St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-26
FINANCIAL.
New York.

New York.
NEW YORK. Sept. 25.-With the ex-
ception of very brief period just after
the opening, the speculation on the
stock exchange today was heavy in tone,
and decline was recorded which
ranged from d to ia per cent. and
when extended almost throughout the
entire list. For the first time perhaps
since the present appreciation in specu-
iatlyes the market received serious
setback. The reaction which set in at
the very opening of business has in it
the elements OF real danger to the bull
side of the street, by reason of The fact
that 1t was based on conditions all of
which tend toward the unSettling of the
financial situation of the country.
UNTIL today there was pretty general
feeling that it was better to defer extern
Slve trading on either side of the ac-
count until something definite was
reached in regard to the silver CUES
ton, but the foreign holders OF Amer
lean securities and the foreign money
lenders have become timid, and selling
orders FROM London were quite numer-
Gus today. They came at time, too.
when the home sellers were in excess
OF the buyers. and when the bears had
become emboldened and were in for a
vigorous campaign. The advance in
the rate of exchange, bringing German
bills above the shipping point of gold
and sterling exchange dangerously
near thereto, helped materially to de-
press the market, inaSmuch as it led to
rumors of immediate gold exports and
set the street talking about the
probable outflow of the precious metal.
AS matter of fact there is no profit in
shipping gold at the existing rates of
sterling exchange. but the smallness Of
the margin to be passed before touching
that point is not reassuring to the spec
ulatlve fraternity. 1t is remembered,
too, that exchange is now at the figures
when the last heavy gold Shipments
were made. One banking firm an
nounced its intention to make gold
Shipment this week, but gave no figures,
and 1t is not believed the amount will be
large. No gold engagements have yet
oeen made, and beyond this one in
stance no banking house expresses an
intention to go into the gold export busi-
ness In the near future. But the uncer-
talnty of the situation was inimical to
an upward movement on the exchange,
and the bears came out in full force and
ala little hammering at every stock on
the list, which gave way in turn, al
though the industrials were held very
strongly and were the last to succumb
to the general depression. There were
no sustaining orders from the outside,
and not little long stock was shaken
out of the more timid holders, so that
prices sagged almost without a rally
and closed at the lowest point of the
day, the final dealings being very heavy
In tone. Compared with the last fig
ures OF Saturday, the chief declines are
Manhattan Consolidated. AZ; Great
Northern preferred, 4; Chicago Gas,
81; Northern Pacific preferred,
3; Chicago, Burlington d Quin-
cy and Pullman. %; Western
Union, rs; Wheeling d Lake Erie
preferred, Iowa Central preferred,
and Louisville & Nashville, 2; General
Electric and Northwest, ~; st. Paul 81
Omaha, "a; Sugar and Colorado Fuel
and Iron. u; New York IL New Eng
land and Lead, ~; st. Paul and Mis-
souri, Pacific, rs. and New York Cen
trail, Lake Shore, Lead preferred, Cot
Lackawanna IL Western, Richmond
Terminal percent. In exception to the
weakness of the rest of the list was Lin
seed Oil, which rose ~ per cent. The
railroad bond market was weak
in sympathy with the share specu-
latlon, the main declines being
Michigan Central registered fipes of
1881, 4; Chicago IL Northern Pacific
firstS. 318; Chesapeake & Ohio, r. 81 A.
division, first conSols, ~; Rio Grande
Western firsts and Northern Pacific and
Montana firsts. 2; North Pacific thirds,
~: do firsts, 1; st. Paul 81 Omaha con-
soils, and Hooking Valley fives. and
Atchison seconds. class A, "; Ontario
IL Western refunded As, Ohio Southern
IS. Western New York d Pennsylvania
DDS, San Antonio & Arkansas Pass As.
Iron Mountain fives and Savannah q
Western Trusts receipts, l, and Della
ware & Hudson first Is of 81, II per
cent.
NEW YORK, Sept. 25.-The Post says:
The usual effort was made this morning
to bolster up speculation by bidding for
the industrial stocks. The movement
was not successful, and, after a slow
sinking away of prices of a few leading
stocks during the early trading. bust
ness ceased almost entirely, reviving in
the last two hours on renewal of the
general downward movement. The
closing was weak throughout. Profess
sional operators who helped along the
decline naturally made the most of the
rumOrs of intended shipments of
SOlQ 1AClC was nO llCNS Vi SulIl-
cient consequence TO affect prices,
though the talk of labor
troubles on the Western roads had I'M
dOubtedly some depressing influences.
1t is, however, extremely improbable
that the employees will under any cir
cumstances quit work in any large num-
berS at such time as this. Labor Or
carnations have undertaken many
foolish strikes, but strike under pres
ent financial conditions would be simple
madness. Gross railway earnings for
the third week of September were
watched with some interest and were
not unfayorable. They still show de-
crease, as rule, compared with 1892,
but the difference is far less than In
September earlier weeks.
Bonds.
New YORK, Sept. 25.-Government