St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-09
FINANCIAL.
New York.

New YORK, July S-The dullness in the
stock market continued TO increase to-day,
and the trading was almost entirely devoid
of feature, the movements i'll only few
stocks possessing any significance whatever.
There was consequently no tendency in
either direction among prices, and the tiuct-
uations were perceptible only in the leading
shares. The trading. such as it was, was en-
tirely local, neither London nor Chicago do
ing anything and the indications point to
the fact that the late limited buying has been
principally by the trading element to cover
outstanding short contracts. The point is
made that while we may sell grain and
produce in large quantities to the foreigners
this season, they are not likely to
take any securities under the industrial
and financial conditions now ruling. and
therefore the promoters of bull market
must reckon without the probability of help
from that source. But il London is not
buyer, it is nota seller at present, and foreign
holders are as tenacious of their securities as
those nearer home. sc that any interference
from that quarter is also not to be looked
for. The dealings to-day were more than
usual of late, limited to professional opera
tons, and only III St. Paul, Louisville Atch-
iSon and Chicago Gas was there the slightest
interest attached to them. Chicago Gas was
depressed by the selling of the trading ele-
ment, accompanied by rumors and stories
of opposition to the company to be
started, and Louisville was advanced by
much the same means. St Paul showed q
remarkable decrease in its activity. white its
range for the day was the smallest for weeks.
and the same may be said of Burlington and
Atchison. The rest of the market was quite
neglected, the dealings being without interest
throughout the entire day. A rather firm
opening was followed by a slight decline,
following the lead of Chicago Gas, but the
tone soon changed for the better and, while
no material change was seen in the general
list, late i'll the day decided upward move
ment occurred in the leaders among which
st. Paul, Louisville and Chicago Gas were
most prominent. Stories of a coming cash
dividend furnished the occasion for the rise in
Louisville. which amounted to l per cent
from the lowest, while the recovery in Chi
cago Gas wasIfor like amount. The market
finally closed eXtremeyLdull, but firm, gen.
erallY at small fractional gains for the day,
the list showing no material changes in any
thing. Railroad bonds felt the general stag
nation 10 the same degree and while the
amount of business done was reduced to
1868 900, the firmness of the market failed to
make any mark of note in the list. Govern
ment bonds have been dull and firm. state
bonds have been entirely neglected.
The Post says: The continued apathy in
stock exchange business since the July dis
bursements serves TO emphasize one fact,
which there never was any good reason to
doubt, that in the present condition of
things IL requires something more than
good supply of money to create an active
market. Last weeks disbursements on in
terest and dividend accounts were not far
from S75, 000,0 A large part of this sum
must nece ssarily go into the hands OF
people who are in the habit of investing in
stocks aud bonds. But the trouble all
through this spring and early summer has
lain deeper than the question of money sup
ply There has been plenty of money on
hand, and there have not been lacking good
investment opportunities, particularly in the
bond market. II is the general feeling OF
doubt, natural consequence of last winters
crisis. which has prevented such investment.
There is good reason to believe that the pres
ent period of stagnation is a period of re-
covery, which will IN due time be followed
by q revival in investment business. But up
tested the stolk market with a view to bull
movements have not found it responsive
Indeed, 1t is at least open to question whether
the first signs of returning life must not be
looked for in the bond sales before they can
be expected to play part in stocks.