St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-08-09
FINANCIAL.
New York.

NEW YORK, Aug. S.-Money on call easy
ranging from il2 to per cent; last loan, 1I2;
per. 3l20 l2. Sterling exchange quiet and
weak at 81 .s6s4 for sixty-day bills and S4 SIS
for demand.
The influence of the unex pectedly large
decrease Ill the bank reserve on SATURDAY.
was felt in the stock market this morning,
and there was during the forenoon drop
ping OF quotations. II this result the down
ward tendency of the silver market was not
without its effect. and the agitation of the
silver question seems likely to interfere with
the making of that market for stocks. The
confidence of holders in securities, however.
was not impaired and the depression in
prices of stocks was the result of further
short sales with the usual accompaniment of
an increased short interest in the market.
The bulls are now inclined to lay stress upon
the failure of the prediction of heavy
gold export to materialiZe, together
with the tendency of exchange rates to
drop under freer offering of commercial
bills, and the evident Oversold condition of
the market. A few speciaities displayed
marked strength. With withdrawal of press
ure 10 sell duIlness today, IS usual, became
the principal feature of the dealings, and the
whole list fuctuated over tue narrowest
range, though some recovery from the low
est points was seen. The declines were
based on the unfavorabe crop reports from
Kansas, but the selling was evidently of a
kind to augment the already unwieldy short
interest in the granger stocks, and the
cessation of the pressure was, as usual, fol-
lowed by dizziness and recovery. The press
TIRE was maintained to the close, which was
quiet but heavy, generally at the lowest prices
of the day. The transactions reached 17I.471
listed and -. 953 unlisted.
Railroad bonds were very quiet, and even
dull in the general list. while the reactionarv
temper of the stock list was reflected in some
weakness in the speculative issues. The sales
of the day reached only S!,0Sl.0J0.
Government bonds have been dull and
steady.
The Post says in its financial column: ut
is gratifying to see that the press, at least, is
waking up to the dangers of "industrial''
speculation. One effort has been made by
the managers of these properties to reply to
current criticisms. They allege, and doubt
less in the case instauced with truth, that in
formation has never been refused to share
holders But this, let it be observed. is quite
beside the point What is waited in stocks
which are publicly dangled before investors
is not alone information for people who
have already purchased, but information for
people who are thinking OF purchasing. This
stock exchange is of itself an offer to
the trade and investing public, and the fact
that people already in possession of the
stock know all about its finances in no wise
prevents the deluGing of outsiders. On the
contrary, it makes deception more tempting
and more easy. Those stocks were placed
on the stock exchanges list two or three
years ago. in Difference to the wall of brokers
who then believed that Wall street profits
were past forever unless some novelties
could be exploited. But for the firmness
some wiser heads, our local board nigh
have followed the example of the London
stock exchange and spread out officially be-
fore the public an unlimited mass of such
securities, more or less discredtable and
worthless. The line could not logically be
drawn between the sugar and whisky com
blnationS and the breweries. sanitariums and
butcher shops, whose shares crowd London's
stock list. Fortunately, the London investor
learned his lesson first. and painful lesson
it has BEEN