St. Paul daily globe., 1893-08-29
FINANCIAL
New York.

NEW DIRK. Aug. 2S.-The stock mar
ket after tolerably firm opening at
fractional advances, outside of Louis.
vile 81 Nashville. which declined per.
cent, became heavy. Losses vary
ing from %@119 per cent were recorded,
right through the list, but it was no..
ticeabie that those hammering the mar
ket took care not to lose much stock.
After the market sold off it became ex-
tremely dull, and the traders seemed
disposed to wait for definite news from
Washington before taking sides. As
soon as it became known that the
Bland amendment had been voted
down in the house by large majority
the complexion Of affairs underwent
rapid change. On ALI increased bust
ness the early decline was quickly re-
covered, and then many stocks began
scoring advances on the final quotations
of Saturday. The net gains were L0
2T per cent, Sugar leading and some OF
the low priced stocks and specialties
coming next. During the last hour the
dealings were attended with considera-
bic animation. and in numerous in
stances there was difference of 1a01
per cent between the sales. The ill.-
provement was assisted by the further
arrivals of gold and by the tendency of
the money market toward easier rates.
Speculation left off firm. The news of
the unconditional repeal of the Sher-
man law by the house was not known
until after the close of the stock eX-
change.
Railway and miscellaneous bonds
were strong and higher. The sales
were 81, ,73l 900. American Cotton Oil
rose 2 TO 10Y; Chesapeake & Ohio AZ to
6S; Chicago & Erie firsts, to 80; Col
OradO Midland fours 8 to Sc; Hooking
Valley fives, 3 TO 81; Edison Illumipat-
ing firsts, 2115 to 96; Lake Erie & West
ern seconds, 2 to 97; Louisville Il Nash
| vile general SKIES. 2 to 10915; Nash
vile, d Chattanooga tirsts. 10 122;
| Northern Pacific thirds, to 81 bid {:
| Northern Pacific consol flyes. "a to 81
| Oregon Short Line fives, 5 to 57]S; Read
| ing fouIs, 1A to 64ss4; Pittsburg u West
| ern fouFs. 8 to IS; ST. Louis & San Fran
cisco, class b, 2 TO 102; st. Louis South
| western firstS, 3 to 55; Union Pacific
firsts of 1892. 2 to 102; Wisconsin Cen
| tral tirsts. 5 to 65.
| NEW YORK, Aug. 2S.-The Post saws:
| Today's stock market witnessed an i'll
| teresting struggle between the tendency
| to react from last weeks manipulation
| for the rise and the reflection of the
vote at Washington. Hitherto so keeniy
has the process of ''discounting" favor
| able news been followed in the market
| that almost every reassuring develop
ment at Washington has been reflected
in advance by rise in prices, and on
| its actual occurrence by sagging off
Today's transactions, during the two
| opening hours, proved 10 exception.
and the markets appearance up to
| noon was distinctly one of reaction. 1t
was only. i'll fact, when the news of the
| house. votes on the several free coin
| age ratios actually came in that
! the sellers of stocks ceased theif
| activity and prices again moved sharply
| upward. OF course, if outside investors
| were factor in the present market, the
| course of prices would be some what {
| different; but there is practically no
| local investment buying syetand there
| can be none until the money market
eases up sufficiently to insure that the
| surplus money at its command will not
be imperatively needed to protect busi-
ness demands. The stronger merchants
| generally have a book surplus now, and
would in the natural order of events be
seeking investment for it, but this sur.
plus, which is ordinarily cash deposited
| in bank, is represented now cnly by
| debts from conSigneeS who cannot pay.
or else by warehoused goods OH which
the banks decline to make advances.
The Total Sales OF Stocks