St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-19
FINANCIAL
New York.

NEW YORK, Sept. 1S.-Today's stock
market was characterized by SteadlneSS.
The volume of business was contracted
by small traders, and the range of prices
was narrow except for some of the
specialtleS in which even very slight
pressure to sell results in heavy de-
cline. The bears, who were in the as
cendant at the close of business on
Saturday, renewed their operations at
the opening, and there appeared to he
no serious opposition to their move
ments. But while there was no very
active buying for the long account, the
efforts of the short interest to bring out
long stock were not attended by much
success, and the pressure to sell
was not heavy at any time dur
ing the day. There was some selling
orders from London, mainly for ST. Paul
and Atchison. but they did not cut any
considerable figure in the trading; they
were based Oh the belief which is gain
ing ground gradually abroad as well as
at home, that the inaction i'll the senate
and the dilatOry tactics Of the silver
states senators means the defeat of I'M
conditional repeal and the disturbance
of the national finances. 1t is the silver
cloud resting over the monetary sltua-
ton that prevents the many favorable
urday, when the bank statement favor
able though 1t was beyond the eXpecta-
ton of the street. failed to do more than
rally prices fraction, only to be knocked
down peg or two by small bear raid.
So far as the money market could be
depended to influence the speculation
it was entirely favorable; the re-
ceipts of currency from the i'll
terror were large, both today and
on Saturday, and out-of-town savings
banks are in the market as purchasers
of bonds sold during the days when all
financial institutions were strengthen
ing their cash balances to meet posi-
bic drain upon their resources; but this
satisfactory state of money affairs did
not bring relief to the depressed market,
and, except for an occasional rally, the
market was weak throughout the day
and closed heavy in many Instances at
the lowest point touched, the chief
declines of the days business being
American Tobacco, 4; Consolidated Gas,
81; Minneapolis & st. Louis preferred
trust receipts, ~; Pullman palace
and Chicago & Alton, 9; Manhattan
consolidated, 1&; Louisville, New AL
bany Il Chicago and Colorado Fuel and
Iron. IL. and Sugar, New Jersey Cen
trail, Lake Erie e Western, Richmond
Terminal preferred and New York, Sus-
quehanna d Western preferred, each l
per cent. Louisville & Nashville moved
independently of the general market.
This stock Is held largely in London
and the floating supply is rather limited.
The borrowing rate was put up Il per
cent and caused purchases which sent
the shares up from 53I to 81,
the closing price being only u
per cent below the top notch.
Other stocks which closed higher
compared with Saturdays closing were
Cordage, Rochester q Pittsburg and
Des Moines & Fort Dodge each per
cent; Colorado Coal and Iron, q; New
York Central and st. Paul preferred,
y; st. Paul common, g per cent. The
railroad market was generally weak,
the leading declines being Oregon
Short Line consolidated IS. 4; Erie DDS.
3; Laclede Gas IS and Chesapeake u
Ohio AS. each 2; st. Paul Terminal
lists, Rock Island debenture 5S and Ore.
gon Improvement 5s, each II; and
vile 6s and st. Louis & Southwestern
lists, each per cent.
New YORK, Sept. 1S.-The POSTS
London special says: One hundred and
four thousand sOvereigns we're received
by the Bank OF England today, chiefly
from Australia. Bar gold was in fair
demand for Germany at IT'S 91Id per
ounce. Silver was up to $500. Rupee
paper was 66d, and weak. Stock markets
were very dull, considering the APP
proach of autumn. Leading financiers
expect no movement till Christmas. The
India council is quietly issuing 81 400
900 of 81 per cent debtures for the pur-
pose of providing funds here instead of
., aT-i II Fee
ket below the minimum. The issue is
not we'll received.
Stocks Closing.