St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-28
FINANCIAL.
New York.

business on the stock exchange today
was much lighter than on yesterday,
and the greatest activity was during the
morning, there having been periods of
extreme dizziness III the afternoon. The
speculation, too, while attended by less
excitement, was more feverish, and an
upward movement was in progress in
one pool:while in another the tendency
was downward. Projected or prob
lematic gold shipments were not among
the moving Influences, as the street
seems to have come to the conclusion
that the day of export has been moved
forward Indefinitely in view of the
easier tone of the exchange market.
But the weakness of the substratum
upon which the recent appreciation
In values has been reared was dis
closed by yesterdays furry, which,
had not the pressure been removed
by the lowering of the rates of exchange,
gave promise of developing into a
small-sized bull rout. The more recent
buying has not been of an investment
character. 1t is true that after the bot
tom had been reached some weeks ago,
long lines OF stocks were bought out
right and taken out of the street, and
this had been material sustaining in
huence of the market. But the pur-
chaseS which resulted in the later ad-
vanceS were largely for the account of
operators for quicker returns of profit,
and who are ready to sell out on the
first indications of serious retrograde
movement. Many of these spectators
have already begun to realize, and when
the bears make raid they succeed In
bringing by no means incousiderable
blocks OF this long stock fundamentally
assists in the accomplishment of their
purpose to lower prices. Every day that
passes over the street with the dead
lock at Washington In the silver ques-
ton in force renders the speculative
situation more critical and increases the
conservatism of the financial institu-
lions upon which depend SO very largely
the movement of stocks upon the ex-
change. Not that there is as yet any
hardening tendency in call loans or in
banks are as stringent as ever in deal
Ing with mercantile paper and legiti-
mate business accommodations are
almost as difficult TO obtain as at any
time within the past three months.
Money is quoted as easy, the bank re-
serves have been increased and the
financial situation on surface indications
is healthy, but there is real anxiety as
to the future, based upon the great un-
certainty that attends the solution of the
silver controversy. The senate of the
United States holds the key TO the stu
alton and delays inserting into the lock.
Meanwhile Wall street waits and drifts
aimlesSly, one day to the bull side, next
towards the bears. Today the specula-
ton was most unsettled and the closing
irregular, but, in the main, weak. After
a rather firm opening. IN which ma
Jority of the active shares recorded high
prices, there was sharp selling move
ment in which London was an active
participant. Reading was sold down
on the announcement of interest de-
faults. General Electric was pressed
for sale on unfavorable reports
from Boston suggesting probable
reorganization. Missouri Pacific fell
of, on the revival of the story of posi-
bile recelvership. The bears raided the
general market, and with the exception
of brief rally about noon the tendency
was downward and the market closed
weak. The chief declines. compared
with the closing prices of yesterday,
being Missouri Pacific 2, Reading *,
Iowa Central preferred II. Chicago,
Burlington & Quincy Is; Delaware Il
Hudson, Duluth, South Shore d
Atlantic preferred and St. Paul d
Duluth, l; Minneapolis IL st. Louis
q; Chicago Gas. Rock Island, Louis
vile q Nashville, Manhattan consol,
Cordage and Cleveland, Cincinnati.
Chicago Il st. Louis, %, and Sugar. %,
A squeeze of some shorts in Delaware,
Lackawanna d Western was very neat
ly effected, the shares being run up 81
per cent, and when the corner was
turned let off ~, but holding an ad-
vance of IL on the day. Laclede Gas
preferred rose &c; Wheeling d Lake
Erie preferred, 15sc; New Jersey Cen
trail, Louisville, New Albany q Chicago
and Pittsburg, G. G. 81 st. l.. l., and
New York d New England. % per
cent. The railroad bond market was
irregular and unsettled. Lehigh Val
lev Terminal firsts show decline of II
per cent compared with the last
ago. General Electric debenture tives
are down g.; Northwestern consols, s;
Colorado Midland tirsts. Edison Electric
consols firsts, Louisville 81 New Albany
fyes and Reading second preferred in
comes, 2; Reading tours, 155: Reading
thirds preferred incomes, II; st. Paul,
ii. d ii. division seyenS, ", and Ore
gon Short Line consol fives. IL per
cent; Great Northern firsts, coupon off,
declined 2; Chicago & North Pacific
frsts, ~: Delaware & Hudson firsts
sevens OF '94 coupon, ", and Rio
Grande Western firsts, II per cent.
Total Sales Of Stocks
today were 147, 100 shares, including:
Atchison, 9,400; Sugar, 17,4OO; Gas, 49,
500; Whisky, $500: General Electric,
13,7O0; L. Il N, 500; Missouri Pacific,
$500; n. Y. q n. E., 5000; Reading,
16, 800; Rock Island, $500; st. Paul,
H. 100; Western Union, 10, 100.
StOcks-Closing