St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-25
DIRECTORS,
FINANCIAL.
New York.

New YORK. June 24-Wall street for the
present. seems as near to being asleep as it
is possible for the money center of the con-
unent to be- and the stock market reflects the
uncertainties in the situation by the most IN
tense dullness iii transactions and stagna-
ton in the fluctuations The trading ele-
ment in the market. as is usual in times of
dizziness, favors the bear side for turn. and
makes efforts to break prices every time Il
gold shipment is announced but the dem
onstration reaches over little ground and
soon dies away. The short interest. how
ever, is constantly augmented by these
operations and the confidence of holders is
shown only by the stubborn resist
ance made to such drives. To-day only ST.
Paul and Chicago Gas were traded i'll TO any
material extent the latter ana Sugar Refiner-
les were also the only ones TO show a2y ma
terial change in prices during the session
while the speculation in silver certificates
seemed 10 have come to an untimely end, the
supporters of the movement evidently hay
Ing chosen the wrong time TO start boom in
the metal. A slow but steady depreciation
went on in it, while the final change was not
OF special importance. The opening of the
market was dull and steady and the covering
of shorts served to give Il firm tone TO the
early trading, but no material change in quo
tatlons was made, and the dizziness for
the time of day was most excessive
The gold shipment later reversed the
position of the traders on the
market and fresh lines of shorts were put
out, especially in Rock Island, Union Pacific,
st. Paul and Chicago Gas, but only in the
first-named was there any movement of i'm
portance, its loss being l 1B per cent to 707s
against 72. This however was the only
movement of importance during the session.
and the later trading fell away into the same
conditions that marked the forenoon. No
rally occurred, and the close was dull and
rather heavy, generally at a shade under the
opening prices The final changes show
some irregulauty, but small losses are most
o,,d lei ousE 49,
are each down 1 per cent. Railroad bonds
presented the same features usual of late,
and only 1852, COO makes up the total of the
transactions for the day. The tone was gen
orally steady, and the usual unimportant
changes, or an entire lack OK change, was the
rnle. Among the inactive bonds Grand Rap
ids & Indianapolis IS lost2 So, while Omaha
& 81. Louis lists rose 2 10 80. Government
bonds have been dull and heavy. State bonds
have been entirely neglected.
The Post says: 1t was a foregone conclu-
sion, from the predictions of responsible
bankers yesterday, that another shipment of
gold would be made to-day, and probably
others still before the week is over The sit
uation i'll sterling exchange is anomalous.
and it is fruitless to auger results from the
ordinary principles and traditions of the
business. The plain fact is that bills of eX-
change which would, under ordinary cir
cumstanceS, find perfectly ready Market re
being rejected by the leading London bank
ers, thus practically forcing the shipment of
specie from this side. The fault lies, not in
the firms whose bills are thus suspiciously
handled. but in the London banking com
muuity as whole. The community is in a
state of nervous apprehension which causes
it to throw absolutely overheard its sound
and normal traditions. The vagaries in ex-
change are only one of many results. When
the British fnanciers have to some extent
recovered their equanimity, it will be posi-
BILE TO forecast the future with an approach
to accurate judgment.