St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-22
FINANCIAL.
New York.

NEW YORK, July 21.-The day opened
at the stock exchange with rush to sell
General Electric transactions, in which
were made simultaneously at prices
ranging all the way from 49,
down to 46. The bears followed up this
movement with violent attack upon
American Sugar and Chicago Gas, until
these stocks suffered a marked decline.
The general list held up well, but later
everything touched lower figures. The
depression in Sugar was based on the
decentralization in the market for raw
sugar. The stock broke 80 to 1881, and
Chicago Gas 3 to 5214. The final drive
which was sold down from 1414
10 1879. The bank failures at
the West, the scarcity of time
money and the advance in sterling
exchange all operated in favor of those
working for lower figures. Burlington
d Quincy fell off IL to 1853; st. Paul
22 to 81 Is. and Western Union IL to
1873. Late in the afternoon the market
resisted tue raids more successfully,a nd
recovery of 4 to SO per cent occurred
with General Electric. Lackawanna,
New England, Sugar, illinois Central,
Lake Shore, Manhattan and Rock ISL
Pullman jumped "A to 1907, and re-
coded to 15S@l59. There was more or
less covering of short contracts during
the afternoon, and some purchases for
the long account. The buying move
ment was stimulated by the notice
given i'll sOme cases that stocks would
be bought i'll today i'll case of failure of
delivery. Speculation closed firm III
tone.
Railway bonds were heavy. The
sales were 81. 1872. COO. Richmond Ter
minal trust receipts 5S, fell 81 to 800
81; Hooking Valley IS, to 80; Erie DDS
consols, e to 6S@69; General Electric
debenture IS, to IS; Norfolk IL West
ern, Maryland and Washington dlyis-
ion, to 80, and Wabash, Detroit and
Chicago extended lists. 215 to 9715. Col
OradO Midland IS were offered down
to Al; Michigan Central 5S of 1881 rose
3 to los; Seattle, Lake Shore Il Eastern
lists, 10 IS: Union Pacific AIS sold at
IS against 20 the last previously re
ported sale.
European Investors.
The Post says: The appearance of
European investors during this weeks
market break as buyers of our stocks
may fairly be called q surprise to Wall
street. OF the fact there Is no doubt
whatever, and the stocks then pur-
chased will be shipped to London by to-
murrOw's steamers. If the foreign
cables are to be credited, these buying
orders originated not alone III London,
but in the great centcrS of Dutch and
German capital. This development in
the situation is of peculiar interest; for
bad as our outlook may just now APP
pear, the history Of the past proves be-
yond question that with the restoration
of our currency'S good name. Europe
will come once more to be heavy in
weston i'll our securities. But it cannot
be assumed that these first bold pur-
chaseS will be followed instantly
by general outside buying. ESpe-
cially in London, the situation is
at present SO confused that widespread
buying of our stocks is quite lmproba-
BILE. The continued cneapneSS OF Lon
den money rates will hardly serve to
cause il. for this phenOme non is readily
understood by any one who scans the
official figures or London subscriptions
this year to new loans and companies. |
The total record of the year to date is
barely 92S.000,0O0, against e62, 0OO,0OO |
for the same period i'll 1892, and 91l5.- |
000,O0 in 1889. This vast decrease re-
fleets, of course. the existence of a fund |
it shuns investment. What is just now
OF chief concern Oh LondOn's market is
the progress in readjusting Indian eX-
change. Until this has been done and
the nervousness excited by the present
uncertainty has been allayed there can
be hardly betterment of affairs.