St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-14
FINANCIAL.
New York.

NEW YORK, July 13.-The stock mar
ket was extremely erratic in its course
today. The fluctuations We're wide and
frequent, but, taken altogether, a much
calmer feeling prevailed than on yes
terday. The bears kept up their raid
necessarily, although it was evident
that they were attempting to cover their
shorts in certain stocks while hammer
ing other parts of the list. This fact
was most clearly brought out late
in the afternoon, when Burlington &
Quincy and Rock Island were both
sharply attacked, and one bear house
alone purchased over $4,000 shares of
st. Paul. The depression in the two
first named naturally brought out more
or less st. Paul and other stocks. The
lowest figures touched showed declines
as compared with the final quotations
of yesterday of 215 in Burlington &
Quincy, 2& in Rock Island, "a in Man.
haitian and IL IN Lake Shore. After
repeated Intellectual attempts to force
down prices still further, the market
finally had substantial rally
The Improvement was partly due
to the revival of the talk
about gold imports on account of the
decline i'll sterling exchange. the de-
cidedly easier feeling in call loans, the
purchases of stocks for London account
and the statements made by directors
of the Rock Island road that the prop
erty is In excellent financial condition,
with larger business i'll sight for the
season than at any previous time in
its history. Among the notable
gains were AZ in Lackawanna
and in Lake. Shore, Manhattan and
Louisville Il Nashville. In the spe-
cialtles, Oregon Navigation dropped 5
ana Colorado Fuel and Iron 10 to 20, the
latter on decision of the directors to
pay the dividend on the preferred stock
in script instead of cash. So far as the
general market was concerned the feel
ing was decidedly more confident, and
there was more buying for investment
account than for some time. The
market closed frmer in tone.
The Post says: 1.-Two facts were OBJ.
viouS from the course of today's stock
market. That the bear spectators had
gone too far, and that they were re-
solved to make desperate fight to pro-
tect themselves. The opening here and.
indeed, the early London market itself
developed very large short interest for
foreign account whose eager purpose
to cover, both i'll London and New York,
forced up prices in such oYersold stocks
as Louisville IL Nashville and st. Paul
from to points above Yesterdays To-
cal close. This was a most impor-
tant incident, for it removed the
probability of London shipments of
securities as factor in the sterling
markets future. Exchange, in fact, de-
clined again today, and late advices. not
made known ON Wall street before the
close, reported heavy gold withdrawal
in London for shipment to New York.
Smaller lots of gold meantime came
actually to hand by today'S steamers,
but this passed unnoticed. 1t should be
noticed that, while all money rates are
relatively easy, their figures hardly re-
fleet the true situation. Ii distinct
speculative movement were to arise for
bulllng stocks, the rates would harden
instantly. They do not harden now.
because spectators, as a class, have
learned that money cannot yet be
had for aggressive operations for
the rise. The measure, it may be
added. of the money markets re-
turn to nominal conditions, is not the
quotations in the loan crowd of the
stock exchange, but the progress in
cancellation of outstanding clearing
house certificates. This latter consum-
nation will be fastened by the return,
now fairly in progress. of currency
shipments from the country banks. The
question of the large Western cities is
somewhat different. Chicago banks
seemed to have reached good financial
status; but the note of discord in all
dispatches from that city is the stead
fast refusal of Chicago banks to handle
their own country discounts. This
means, OF course, that they expect New
York to continue its support OF tribu-
tary institutions