St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-18
FINANCIAL.
New York.

NEW YORK, July II. - The week
opened with renewed depression on the
stock exchange, owing chiefly to un-
favorable advices from London, where
the markets for securities were reported
fat. and to the long list of failures in
banking and mercantile circles on this
side. The bears were practically in
full control, and hammered pretty
much everything on the list with more
or less success in the absence of effect
i've support on the bull side. The de-
cline was equal to 75@315 per cent,
American Tobacco leading with sales
as low as 5719. The granger stocks also
received marked attention, caused by tho
Island, ST. Paul, Burlington &; Quincy.
Northwest, Lake Shore. Louisville Il
Nashville, Missouri Pacific, Northern
Pacific preferred, Lackawanna and
General Electric declined anywhere
from ~ to 24 per cent. The pressure
to sell was not particularly heavy.
There were number of rallies. but
they failed TO hold until just previous
to the close, when prices recovered Il
OH per cent from the lowest. Man
haitian and Lackawanna scored the
greatest rise. During the afternoon it
was rumored that James K. Keene was
III. Oul IL WdS SOOu lGuGHGU
that he was confined to his home by a
very trivial complaint. The easier feel
ing in money was partly Offset by rise
of one cent in the posted rates of
sterling exchange. The outstanding
short interest in the market is very
heavy. and there was brisk borrowing
demand for the leading shares through
out the day. The market closed stead
Ter in tone.
Railway bonds were quiet and weak.
The sales were $685., 900. Chicago u
Erie incomes were offered at 50, against
So. the last previously reported sale.
Erie second consols declined to rs bid
and 70 asked, and afterwards sold at rs.
against 81. the last reported transac-
ton. Fort Worth e Denver City tirSts
tell to 80; Denver & Gulf firsts 8 to So;
Montana Central fiVes rose to los.
The Post SAYS: London has been in
singular degree a hindrance, rather
than help, to this months market
Sales of long stock have been made
for that account, but they have consist
ed chiefly of shares bought for the rise
within month. What has, however.
distinguished London's market in the
most extraordinary fashion is the total
absence of support. Probably this for
eign distruSt of our securities is equally
serious view of the silver buffoonery in
Colorado and its perplexity over
the outcome OF the currency experiment
in India. This latter sentiment is some
what puzzling to explain, for talk of a
rum by Indian natives on the gold
market must presume the sudden aban-
donment by half-civilized population
of traditions embedded in their history
for over 1000 years. With these ira
ditionS the India council makes no at
tempt to interfere: its hand was forced
merely by the disorder in Bombay and
Calcutta exchange. With this once
regulated, coinage of silver by the gov
eminent itself is bound to progress
much as of old. Meantime. however,
the mass of silver sent from here to
England, at the rate of nearly 81 900, 600
week, is apparently being heaped up in
the London bullion market, for little or
none is going forward to India.
The Total SaIau or Etanlrz