St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-08
FINANCIAL.
New York.

NEW YORK, July THE tendency of
prices at the stock exchange today was
upward. The volume of business was
small, but as the bears showed dis
position to cover the market ruled on a
higher range. The upward movement
was assisted by an advance in American
securities at London, and by absence OF
important mercantile or bank failures at
home. While the dealings were largely
FOR professional account, the commits
sion houses are almost unanimous in
reporting an increased number of orders
for fractional and full lots for invest
ment. New Jersey Central moved
up 2A to 104, Manhattan 214 to 124I.
New England ~ to 227s, and the
general list anywhere from 4 to q per
cent. Final quotations were 15(05Sc to
the highest, except in the case of MAN.
haitian, which reached u per cent. The
jump in New England was occasioned
by reports that the company had made
arrangements to enter New York city
via Brewster's, Fordham and the su-
burban rapid transit line, the last men,
toned connecting with the Second ave-
nue. elevated. Very little credence was
placed in the news. National Cordage
Vanced to 8S. The market was not
affected to any great extent by the rise
in the rates for money and closed steady
in tone.
The Post says: "Silver bullion has
begun to decline again, the chief point
OF encouragement to holders of the
bullion being the reluctance of the gov
eminent to buy. This policy of the
treasury is quite justifiable, for careful
provision was made i'll the silver pur-
chase law itself to protect the govern
ment from the necessity of buying at an
artificial range of prices, and yester-
days quotations were clearly of such
character. Oddly enough, it was these
very bullion holders now so diligently
laboring to advance the treaSury's buy
ing price who last week saved the stock
exchange bears III silver from notable
squeeze" The certificates sold bv
these adventures were taken Uy eX-
porters and cancelled. such Withdraw
ais from the mercantile safe deposits
stock amounting in the last foar days to
no less than 276,0lS ounces. As the
total stock deposited against certificates
amounted week ago to barely 100000
ounces, the chances taken by last
weeks short sellers on the stock ex-
change are obvious. But it so hap
pened that at the moment when export
ers were withdrawing their purchased
bullion from deposit agents of smelling
companies were busy depositing the
actual market supply of silver with
which they had been caught. Deposits
against certificates from this source az
gregated 267, 1923 ounces, the certificates
being held, of course, against the treas
ury's expected resumption of silver pur-
chases. As matters now stand, it is not
in the least improbable that exports will
get the full deposit stock of silver after
ALL"
Bradstreet's weekly Wall street re-
view will tomorrow say: "July l has
now passed, the disbursements being
attended with minimum of disturb
ance. in spite of the severe pressure
which the money market experienced
for several days. Money has copse-
quently eased off. This, however, has
failed to stimulate the stock market, or
to develop either activity or strength in
the transactions. The situation is still
overshadowed by the financial unc6r-
tainty, and by fears not only that the
four weeks which must elapse
before congress assemblies may he
marked by further disturbance in
business, but that when the
national legislature assemblies there
may be no delay i'll applying the prom
ised remedy of repeal of the compul-
sorry purchase of silver. Under the cir
cumstanceS no outside investment buy
ing makes its appearance, and large
speculative interests find no inducement
to undertake operations for rise IN
value. The smaller professional traders,
thus left in absolute command of the
situation, are as a rule, bearish in their
inclinations, but show hesitation IN sell
ing stocks short, and are quick to cover
their contracts at the slightest change
of the market. The market has accord
ingly shown marked irregularity in
combination with an inactivity which
far exceeds the usual midsummer dull
ness"