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

New YORK, Aug. 7.-Wall Street
The stock market was erratic in its
course throughout the day, and the
fluctuations were out of all proportion
to the. volume of business, the sales
having aggregated only 1864 shares.
This ordinarily would be regarded as
very small total. At the opening the
movements were decidedly irregular,
some shares being above and others
below the final quotations of Saturday.
After the short interest had been in
creased some, the bulls took hold with
vim, and i'll little while advanced the
whole list anywhere from Is to 25S per
cent. A few of the smaller bears COW
cred up. but the leaders made sharp
and successful drive at some of
the loW-priced stocks, which final
ly carried down the entire mar
ket. Union Pacific, Missouri
Pacific and Northern Pacific preferred
were special objects of attack and
yielded 4(04H per cent. All of these
companies have large floating debts,
and hence it is very simple matter to
start stories about receiverships, etc.
lie uufavorable reports were denied by
officials of the several companies and
hnai transactions were at recovery of
5s(02 per cent. In the remainder of the
list General Electric dropped 51s, Jersey
Central AZ, Sugar 80, Chicago Gas %,
Rock Island 2$I and Lake Shore, West
ern Union and New York Central per
cent each. During the afternoon there
was recovery of Is to 2118 per cent, the
latter in Sugar, but at the close another
reaction took place and speculation left
OFF about steady. Prices were about =
to 3 per cent lower than Saturday, how
ever.
The bears would have been still more
successful but for the knowledge that
many millions of gold will arrive from
abroad between now and the end of the
week, and the belief that President
Cleveland'S message to congress will he
such as to inspire confidence i'll finan-
cial and commercial circles throughout
the country. Railway and miscellane
Gus bonds were weak. The sales were
SS42, 200. Central Pacific is 1897 fell 13s
to 1913; do Us of 1885, 3% to 1917;
Chesapeake & Ohio AIS, 2 10 63; Rich
mOnd IL Allegheny first consols. AZ to
7015; Cincinnati. Dayton & Ironton
IS, 81 to 90$4; Colorado Midland As, 2
to S73s; General Electric dehenture IS. 2
to 20; Lake Erie Il Western IS, to 10Y;
Louisville u Nashville Is. 81 to LOG;
Louisville IL Nashville 5s, to %;
Missouri Pacific cOnSol IS. to 99: New
| Jersey Central 5s. 2 to los; Northern
| Pacific 3dS, to 81: Union Pacific firsts,
1897, u to 10Y, and Union Pacific frsts
of 1899, 2 to 102. Iron Mountain frsts
rose to SO: Fort Worth Il Denver City
tirSts dropped a 10 70.and rallied to ~:
Northern Pacific consols 5S after falling
3 to 404. rallied and closed at 41M:
| Union Elevated firstS fell 2 10 101. and
| closed at 102; Denver 81 Gulf trSts
| dropped to As, and recovered to 4712.
| The Post says: As the time APP
proaches when our shiploads of gold
! are to arrive in port, the question is
! raising here and there whether the
| London cOnSignments do not represent
| borrowed specie quite as much as remit
| tanceS against regular commercial cred
| its. The basis for this query is the
| somewhat unusual transaction by which
| The Bank of England'S gold reserve
| was first and most heavily drawn upon.
The answer that at least portion of
| the wrSt-bound specie represents
rites exported to and carried into
London; probably not in a basis of
! actual sale. In effect this may be re-
| garded as loan, but it by no means
| follows that its local influence will
| therefore be but transitory. Those who
recall the Bank of England'S financieI-
! ing in the Barring panic of 1880 will re-
member that the great London institu-
ton adopted then a precisely similar
measure. e3,000,000 were borrowed
from the Bank OF France, held in Lon
don, and ultimately repaid. The seals
OH the kegs of gold transported across
the channel were never broken, but the
| gold left lying-in the banks vaults as
reserve, making possible the free use of
| the institutions other money. AS a
result the time. loan market was
amply supplied, the bank rate
reduced, the interior circulation
satisfied and the crisis promptly
and etfectually tiled over. There was.
in fact, in the face of the suspensions
a sharp rise in London stock market
prices, even before the gold arrival, a
state of things remarkably analogous to
what our own market has lately wit
messed. The early and convenient re-
payment of the gold bari by Lon
don was. however, rendered possible by
Engiand'S sound monetary system, I'M
der which financial confidence speedily
revived. a restoration of monetary
sOundneSs here will have sure result
even more favorable. Our wheat and
corn is going abroad already in volumes
far beyond recent precedent. If con-
gresS does its duty, the credits thus es-
tabiiShed will be more than doubled by
European purchases of our securities
and the debt contracted for relief he
readily discharged.
The Total Sales OF Stocks
today we're 1915 shares, including:
Atchison 5,7G0l North western 81, 200
Bur. d Quincy. 7,40OISt. Paul. q, sou
Chicago Gas. &, 3NlS Sugar. e. I'll 600