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

NEW YORK, Aug. 5.-The stock mar
ket opened easier, first because the pace
yesterday was too hot to last, and sec
Ondly because the room traders figured
that the Walker failure ought to have
an adverse influence. Again traders
were all looking for bad bank state
ment, which they thought would create
more bearish feeling Consequently
they hammered away at prices, and
succeeded in forcing Sugar down 211s !;
Lake Shore, III to IA; Chicago Gas, IL
to 81: Louisville e Nashville, II to
5513, and general list anywhere from
15@lR per cent, London, how
ever, bought moderately. and
when the traders found that
their hammering tactics failed to bring
out long stock in important amounts,
they made strenuous efforts to cover,
and many of them turned around to the
bull side. The scarcity of stocks when
a demand of fair proportions set in
was again demonstrated. New York
Central, Lackawanna and Louisville IL
Nashville commanded Il premium,
Burlington IL Quincy 1-l601s, Sugar
1-16, Northwest Lie and Western Union
l-32. When it fairly daWned upon the
traders that they mad miscalculated the
effect of the Chicago failures, there
market. Under the influence of the
purchases made prices bounded up - to
49, per cent. Sugar led the market with
sales up to TIC, Chicago Gas. Gen
eral Electric, Louisville & Nash
vile, Burlington & Quincy. Atchison.
Missouri Pacific, Northern Pacific pre-
ferred, Ontario Il Western and West
ern Union all sold at the highest point
of the week. The feeling was buoy
ant for time. The bank statement,
which was phenomenal in many re-
spects. checked the upward movement
and prices receded = TO %. the latter in
American Sugar, but at the close the
whole list was firm again. The bank
statement reflected the enormous ship
ments of currency to the interior, and
the boarding which is going on. The
loss in cash to the banks last week was
ST., 600. Loans were contracted 81
23l, 400, and deposits decreased SO, 231,
900.
IDe bond market was very irregular.
The sales we're 1922, coo. Brooklyn Ele-
waited firsts rose to 106, Burlington &
Quincy cOnvertibles So to ". General
Electric debenture fiveS to ~, New
Jersey Central fives 81 to 107, Chicago
u Eastern Illinois firSts fell 81 to Jos,
Chicago IL Erie 6rsts 2 to 81, Detroit,
Mackinaw 81 Maryland grants 2 to 20,
Knoxville IL Ohio firstS to 81. Mill
wauke, Lake Shore Il Western extended
fives AZ to 9715, Mobile & Ohio tours 2
to AZ, Northwestern currency fives to
12S. California, Harrisburg 81 San An
tonia brought IS against 107 the last re-
ported sales.
Tie Post today says in its review:
"OpiniOnS will differ widely as to the
sentence imposed yesterday by the
stock exchange on the leader of the bear
party-a sentence, all things considered,
unparalleled in its severity. 1t will at
at once occur to most observers that the
penalty inflicted, like many criminal
sentences of judges and juries, was
legally improved offen>es than to the
actual proved miSdeedS. This, it is
true, establishes some very delicate
standards of stock exchange admins
tration. 1t is virtually new precedent.
The member thus suspended for year
from tue privileges of the board was,
however, by no means punished be-
cause he was ALI active bear Spectator.
Every one knows that spectators for
the fall are at times an invaluable safe
guard to market conservatism, but the
speculator who sells stocks because of
dangerous conditions, holds a different
place from the Spectator who creates
the danger in order that he may safely
sell, and it is aggravated OtfenseS of this
character on which the exchange has
set its seal of exemplary condemna-
ton"