St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-07
FINANCIAL.
New York.

New YORK, Sept. 6.-The material
advances made in the prices of Secur-
tiles on the stock exchange during the
last two business days, based though
they were upon more solid foundations
than are usually to be found at the bot
tom of speculative movements, forced
the bear element to make advances upon
the bull forces this morning. The at
tack was well concerted, and coming at
a time. too. when realiZations of profits
were being made, was more effective
than had it not received such assist
ance. The absence of any large
foreign orders and the action Of the
American railroads in London also
helped to unsteady the dealings and
had it not been for the generally favor
able conditions and the strength of the
bull pool, the reactionary influences
would not have been SO successfully
checked as they were. AS is usual
when the bears take the offensive.
rumors affecting unfavorably the stocks
to be attacked are at once set af1Oat and
today was no exception to the rule. ST.
Paul was made the subject of one of
these plans of campaign, it being given
oht that the company was a
borrower of money in London at exor-
bitant interest ana the dividend would
be passed. A prompt denial OF the ru-
NOR was made by President Miller, but
meanwhile the stock of the company
had declined 256 per cent from last
nights closing. There was subsequent
rally of 2 per cent. which was followed
by a reaction by which the recovery was
almost entirely wiped out, the closing
prices being only % per cent above the
lowest point. The appointment of a re-
ceiver for the Evansville IL Terre Haute
Railroad company was in the nature
OF surprise TO the street, and
to the directors as well, and
besides sending the stock down,
from 70 to So, tended to help the bear
movement. Evansville IL Terrr Haute
recovered &c 70 before the close. The
issue of S235.000 of clearing house loan
certificates was looked upon AS unfaVor-
able TO the general opinion as to an
early money market, and the cancella-
ton of half million of these certiii-
Gates did not compensate for the issue
or nearly a quarter of million of them.
All of these dis nrbing causes had
the effect of unsettiing the specula-
ton, which was large i'll volume
if erratic in tendency. The late deal
ings prices fiuctuated on narrow quota
tons, the tone OF the market being uIf-
settled, SO it closed, the leading secur-
tiles mainly showing decline on the
day, although there were several eXt
ceptions, notably Lake Shore, which
was % higher. and Chicago Gas, Dela=
ware, Lackawanna 81 Western. General
Electric, Wheeling IL Lake Erie pre-
ferred and Western Union, which
were %QM higher. Among the
stocks which show decline
as compared with last night
are Louisville IL Nashville, 2; st. Paul.
~; Nor. II Pacific preferred, l3S; Mis-
souri, Pacific, rs; Erie, IL; Union Pa
! cific, Is; WHISKY. II Northwest and
Lead Exchange. each l: Burlington u
Quincy, New England Canada Southern
Is; Sugar and AtchiDson, q per cent. In
TIE less active list Flint and Pere Mar
quette rose 10; st. Paul. Minnesota u
Manitoba, 8; Buffalo. Rochester 81
Pittsburg, st. Paul preferred and Lead
preferred and American Cable, AZ.
Railroad bond market was quite act
i've and strong. Northern preferred
consOlS tives showed considerable
ln0vem ent, but, after an early advance
OF per cent. fell of IL per cent. clos
ing at a recovery OF = per cent. Toledo.
st. Louis IL Kansas City iirstS rose per
cent. Chicago Il Northern Pacific firstS
were actively traded in, advancing q,
declining ~, and recovering q per
per cent.
NEW YORK, Sept. 6.-The Post says:
Part of the earlier reaction in the mar
ket was due 10 the unexpected action of
the clearing house loan committee. 1t
had been generally expected that a
very large block of the certificates
would be Cancelled today. In point of
fact, half a million were cancelled, but
S235,00J more were asked for. This
was matter of surprise and dlSap
puintment, especially in view of the
growing case in time money rates. The
| reason for the issue is not known. The
truth about the loan certificates is, how
ever, that the stronger banks are making
| an effort now TO accumulate certiti-
Gates in their own balances, paying
| out cash instead. This means profit,
since each bank is allotted daily at the
rate OF q per cent on all certificates re-
ported in its hands, the interest beng
paid by banks to whom the certificates
were issued. If bank could accumu-
| late again all of its own certificates it
would of course both pay and receive
| the per cent, and the time of cancella-
! tion would be matter of Indifference.
| But since there is some effort to accu-
| mulate certificates of other banks, these
banks have obviously no resource, when
| again supplied with funds, but to re-
deem their own certificates by cancella-
ton. The progress of such redemptions,
with the return flow of currency, ought
now to be fairly rapid.