St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-01
FINANCIAL.
New York.

New YORK. July 31.-The week
opened with great depression on the
stock exchange. The bears were in full
control Of the market, owing to a de-
cline of Americans in London, the re-
ports of financial embarraSs in
Chicago, the further break in wheat,
and the difficulty of obtaining time
money. Call loans here opened at a
per diem and interest, and there were
appearances of squeeze. The active
stocks yielded anywhere from to per
cent, the dividend and non-dividend-
paving shares suffering alike. Among
the specialties Pullman broke 8. to 1873,
and American Tobacco Z, to 43.
There was very little support
from professional side identi-
fed with the bull side of the
account; it was not until the shorts at
tempted TO borrow stocks to make deliv.
cries that any decided change occurred.
When the demand to borrow set in it
was found that some OF the active
stocks like Western Union, General
Electric and New York Central CON-
manded anywhere from 1s@15 per cent
per diem for use, and a disposition to
cover soon manifested itself. In the
meantime the engagement of $1,000, 600
gold for shipnNnt to New York and
about S150,000 to Chicago was reported
from London, and the foreign advices
were to the effect that further amounts
would probably be shipped this way
during the next few days. These adj
vices were cOrr0bOrated TO some extent
by the heavy export demand for wheat
following the break in the price OF the
latter. The announcement that the
New York clearing house had issued
81, 525, 900 loan certificates had compar-
atvely little effect, it being understood
that it was for the purpose of assisting
gold importations. There was ALI active
investment inquiry for stocks through
out, and the execution of these orders
assisted the late recovery. The advance
from the lowest figures OF the day was
equal to to 5 per cent. Burlington Il
Quincy, Northwest, Rock Island, Lack
awanna, Louisville & Nashville, New
York Central, General Electric and
Western Union closed % (0315 per cent
above Saturdays final hgures. AL
though prices reacted 140l per cent
from the highest, the market
left off firmer in tone. The
railway and miscellaneous bond mar
ket was weak and lower. The
sales were S1,202,OOO. Chicago Gas
tirsts fell 3 to rs; Chicago d North
ern Pacific tirstS. to 50: Burlington IL
Quincy Iowa As, 2 to 81; Hooking Val
ley fives, 2 to IS > do skies. 81 to 49,:
Duluth, South Shore e \ atlantic fiveS. 6
to 80; International u Great Northern
seconds, 2 to 80; Long Island fours, To
80; New York Central coupon tirstS, 80
to liz; Northern Pacific firStS, 81 10
107; do registered, 3 to 105; do consol
fives, 212 to Al; Oregon Improvement
tives, 3 to So; Rock Island coupon firsts.
21a to ia; st Paul, G. P. w. IS, % to
104; Western New York 4 Pennsylvania
lists 235 to 90. and Wheeling, Lake Erie
IL PittSburg Coal 5s,4 to 6S5SQ6915. Bur-
lingtOn u Quincy cOnvertlDles rose 2
to 50; Kansas ~ Texas Eds, 215 to 3315,
and West Shore registered to 3d.;
Reading Sd preference Income convertl-
bles brought 1l12 against 254 the last
reported transaction.
More Loan Certificates.
New Y DIRK, July 31-The Post says:
The clearing house committee today
authorized the issue of 81, 100000 more
in loan certificates, which brings the
total issue outstanding up to 81, g75, 600.
1t may be noted that $50, 565. 900 was the
maximum issue of 1873, but this COM
parison is really less Impressive than it
seems, for very considerable part of
this years New York issues has in
practical effect been provision for Chi
cago. No banks applied today, so the
dispatches stated, for loan certificates
in that city. A secondary result of the
local money scarcity was an absolute
want of bids for sterling bills. exchange
rates going on some transactions below
the years previous lowest record. The
result OF today's curious situation in