St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-15
FINANCIAL.
New York.

NEW DIRK, July 4.-LOWer quota
tons from London caused a rather
irregular opening of the stock market
but outside of Louisville & Nashville,
which dropped 2$s per cent to 81. there
were no declines to speak of. The in
creased supply of money on call and the
fact that q moderate amount of funds
was offered on time led to purchases of
stocks for both the long and short ac-
counts. Some of the bears attempted to
cover while certain operators who re-
Gently eSpOused the short side took the
bull tack. The demand led to a sharp
recovery and nOtwithsta nding repeated
attempts TO bring about a reaction
nearly everything on It's list showed a
net gain for the day. the improvement
varying from 14@213 per cent outside of
Louisville & Nashville and Pacific Mail.
winch were down ~ and TX re-
spectiyely. The rise was assisted by
pure hases for investment, which
nave become quite a feature of the
dealings. The most active stocks were
st. Paul, Burlington IL Quincy, West
ern Union. Rock Island and Sugar. The
distinctly easier feeling in the money
market encourages the commission
houses to branch out a little more in
their operations, and the fact that there
is still heavy outstanding short inter-
est furnishes basis for Still further
recovery ii there are no outward deyel-
opments in financial or commercial cir
Giles. Speculation lett off steady to
firm i'll tone.
The Post says: This mornings
manipulation certainly suggested that
the hand of the chief bear operator had
lost its cunning. The childish piece of
Jugglery with which the market opened
was worthy the petty traders whose eff
forts at working" London turned on
them recently the laugh of Wall street.
Nothing is easier in London's staguant
market than to break down prices for
Americans. But to buy back such
short stock without loss is quite another
matter. Louisville stock was offered
down today i'll London to price 81
points below the New York parity.
But nobody was deceived as to the
source and nature of the orders, except
perhaps those able critics who have been
furnishing panic news from London to
the cable SyndicateS. Arbitrage brok-
ers were certainly not alarmed, and the
subsequent local break in Louisville
meant simply more short stock out
standing. 1t is at least doubtful cues
ton whether these spectators have
beftered their market position by their
recent desperate raids. 1t not, the
heavily
Bradstreets weekly review of Wall
street Will tomorrow say: Uncertainty
as to the currency situation has contiIl-
ued to govern the action of speculation
The market for call loans has eased off
materially, rates beng close to 6 per
cent during the greater part of the
week.
The stringency. however. has still
prevailed in regard to time loans and
commercial discounts, while exagger-
ated apprehensionS had been created by
the alleged locking up Of funds, and by
the existence of temporary cOmplica-
tons i'll regard to the settlement of
clearing house balances due TO the sub
treasury. Fears that relief from the
operation of the Sherman act NAV not
be as speedy as could be desired have
also had an effect. while the incendiary
utteranceS of the Colorado silver ex-
tremistS, while not taken too seriously.
served, nevertheless, TO create all i'm
preston that the struggle in con-
gress may be severe and protracted.
FACTORS OF this character checking the
development Of both investment buy
ing and speculative support have given
opportunity for renewed activity by
bear operators, whose success in
depressing values in the early
part of the week was considera-
BILE. London aided In this movement,
the fortnightly settlement there being
attended by number of failures, main
ly of small dealers in american raiIs,r
due i'll part to the declines in that class
OF securities. but more especially to the
dry rot which London has endured
ever since the Barring failure. The bear
campaign which eliminated Tuesday,
was skillfully conducted, though the
circulation of unfOuuded rumors about
the position of parties connected with
some of the stronges. financial interests
in the country was dIsagreeabe Incl
dent. The breaks. particularly in some
OF the leading investment stocks, were,
however, sufficiently serious to leave
the market in a nervous condition and
to cause further liquidation, under
cover of which successful raids were
continued upon the grangers and spe-
cialties. At the close the market tends
to Improve on the covering of the heavy
short interests, induced by the subsid-
ence of the London disturbance, by the
inflow of money from the Interior, and
by the decline of exchange and prospect
OF heavy gold imports.
The Total Sales OF Stocks
today were 10000 shares, including:
Atchison =. 80. 5000 Louis. Il Nash IA, 700
B. & Q...........22, Yl0l New England g. 100
Chicago Gas. -. TO- Nl Northwestern s. 400
Ches. d Ohio. 3, 100 Reading ... 5000
D., l.. x w 49,. -, T0 Rock Island IL 30O