St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-13
FINANCIAL.
New York,

New YORK, July 12.--As was expected
after the sensational rumors in circula-
ton yesterday, trading on the resump-
ton of business at the stock exchange
this morning was attended with con-
siderable activity and excitement. There
was perfect,ruSh to sell-the result
OF the continued circulation of reports
affecting the standing of certain capi-
taliSts prominent in the railway world.
Names were banded about freely, but
no one in a position to know the opera
lions of the parties in question could
confirm the stories put af1Oat. 1t cannot
be denied that there have been heavy
liquldatlonS. and that, too, in the best
class of stocks; but at the same time a
considerable proportion of the business
consisted of selling for the short ac-
count. The Vanderbilt stocks were
sold largely, and one of the rumors
was that some connection of the Van
derbllt family has been forced to throw
overheard lot of Vanderbilt securities.
The real reason for the selling. 1t was
said, was the fact that well-known
trader who is not connected with the
Vanderbilt family has been forced 10
throw over about 10000 shares of the
higb-priced Vanderbilt stocks that he
bought some time ago. Cammack, it
was said, learned of the liquidation and
joined forces with him, with the result
already known. The failures at Lon
don and the orders to sell from that CEN
ter added to the feeling OF depression.
Prices declined to 81 per cent and
were the lowest touched for very long
time. American Cotton Oil dropped 6l
to zoe. General Electric, So to 5S1%,
Lead preferred, to 63; American
Sugar, 2$4 TO 76; Union Pacific, % to
1917, and Nickel Plate End preferred,
2$4 to 2l1l.
When the shorts started in 10 cover q
sharp rally ensued, but the advance
seemed to make the bears more aggres-
sive, and around 2 O'Clock the market
suffered another bad break. Ii was
then that Louisville q Nashville tell to
1874, decline of Az per cent from last
nights closing. Other stocks which
touched still lower figures were st.
Paul, which sold down to SIX, Lacka-
wanna to 1889, Edison Electric Illu-
minating to 100, Western Union to II,
Lead to 2715, do preferred to e., United
States Rubber preferred to 20.
Toward the close, despite repeated
efforts to demOraliZe the market. a firm
er feeling took possession Of the list.
and i'll majority of instances stocks
sold higher than last night. There
were several causes for the improve
ment. chief among them being the re-
turn flow of currency To this center, the
easier feeling of money, the further de-
cline i'll sterling exchange and the prob
ability or additional gold imports. The
sum of S500,000 in gold will probably ar
rive from Havana tomorrow, and it is re-
ported that about 81, 000, 900 is now on the
way from Europe. 1t is also stated that
further engagements have been entered
into for shipment by the steamers sail
ing from southampton on Saturday
next. The influx would be lager but
for the difficulty of obtaining round
amounts of gold from the Bank of Eng
land and the Bank of France. The i'm
preston, however, is that if the exports
OF grain continue to increase as they
have of late exchange will decline to a
point that will make importations feas-
lble. The advance in the last hour
ranged from to AZ per cent. General
Electric, American Sugar. Chicago Gas,
Lake Shore and Manhattan scored the
largest gains. The market closed firm
in tune.
The Post in its financial article says:
1.-The developments of today's markets
tended to show that those who defined
yesterdays break as raid to cover
shorts were right. The buying for the
short account was extremely heavy ali
day and it advanced many securities in
the face of the most urgent efforts at
decentralization. Two noticeable facts
in today's market was the absence of
panicky rates for all money-the loan
able supply was actually increased
and the continued declining tendency
in sterling exchange. This latter fact
is especially remarkable in view of the
recent reputed heavy sales of stocks for
London. The only natural inference is
that most of these sales by foreign
houses were for the account Of New
York spectators. Meantime events
are moving in very suggestive fashion
aud today's News favored possible
movement of specie very soon in this
direction.
London.
LONDON, July 12.-The tone of the
stock market was fiat and there was
considerable excitement. There were
declines ranging from 4 to 5 in Amer
lean railroad securities. The greatest
fall was in Chicago, Milwaukee e st.
Paul. The weakness in these securities
affected the whole market. The failure
of William Baker Moore, a stock broker
of No.9 Diapers gardens, was announced
at the exchange this afternoon. An
other failure was reported later in the
day, that of Frank Herold Boyer, stock
and share broker of No. Royal
exchange buildings, who was I'M
able to meet his engagement.
The tone at the unofficial close was
very unsettled. 1t is feared that other
brokers will fail tomorrow. American
railroad securities were exceedingly de-
messed The principal declines of the
day we're in Chicago, Milwaukee q st.
Paul, which fell off So; Lake Shore &
Michigan Southern, AZ; Union Pacific
shares. 81; Atchison, Topeka & Santa
Fe, 2; income bonds, nc: Central Pa
cifc shares. IL, and Norfolk Il Western
preferred, u. All the other American
railroad securities fell off from Il to l.
Mexican railway irsts declined 2 and
seconds II. The stock market closed
somewhat better. Consols were 80 Lilo
for money and 1915 for account.
The Total Sales OF Stocks
todav were $40 600 shares including: