cOYery, and the decline i'll Louisville, New
Albany * Chicago cOnsOlS to 9j14, with a re-
coVery to 9lIs. The tone of the market was
rather heavy, and most issues are slightly
lower this evening The trading reached
only S323.000 with no animation visible in
any portion of the list. Government bonds
have been dull and steady. State bonds have
been entirely neglected.
The Post says: Louisville q Nashville di-
rectors are fortunate in having raised the
funds needed. even though the circumstances
Of the new stock subscription were somewhat
unusual. little more than a half of the
81, $4,000 new stock was taken by share
holders exercise of their right to ID per cent
subscription: the rest failed TO be placed.and
was taken under the terms of guarantee by
banking houses associated with the manage
ment. The aforementioned class, and pos
sibly the second as well. prepared for the
subscription by selling their own Louisville
stock a month ago at -. The outside pub
lic'' and scattered shareholders ODvio-
usly did not subscribe at all The
whole was an unusually clever bit
of financiering. made possible, how
ever, only by the very strong banking
alliances of the Louisville company. As
matter of principle, although the company
in the present instance tried without success
10 put out new bonds, its addition instead 10
its share capital was wise and conservative
choice of alternatives. Whatever embaIrass-
ment the failure of new stock to earn divi-
dend may bring upon the shareholders, it
cannot bring a receivership. This is a point
which railway directors, with their eye on
the stock market, are altogether too apt 10
FORGET