St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-18
Merchants National Bank !
ST. PAUL, MINI.
Capital, $1,000, 600
SuTpIuS& UndiTidedPrOftS, 800, 00Q
W.R. MERRIAM. President.
Oh. BIGELOW, Vice President
IA. SEYMOUR, Cashier.
GhO. Z. POWER, Asst. Cashier
DIRECTORS.
FINANCIAL.
New York.

NEW York, July 17.-The stagnation in the
stock market continues to increase, and those
interested in the present and prospective
values of securities are beginning to ask
anxiousiy how long it will last. The situa-
ton contains only this one discOuraging con
ditiOn. for while holders and WOuld-be buy
ers are confident Of improvement in both
activity and range of prices in the future, the
possibility of becoming tired out waiting for
the advance deters uyers and renders hold
ers uneasy. The waiting is now caused prin-
cipaily by the uncertainty as TO whether the
gold sent abroad will return or not and the
still undetermined extent of the crops, al
though that both wheat and corn Will be
large no one doubts.
The dizziness in the stock market to-day
was greater than on any day so far. The
comparative activity in St. Paul and the
weakness developed in North American were
the only features Of any kind shown during
the entire day. The opening was fairly
steady but intensely dull. and a heavy tone
was soon developed. but the downward ten
dency in prices was not of long duration,
absolute stagnatiOn soon settling down on
everything III the market. The changes i'll
the meantime were insignificant i'll ali cases
and it was not until afternoon that the pres
sure upon North American was brought to
bear and il was not till toward =. p. m, after
the taking OF $500 600 gold for export was
was done. The announcement was the sig
nal for vigorous attack all along the line,
but the force was felt most severely in Mis-
souri, Pacific which dropped l U per cent.
All the leading shares lost large fractions,
though the pressure was maintained for
short time only. The late trading showed
lack of recuperative power in the market
and the close was heavy, practically at the
lowest prices of the day. The drive was ac-
cOmpanied by marked increase in activity
among the stocks attacked. Missouri Pacific
fell down ~ per cent and North American
per cent. The dizziness in railroad bonds
was to a certain extent relieved to-day by q
squirt in the Northern Pacific 5s, which con-
tribued 500, 900 to the days total of S672. 900,
the only other active issue being Atchison
incomes, in which so, 900 changed hands.
The tone of the market was not pronounced,
and the final changes are, as usual, insignifi-
can't even in the issues named. Government
bonds were dull and firm. State bonds have
been dull and steady.
The Post saws: No money from the outside
is going into the stock market at the present
time and practically none in the bond mar
ket There has been Il slight increase in
transactions in the latter market since the
opening of July, but it was very small, and
would have attracted little attention in a sea-
son of ordinarily active investment. The
volume OF business was sWelled, moreover,
chiefly by trading in Oregon Improvement
frsts which seems to be in the main inside
business, and later in the Atchison issues, to
attract interest in which a special effort has
been made in Boston and Europe. 1t is the
testimony or BOND specialists that there is an
almost complete absence OF inquiry on the
part of investors, and this phase of the
situation is not q whit better than before the
July disbursements. The money is at hand,
but the public is still undergoing one of its
recurrent spells of diStruSt of all railway en-
terprises. Some of their money is lying idle,
but liberal share is unquestionably goine
into the shares OF incorporated firms, such as
the Lorillard and Trow enterprises. Probably
this will encourage the putting out of other
toolvo 90 tl,oi 4 fbn
make up an interesting chapter in our hnan
cial history.