St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-25
FINANCIAL.
New Work..

NEW YORK, July 24.-The stock market
to-day still continued in its rut of duilness
and slagnatiOn, but nnder the circumstances
displayed marked strength. The bears were
favored by the taking of 81. SOC. 900 gold for
export, but. Notwithstanding this factor
their strength had been so exhausted by the
efforts OF the last two or three days that they
were apparently unable to take advantage of
the aid accorded. The selling of Burlington
last evening was reflected in an increased de-
mand for the stock in the loan crowd and
while there was still considerable manipula-
ton III the price i'll the downward direction,
it seemed to be more for the purpose
of covering the already outstanding
short contracts than to further de-
press the price. The other active stocks,
which included st. Paul, Louisville & Nash
vile and Atchison, were comparatively quiet
o-day, and, i'll company with all the rest of
the list, huctuated within the narroWest
limits.
The market was never more entirely at
standstill than now. 1t responds neither to
favorable nor unfavorabla DEVELOPMENTS
and large crop movements, increased earn
-ings, and the easy condition Of the finances
both at home and abroad fall fat upon the
market, as we'll as gold shipments and bear
drives at special stocks. In fact the pre-
vailing dizziness is the most powerful bear
argument brought to bear. The operators in
stocks both large and small, are all waiting
for developments, and the influence of the
foreign situation. with its disagreeable posi-
DlDLi6S. lot Iue time being eDurelV
neutralizes the effects of the 1attering pros
poets at home. The market opened this
morning with continuance of the pressure
to sell of last evening, but there was more re-
sistance offered to the decline and it soon
ceased, after which the entire market re-
manned utterly barren of feature outside of
the activity in Burlington and the selling
down of a few specialties. with the decline
of the coal stocks in the last hour.
The general list throughout remained dull
and StaQD1nt the same dead level AmCnp
the specialties which showed marked weak
ness East Tennessee second preferred, Lack
awanna and New England specially promi-
nent the losses being apparently for no rea-
son beyond pressure on a market with
no demand. The market finally closed
very dull and heavy TO weak at the
lowest prices, but with most of the
list at insignificant changes from last even
ia, New England 1885, Lackawanna 1 per
cent and Burlington Is. Railroad bonds
showed little more character than usual of
late, but the movements were quite Irregular,
and confined to the inactive issues. The
tone Of the general market was fairly steady,
but resulted in no material changes among
the active bonds The business done reached
S5SS 900, with transactions i'll large number
of bonds, but no animation in any part of
the list. The important changes are gener-
ally in the direction of lower figures while
Denver & Rio Grande fives rose 3Ss to 80.
Government bonds have been dull but firm.
State DOnQS nave Deen entirely neglected.
The Post says: The silver export move
ment which began yesterday and will prob
ably continue next week, is interesting in the
same connection. The fact that all this silver
goes to London on orders from the Messrs.
Rothschild and that the same banking house
has recently contracted for the new Spanish
loan. has led to the inference among silver
bankers that the terms of the loan admit of
part payment in the cheaper metal. On its
face this is highly improbable. particularly
as the new loan is designed in part to cover
a fresh issue of currency by the Bank of
Spain. The interesting question arises, how
ever, where are the Spanish bankers to get
the gold? 1t will not be readily OBJ
tanned in London's market, and the
Bank of France has put high premium on
all gold orders from the outside. The few
struggling imports of gold which have come
to hand in this city, are all Spanish coin
shipped 10 us from Paris. This certainly
does not look as if Spain had any prospect of
getting gold from France. for its own uses.
1t may be. however, that the Spanish govern
ment is merely establishing credit in Lon
den through its new output of bonds, and is
drawing silver in advance on the same ac-
count for ordinary coinage purposes,