St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-20
FINANCIAL.
New York.

NEW YORK, July 19.-The stock mar
ket opened at an advance of 4@24 per
cent on the closing quotations OF yester-
day i'll sympathy with a sharp rise in
prices in London. The foreigners sent
buying orders, but as soon as these we're
executed the bears made fierce raid.
Assisted byadviceS of the renewal of the
bank troubles in Denver and vague
rumors of trouble in st. Louis, they
speedily brought about decline OF l to
1612 points, the latter in General Elec-
trio, which touched 5115. AT about this
time some of the bears covered freely
and rally ensued, but still later there
was a renewed spell of weakness aud
several stocks broke badly. The de-
cline was the result of a concerted at
tack by the room traders, who made
determined effort to catch stop"
orders to degree. National
Starch second preferred dropped 8
to %, Northern Pacific preferred
"a to 10; Rock Island 81 to 56s4, and
Distillers' SO to l75s. Among the spe-
cialties Pullman yielded 9 to $50 and
Evansville IL Terre Haute to 129.
After delivery hour when it was found
that there were no local firms in the
trouble recovery of % to 81 per cent
took place; finally the advance was par
TALLY lost. Nevertheless in number of
instances closing quotations were p to
2$4 per cent above those of yesterday.
AT one time it was reported that the
Northern Pacific company was in immi-
nent danger OF receivershlp, but this
was promptly and emphatically denied
by leading officials of the road. The
buying of stocks for investment was on
larger scale than of late, and shares
having an international mortgage were
strengthened by the purchases for Lon
don account. Speculation left off stead
Ter in tone.
Railway and miscellaneous bonds
were heavy in the early dealing but
closed flrmer. The sales were 1852
600 against 1928, 600 yesterday. North.
ern Pacific consol 5s dropped 81 to
4915. rallied to SO and closed at 5015;
Chicago d Northern Pacific firSts, 5 TO
5000; Hooking Valley 5s, 2 to So; Den
yer u r. &. firsts, 219 to 1929 Fit.
Worth IL Denver City firsts. 2 to so; In
ternational IL Great Northern 2ds, 2 to
So; New York, Lackawanna IL Western
tirsts, 2115 TO 121; Northwest sinking
fund 5s, 3 to 1903; Ohio Southern frsts,
5 to 10; Oregon Improvement 5s, 234 to
As; Peoria q Eastern incomes, 3 to IA;
ST. Louis u San Francisco IS, 2 to 1874;
st. Louis IL Kansas City firsts, 2 to So.
Extraordinary Day.
New YORK, July 10.-The Post says:
What Is undoubtedly one of the most
extraordinary episodes in Wall streets
history passed into its second stage to-
day. the cables were busy all yester-
day evening and this morning with the
deDialS of the rumOred cataStTOpheS III
London, and, so far as concerns two
firms mentioned, the deniaIS were abso-
lutely conclusive. Some other equally
significant facts developed locally.
That there has been liquidation of
American stocks in London, nobody
doubts: that it played the part com
monty assigned to it yesterday is dis
tinctly untrue. Never before probably
stock exchange have operations
for the short account of
such peculiar character been conducted
on its floor. Most of these orders. more
over, had their source at the western
end of the cable. Not less suddenly
than the turn in today's market price
was the reaction in the rates for Sterl-
ing. TO some observers Yesterdays
advance in rates was source of much
uneasineSs. 1t may be presumed that
such misgivings were dissipated by the
course of this mornings markets. AS
was intimated in these columns yester-
udys Tile duVdHCc III SIcIlIDS OI tu6 real
or supposed shipment of securities from
London attracted at once foreign hold
ers of grain and cotton options. Today's
opening quotations showed the result
of such pressure, and before noon
posted rates for exchange had been
twice reduced, with actual demand
rates quoted 112c below yesterdays
closing figures. The latter rates touched
tue low level of a week ago Tuesday,
and were again substantially below the
normal geld importing point. Another
considerable sum of gold was meantime
received from abroad today in this city.
The federal gold reserve reported, as
usual, from the balances of two days
ago, showed decrease almost exactly
equivalent in amount to the gold paid
out on Saturdays balance at the New
York clearing house. The further
progress OF this eccentric treasury eX-
pertinent will be watched with undi-
minished beWilderment.
The Total Sales of Stocks
today we're 3s4, 1000 shares, including:
Atchison :. ... $500 Missouri Pacific. S.