St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-21

pears to be a disposition to support the weak
eniug houses there, remains as mem
ace TO the stability Of prices and seems 10 be
the principal check TO operations IN Specu-
lative line here 1t is felt that any further
trouble there viii be followed by q heavy re-
turn of American securities to these shore;
and the pressure TO sell. which to some eX-
tent emanateS even now from foreign
sources. prevents any appreciate improve
nent in prices. The bulls in the street are
not disposed TO take such a contingency
into consideration, and say that the crop
conditions will be felt sooner or later in Wall
street, unless a stringency in money, which
is now unexpected, should occur
The shipment OF gold was most effective
factor OH the bear side to-day, but the trading
element no longer hesltated TO sell the lead
ing stocks short, Burlington, st. Paul Atch-
isOn, Richmond " West Point and Lack
awanna being specially conspicuous for the
impression made upon their figures. The
selling pressure brought more activity. which,
however was confined almost entirely TO the
few stocks mentioned, and, while there was
noticed an increased tendency to trade in
the low priced shares. transactions resulted
in 10. important movement The market
was firm MT the opening. but the traders sold
Burlington and few Others, aided by some
foreign sales and fractional losses were scored
in all the leading stocks in the early trading.
A very promising rally from these prices was
in progress when the announcement OF the
export of gold was made, and the STOCKS
bought in for the short account were thrown
over Immediately and new lines put out all
along the line. so that before delivery hour
most of the prominent shares were down
about per cent, and Burlington. winch bore
the brunt Of the pressure. nearly = percent
The most demoraliZing spectacle of the day,
however. was to sec East Tennessee 1St pre-
feired sell at A and on the marketing of 200
shares decline to -.
The late trading was marked by a sharp de-
cline in silver certificates to 99c but the
stock list under the influence of covering,
rallied fraclionqlly, and most shares were
brought up to within shade of Saturday S
figures The close, however, was again I
heavy at the close to lowest prices, The
The final changes generally show large frac-
tional Losses for most of the leading shares,
while Burlington is off 15s: Jersey Central,
l per cent and silver certificates 1l2. while
most stocks show only insignificant
losses for the day Railroad bonds were
little more active but without
any material change in temper from that
ruling for the last two weeks, but the trans
actions were enlivenedby heavy trading IN
the Atchison incomes, which was the result
of the declaration of a dividend OF per
cent upon them. They rose, however, only
10 per cent on sales of S245.0O0 out Of total
DAVIS business Of S7d3O00 The rest OF the
market showed a widening tendency but
with a firm tone' no important changes were
made Government bonds have been dull
and heavy State bonds have been dull and
steady.
thority that the Bank of France is at present
practically refusing the payment of checks
in gold a policy due to its own wish to an
tcipate or prevent general boarding or the
precious metal by private holders Inc step
would not be unusual for the tendency OF
the French people in this direction has al
WAYS been marked The assertion is rem
dered more plausible from the fact
that for nearly month the weekly
statements of the Bank of France have
shown net loss on the silver balance, coinci
dentallv with gain in gold. On this theory,
thepresent and recent shipments of gold to
France have nothing whatever TO do with
the foreign exchange market. $50 long as the
bankers acting for the Bank Of France have
French credits on which to draw against this
country-and they are not exhausted--the
transactions would amount simply to sale of
silver against purchases Of gold. OF course
there would be loss in the transactions
but. il the situation were regarded as critical,
the institution would certainly not stop for
that.
in Paris has come steady and rapid marking
I'D of the street rate on time money in Lon
don. To-day both short and threemonths'
bills are quoted at 2l5 per cent, or on par
with the official minimum discount rate OF
the Bank of England This is an advance Of
more than per cent within a week, and
probably foreshadows an early advance in the
bank rate The peculiar situation in relation
to the gold supply is responsible for this.
Even if Russas demand is soon to be salts
fed in full it is believed among the London
bankers that Spain will DO forced to draw
gold from London in considerable quantities
| 10 protect its own bank in the new issue OF
note circulation. At the same time, in spite
of the disbelief existing here in return OF
gold to the United States from England, the
London financial authorizes show singular
unanimity in taking such shipments for
granted.