St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-10
FINANCIAL.
New York.

New York, July Notwithstanding the
abundance of money available for specu-
lative purposes, together with the bright
prospects of the coming season. there seems
for the present to be no disposition to enter
into any ventures in the stock market and
dizziness, rarrowness and general stagnation
still mark the trading. To-day there was
reversal of Yesterdays movement, and frac-
tional losses were the rule, though only
among q few stocks was there any perceptl
BILE tendency in prices. The rate OF the Bank
of England remained unchanged this moru-
ing, and the best observers proclaim that
there is no indication of further shipment of
gold this week, but the traders thought they
detected selling on Louisville d Nashville for
foreign account and they attacked that stock
with some effect. The CHANGERS came in for
some of the same kind OF attention and.
especially st. Paul and Burlington. weak
ened under the pressure The remainder OF
the market was, as a rule, devoid of feature
from opening to close, though Jersey Cen
lost portion of Its late advance
The traders who are i'll complete posses
zion of the market, such as it is, after being
scared into the covering of their shorts, have
discovered that the expected demand for
stocks has not materialized and are again
encouraged to put out the stocks so lately
covered. but only few shares are deemed
vulnerable enough to take the risk IN, and
the market therefore continues to be all in
the few shares which have OF late been most
prominent in the dealings. These to-day In
"
Atchison and Chicago gas, but the last
named was the strongest of the lot without
news of a character to have much erect.
The opening was heavy, and extremely dull,
and under the pressure brought to Dear the
leading stocks made considerable progress
toward lower figures in the first hour. The
declining tendency was unrelieved by any
feature of note until late in the day, when
Cordage again gave way, dropping 20 per
cent and recovering only small portion of
the loss The three or four ac-
tive stocks showed losses of something
over per cent at the lowest prices, and with
some covering in the last hour shade was
recovered The close was very dull and stag
naut. with the active shares at close to the
bottom figures The final changes are in al
most all cases Insignificant but Wheeling q
Lake Erie lost y. the preferred Us, Cordage
1l2, Burlington lis. Missouri racine also
lost per cent, and St PauiR Union Pacific
and some others large fractions. Railroad
bonds gave about the usual amount of bust
ness and displayed rather q stronger tone
than stocks. but felt the weakening infiu-
euce and failed to score any material change,
large number Of issues were traded IN, but
the transactions were without Importance.
and the fluctuations hardly perceptible in
most of them. The business OF the day
reached $4,000. Government bonds have
been dull and steady. State bonds nave Deen
entirely neglected.
The Post says: The decrease in the Bank
of Englands balance during the week was
due wholly to the anticipated export OF gold
to Russia. The shipments, indeed, were
considerably larger than the reported net
loss in reserve, but block of gold was re-
ceived from Australia. and some of our own
exports must be in hand. There is 81, 100000
more of our gold coming to hand in London,
half of which went by the Lain a week ago
Tuesday, and the other half by the Ems, last
Friday This specie, together with other
gold now on the way from Australia and the
already large surplus reserve in the hands of
the Bank Of England, will easily provide for
the final remittance on the Russian account
1t will be observed that the banks proper
ton of reserve to liabilities has fallen off in
connection with the exports OF gold to Rus
STA. The proportion, however is still nor
NAL. and the outstanding loans of the bank
are subject in large measure 10 recall.