St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-06
DIRECTORS,
FINANCIAL.
New York.

NEW YORK, Aug. 5.-The stock marke
TO day was comparatively active during the
forenoon, when all the business of import
ance was done, and very dull in the after
noon, with complete staguation in prices.
The market opened with a continuation of
the raids by the bearish contingent. but Chi
cago Gas, notwithstanding the announce
ment of dividend, was selected to bear the
brunt of the attack and soon displayed
Union Pacific from the leadership The
movement was rapid, and within Il quarter
of an hour per cent had been knocked from
its price at the opening. More attention was
afterward given TO Union Pacific, and, while
the decline in il was not TO be com pared with
that of yesterday. it reached materially lower
figures. There was undoubtedly considerable
selling of long stock, but the repetition of the
rumors in regard to the financial standing of
the company and the attributing of long sell
ing to the approach of the session of con-
gress. which is five months away, pointed
Enthusiastically to bear manipulation as the
chief cause of the drop in the stock
At the same time there was no evidence of
support to it beyond that given by the pur-
chases of precious short sellers. The market
as usual during the continuance of such op-
erations, was narrow, and less than ten stocks
furnished Seven-eights of the business done
any kind, while even the active stocks. with
the exception of the two leaders, were
traded in within narrow limits. The raids
in the early portion of the day with
were the occasion of the greater portion of
the business of the day, but the final rally
brought the figures of the day uD to respect
able number. Prices continued to fuctuate
within narrow limits with a general upward
tendency throughout the afternoon until in
the last hour when the effort to recover as
sumedlarger proportions. and was accelerated
by story that large amount of gold had
been ordered for importation from France.
No truth could be found in the story, but it
In n 10 and oil
the leading shares as sharp as the decline
in the two stocks during the early trading
The corn roads were specially prominent
in the rise and many of the active shares
market finally closed quiet but strong at the
best prices of the day. The final changes
are generally fractional advances, but Bur
lingtoH is up 1ss: New England, ia, while
the losses of importance were cut down to
13s in Chicago Gas and 1 per cent each in
Union Pacific and Colorado Coal. Railroad
bonds were little more active and followed
closely the temper of the share list, being as
a rule heavy in the forenoon and stronger
later in the day. There were few marked
clines, while the Reading issues and the
Richmond & West Point Is showed consid-
cradle strength in the final dealings The
terminal 6s shot up per cent to 90, but no
other marked changes occurred. The trading
reached S611.000, with no specially active is
sues Government bonds have been dull
and firm state bonds have Deen entirely
neglected.
The Post says: There is no sign OF
promise in the resumption of gold exports
from London to the Argentine Republic.
Yesterday 6000) pounds went out on this ac-
count, and it was attributed in London to the
settlement of trade balances, which may IN
dictate revival in Argentine trade, and hence
better prospects for this sore spot in interna-
tional finance. This is by no means how
ever, the first recent shipment of the kind.
Nearly 300, GOO pounds of gold were sent to
the river plat from London in June, though
q still larger amount was imported from the
same country to London somewhat later In
some instances gold was on the ocean NOV
ing in both directions between these
ports at the same time; a phenom-
enon. due in part probably to the
fluctuating gold premium in Buenos Ayres
and the Generalization in Argentine ex-
change. 1t is true, nevertheless that the
exports from the Argentine Republic to
Great Britain in the last six months were at
least as large as in 1890; and further sig
nifcant fact shown by the British board of
trade returns for that period is that while
the export to Buenos Ayres of British iron
manufactures has fallen off nearly two
thirds as compared with 1890, the export of
cottons and dress goods has apparently in
creased.