St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-13
FINANCIAL.
New York.

New 1OfB. May IS.-IDe STOCK market
again hesitated to day. and there was re-
newal of the selling pressure on a limited
scale, while the buying, which was so marked
a feature of yesterdays trading, was entirely
lacking. Under the circumstances prices
dropped, and in some cases declined ma
terially. The principal cause for the check
to the upward movement is to be found in
the disquieting news from abroad. the Lon
don and continental bourses being depressed
through heavy sales of Portuguese and Span.
ish securities. which brought everything else
along with them to some extent. There were
further engagements of gold, but these were
not Of such magnitude as to cause
any decline of note and the hesitation is to
be traced to the fear of further financial
complications abroad. which will necessitate
a further drain upon us TOR funds. The IA
yorab!e items in the situation are all TO be
found in this country while the disquieting
conditions are all abroad at present, and the
situation in the stock market hinges upon
the probabilities OF further withdrawal of
gold In the near future, or a return OF some
of that already sent. Until this uncertainty
is removed. therefore, the general expecta-
ton is for a feverish and unsettled market,
with little animation outside OF the few lead
ing stocks, which are now i'll the hands of
cliques. Early advices from London this
morning reported n panicky feeling
there, and the same was reported of
Paris and at the opening of our market, Lon
don was seller to a moderate extent, max
Ing feverish and lower opening, the losses
cent. There was however, an undertone of
strength left il the market. and most of tho
opening loss was regained in the early trad
Ing, bit the lack of buyers soon made itself
felt, and a droopiug tendency became pre-
valent, which carried prices down again, and
they remained below the travel of the open
ing for the rest of the day. The industrials
were again prominent in the market taking
second rank to the grangers, but sugar was
decidedly weak and Cordage only little
less so. The steady decline in prices reached
material proportions toward delivery hour,
when all effort to cover shorts made
Slight rally i'll the market. The only strong
point III the list during the day were the
Wheeling x Lake Erie stocks sand the pre-
ferred stands alone this evening IN showing
small advance. The market finally closed
quiet but weak, at or about the bottom prices.
Everything. with the one exception noted is
lower, ana sugar declined pa G. G. c. d ST.
Louis. Rock Island and Louisville 17s: Pa
cific Mail and Union Pacific, la; Atchison,
Northwestern, St Paul and Northern Pacific
preferred. IA; Burlington, rs, and New
England per cent.
Railroad bonds were entirely uninteresting
to-day, the sales reaching only S6l3G00, and
the fluctuations being generally on the same
limited scale. but the movements sympa-
thized with the weakness i'll stocks and
prices are in almost all cases lower. Govern.
ment bonds have been dull and heavy. State
bonds have been dull and featureless. Pc
troleum opened weak, but there was no
ket closed dull, Pennsylvania Oil June OPP
tons closing 1T 70l2. Total sales, 5000 bbls.
The Post says: ITO understand why Europe
Is able to draw on us for so much cash atthis
time 1t is necessary to refer back to the eff
fects of the Mckinley tariff. In the six
months to Sept. 30 1899, the imports of mer-
chandlse into the United States were S7S-
Si5,991 in excess of the exports of merchan-
disc. being a trade balance of that much
against US i'll the Interchange of commodi-
ties. The excess of imports of merchan-
disc over exports i'll the same period of
1899 was S5l, 81 POI so that here was an
increase of 81, 00l, 100 in the adverse trade
balance of that six months. But this increase
was all made to escape the tariff and the
goods were sent here largely on speculative
account by the foreign dealers, being sent on
commission. were not TO be paid for until the
importers here had distributed them through
the country and collected for them. These
goods were distributed last winter, they being
collected for, and now the money is being
paid TO the foreign shippers and this makes
the immediate demand tor foreign exchange.
But then also frcm about the middle Of July
until The LIST of December there was an ava
lanche of stocks and securities precipitated
upon this market from Europe i'll conse-
guence of the Argentine troubles
merchandise, they had to be paid for at once
AT first this did take out some gold, and in
July the total exports of gold exceeded the
imports by S10,664, 975. But by that time our
from total of $54, Al, 800 in July to SOS, 32S-
6i6 in October. so that in the five months to
the end of February 1891, the excess of ex-
ports OF merchandise over the imports of the
same was Sill, 7l5.310. This large balance in
our favor not only paid for the stocks that
were sent back to us from Europe, but good
deal more. was shown by the fact that dur
ing that five months the imports of gold were
S7,3lS.C91 in excess of the exports
of the same. 1t will be seen that
as the stocks required immedi-
ate payment they have undoubtedly
all been paid for. This also furnishes some
ground for the presumption that the amount
of stocks sent back from Europe i'll the last
six months of 1890 were approximately some
thing near Sll0,C0oG90 to S120. 1000 1t is
the goods bought last summer that we are
paving for now. AS 10 how much more we
shall have to pay on that account is. of
course, difficult TO estimate, but the fact that
since the end of January we have already
exported about $50, 100000 of gold in excess
of imports, whereas IL the same time in 1880
the imports of gold were S500,0C0 in excess of
the exports of the same, would seem ground
for the presumption that the excessive i'm
ports of goods last summer were about all
paid for. No matter how crazy they may be
for money in Europe. they cannot draw on
us for more cash than we owe them, unless
f6ax- -