St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-30
FINANCIAL.
New York.

New YORK, Ang. 29.-The tendency
of affairs on the stock exchange was in
the direction of Improvement. not SO
much early III the day as toward the
close. Tor the reason that in the early
trading the bulls offered little opposi-
ton 10 the manipulation for lower
prices. The bears made several raids
on the list and depressed the market 4
to per cent from last nights closing,
Sugar, General Electric and Chicago
Gas leading. While the selling for
local account was in progress,
however. banking houses with
foreign connections were liberal
buyers, and London alone purchased
upwards of forty thousand shares &C
cording to reliable estimates. This
absorption induced the bulls to take
hold with considerable vigor as the
day advanced, and between l and
O'Clock sharp advances were recorded
all along the line. Those who sold
short during the morning found the
work OF covering exceedingly difficult.
In addition to the inquiry from this
source, there was brisk demand for
the long account, and speculation as
sumed positively buoyant tone. The
Improvement was due chiefly to the
heavy vote i'll the house yesterday in
favor OF the unconditional repeal of the
Sherman law, which exercised a very
favorable Influence ABROAD. The adj
vance in the active list was equal to ga
| So per cent, the latter in Sugar, when
sold within fraction of IS. All the
other induStrialS were prominent, al
though the rise in Chicago Gas was
checked by rumUrS that the Fidelity
Trust. of Philadelphia, would refuse to
pay the scrip dividend just declared by
| the Chicago Gas company
Among the railways and grangerS.
Lake Shore, Erie, LackaWanna and
Chicago d Eastern Illinois preferred
scored the greatest advances.
In the specialties American Tobacco
sold up 81 on sales OF only few hun
dred shares. The market closed strong
at or near the top.
Railway and miscellaneous bonds
were strong. The sales were 81, sic, 900.
and Allegheny consols lists rose 2l5 to
rs; Chicago IL Northern Pacific lists. %
to 45; Northern Pacific Eds, So to S715:
Hooking Valley. 2 to 70; International
~ Great Northern Eds, 21S to 50; Read
Ing As. 81 to 67l4; do lists, So to 3O1I:
do seconds, B TO 20; San Antonio d
Arkansas Pass As, to So; Wabash eds,
81 TO 694. East Tennessee extended
5s Tell so to 50 against 4O15 the last SALE
Louisville, New Albany IL Chicago IS
dropped SM to 595l against 6S12, the last
reported transaction.
NEW YORK. Aug. 29.-The Evening
Post says: Ii might have been ex-
pected that the houses overwhelming
majority fer repeal would have found
some reflection In the silver bullion
market. The price OF silver, however,
has not stirred. 1t has not been so
much as quoted on the stock exchange
within nineteen days. The open mar
ket price. which governs the weekly
sales for export of 100000 OF 100000
ounces, has, it is true, declined
some two or three cents per
ounce since the last flicker OF
activity. But this due to the filing
of the enlarged Chinese demand on
which the rise in silver had been based,
and today's price, even after the de-
cline, stands more than SC above the
opening price of August. This COM
parative strength of silver in the face
of adverse legislation can hardly be
without significance. 1t certainly does
not fOreShadOw any overwhelming
break, such as the London papers have
predicted as consequence of the silver
laws final repeal. 1t is indeed easily
credible that the July decline. fol-
lowed by the partial restriction
of production. has discounted the
whole effect of such a vote. 1t must
not be forgotten that the price of silver
for year at least has utterly refused
to govern itself by prospects of free
coinage, or even of continued purchases
by the United States. And silver, even
with treasury purchases suspended, is
certainly not valueless. This the Indian
council at London has emphatlcalIy
learned. During the nine weeks since
the government forbade free coinage at
the Indian mints. London has sold and
shipped to India no less than 50, 800, O0O
worth of silver bullion. China has
takenlat the lower price several times
as much silver as it took year ago,
and if the normal use of silver in the
arts has been less active, there is surely
no proof of it.