St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-09
FINANCIAL.
New York.

NEW 1Ohh, aug. S.--1U6 volume OF
business of the stock exchange was
small again today, only 1868 shares
changing hands, and the course OF
prices continued irregular, with the
tendency in the main downward. In
the early trading Chicago Gas. Sugar
and General Electric yielded 3035S per
ceut and the remainder of the list 115;0
Ia per cent. but on q demand
to cover shorts there was a rally
OF 130% per cent. the latter
IN General Electric Following
this period OF dullnes, came the presi-
dents message to congress, on which
the traders in the room, most of whom
are bearisblY inclined. made a sharp
onslaught upon the market. The at
tack was clearly preconcerted, for it
began some minutes before Wall street
mad an opportunity to even scan over
the contents of the message. Gen
eral Electric was again the sufferer
touching 1875 against 474 last
night. The decline was accompanied
by revival of the rumors that the pro-
posed plan to pay off the floating debt
was exciting increased opposition.
Sugar touched 7G15, and Chicago Gas
4S$l, decline from the highest of 35s
and 81 respectively. Most of the other
leading shares held well, and the mar
ket was improving when the announce
ment OF the suspension of H. L. Hotch-
KISS IL Co. was made from the rostrum
broke points to 90. The changes other
wise, however, were far less i'm
portant, but at the close the mar
ket was i'll the main weak. The bulk
OF the selling throughout the day was
Tor professional account, and, accord
ing to the commission houses, compare
lively little long stock was forced out
While the traders took an unfayorable
view of the presidents message, the
consensus of opinion in banking and
brokerage circles was that its effect
would be salutary upon the public
mind and will help to restore confidence.
The heavy importatiOns of gold and the
belief that the influx of the yellow
metal will continue must also tend in
the same direction. 1t is stated, ON
what is deemed good authority, that
the arrivals of gold from Europe late in
the week will enable one or more of the
banks to cancel considerable amount
OF clearing house loan certificates.
Railway and miscellaneous bonds
were dull and weak. The sales were
S7S9,000. Atchison, Colorado & Pacific
lists fell to 81: Atchison As, ~ to 7O4;
Chesapeake Il Ohio. Richmond & Allie
gheny lists. % TO IS; Chicago &
Northern Pacific lists, IL to 81; Bur
lington & Quincy convertibIes,
6419; Fort Worth & Denver City
tirsts, 2 TO 20; New York Central deben-
ture IS, 2 to 10t; New York Central first
registered, "a to 1151a; Northern Pacif-
ic consol 5s. IA to 404; Oregon I'm
provement IS, to 40; Pittsburg &
Western As, 2 to rs; Rochester IL Pitts
burg tirsts, 3 to liz; Manitoba 415s. 2 to
81; Denver Il Gulf firsts. 81 to 45; Wa
bash tirsts, Ia to 81, and Wabash Sec
onds, 2 to 6615.
Iron Mountain, Arkansas branch,
rose IL To 800; Lake Shore registered
seconds, /. to 10: Milwaukee, Lake
Shore IL Western extended 5s,2 to 100:
Lackawanna tirsts, 1 to 100. and st.
Paul gold rs, IL to lis. New York
Central coupon hrsts, after rising IL to
1872, returned to us. St. Paul c. NJ.
firsts brought 11616, against los, the
last reported sale.
The Evening Post says: An inter-
esting point lies III the question as to
where the currency sold at 102 or at 1O4
on wall street is obtained. Some of it,
doubtless, comes under contract from
the daily receipts of retail dry goods
otOlCS. puG tuIS uIOue cOulu ndrQly
swell the traffic to its present volume.
The strong presumption is. that the
hoarderS of money. by whom the mis-
chief of the present situation has been
SO greatly intensified, are being
tempted by the Wall street premium to
unlock their safe deposit vaults. Look
ing at the matter from the standpoint
of a hOarder who has not quite lost his
senses. the probability of such action on
his part becomes extremely strong. 1t
may be. of course, that much of the
money thus unearthed will presently
be secreted by other hoarders; but at
the very worst it serves its present pur-
pose while it merely changes hands,
and relleves rather than aggravates the
situation.