St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-28
FINANCIAL.
New York.

NEW YORK, July 27.-The day opened
at the stock exchange with renewed de-
| preston, and sudden drop of points
In LackaWanna to 127 created no little
uneaslness. as a repetition of yester-
days heavy liquidations, with possible
failures, was feared in stock circles.
General Electric, Consolidated Gas,
Chicago Gas, American Sugar, Canada
Southern and few others sustained
losses of l to 81 per cent; but specula-
ton soon quieted down when it was
found that there was some support to
the market. The strength of the Lon
don market and liberal foreign buying
orders tended to restore confidence in a
measure, but the bears renewed their
raids at every opportunity, and the
result was some most erratic move
mentS, prices advancing sharply
badly the next. 1t was noticeable
after the first hour or so of business
that the market resisted the attacks
made upon it with increasing force, and
later 1t became evident that an accumu-
latIon of stocks was in progress by
strong houses and Individual operators.
The really important movement of the
day occurred after delivery hour, when,
all stock exchange houses having gone
through without trouble, the shorts
made regular scramble to cover. The
street heaved sigh of relief when it
was found that there we're to be no
failures. and it was greatly encouraged
by the steps taken by some of the bank
ers in connection with clearing house
banks to import d large amount of gold
i'll the Immediate future. The proba-
biIity is that at least S3,000,00O in gold
Will be shipped from Europe
on Saturday to this side, the
low rates of exchange making the
operation feasible. The foreign pur-
chaseS of stocks were estimated at 40
600 shares, and the investment buying
of small lots for home account was on
larger scale than for many years. The
latter is regarded as most important, in
aSmuch as it brings ready money into
the street. The advance in prices from
the lowest was equal to l to II points,
the latter in Evansville q Terre Haute,
which sold up to 80 and closed at 81.
Lackawanna rose 81, Manhattan s,
Consolidated Gas II. New York Cen
tral, Lake Shore and American Cot
ton OIL preferred 6, Canada Southern,
Northwest, Lead preferred. Big Four,
Omaha and Erie preferred 5, Amer
lean Sugar, Chicago Gas and Western
Union ~, st. Paul AZ, Pullman
a; Burlington IL Quincy 80, General
Electric and Louisville u Nashville
AZ, Mobile & Ohio and Rock Island
81, National Lead and New jersey
Central 3 and Missouri Pacific Pa.
In the final trading there was reaction
OF a to Is per cent in a few instances,
but speculation closed firm in tone.
The variations in railway bond prices
today were unusually wide. The trahs-
actions again showed Slight falling
off, amounting to $780, 900 against
$1,3l5, 900 yesterday. The closing out of
loans early in the day accounts for the
heavy declines noted. In the final
dealings the improvement in the stock
market extended to the bond list
and more confident tone prevailed.
Chicago IL Northern Pacific firsts, after
falling ~ to 50, rose to and closed at
5315. Fort Worth & Denver City frsts
dropped to 81, and recovered to 20.
International & Great Northern seconds
fell to 80, and later sold at 80. Atchi-
son fours fell 80 to 6315. recovered to
6714, and closed at 6615; Atchison sec
onds rose S5s to 325s; Colorado Mid
land As, 215 to 427S; Erie second
consols. 81 to 60; Kansas & Texas
rs, ) TO 3215: Kansas & Texas is,
So to 73@7314; Northern Pacific con-
soils IS, So to a, and Rock Island
IS. 2 to IS. Chicago IL Alton
sinking funds fell 5 to ITO: Burlington
& Quincy convertibles, to S015; Chi
cago 81 Erie Is, 2 to 81; East Tennessee
consul IS, 4 to 81; General Electric de-
bentures, 2 to &c; International Il Great
Northern Is, coupon off, 6 to 10; Louis
vile IL Nashville general 6S. to 1O7;
I n1i & n hutlta Is
rs; Oregon Improvement IS, to 401%:
Reading As, to 61@62; Reading IS, to
IL: st. Louis Southwestern Is. 81 to
81; st. Louis Southwestern Is, 81 to
1908; st. Paul Terminal IS, to 9S:
st. Paul Terminal, |. d ID. Extension.
AZ to 116, and Scioto Valley & New
England As, to 20.
New YORK, July 27.-The Post says:
What the stock market reflected at the
opening today was the calm following
the storm. There was no longer any
sign of panic, and the continued Lon.
don buying and covering Of shorts abb
sorbed in the majority of stocks such
offerings as were renewed for fright
ened investors and exhausted margins.
That the early dealings should have
been of so quiet a character was a
source of incalculable relief No
further failures were announced, and
the news that Sl,000,00O gold had been
at last obtained in London, with
prospects of still larger engage
ments before the sailing of Satur-
days Southampton steamer, encouraged
the improvement. The rates of de-
mand sterling, indeed, are ruling now so
low, on level Of actual transactions,
that soverigns can probably be pur-
chased at the bank, and the chief OBJ
struction to large operations of the kind
lies now in the lack of monetary faciI-
tiles in New York city. This trouble in
the machinery of monetary trans fer was
reflected today in the issue of 81, 100000
more of clearing house loan certificates.
The move was wisely made, and was Ill
no degree reflection of impending
danger. 1t had, however. as has been
expected, discouraging effect on mar
ket prices.
The Total Sales of Stocks