St. Paul daily globe., 1893-02-15
FTNASCGAs..
New York.

NEW YORK, Feb. 14.-For the past
few weeks Wall street has been living
in the hope that something would occur
which would remove the uneasy feeling
i'm regard to the financial situation. 1t
gave up some time ago the hope Of re-
peal of the silver law, and TODAY it came
TO the conclusion that there is no chance
of an issue of gold bonds during the
present administration. The stock
market under these conditions was, dur
ing the greater portion of today. a walt
ing one, and the dealings were almost
entirely professional. Y hen the hope
of a bond issue faded away. however,
the traders took the short side and prices
for the remainder of the session were un-
ner the hammer, with the result, In the
absence of any organized support. OF
material concessions all over the list.
In the forenoon there was little pres
sure to sell, and the StubbOrnneSS with
which stocks are held acted to slightly
advance quotations without material
change anywhere except among one or
two of the induStriaiS, prominent
Oil. which prOfted by the reports Of Il
large increase in earnings. Exchange,
however, was higher. and, while the
shipment Of gold was confined to the
estimated amount, il was felt that the
higher rates must lead 10 al increased
output, either at the end of this week
or in the early part of next. The selling
began IN earnest late III the day. and
most of the losses incurred were made
in the last hour.
The opening was at about last nights
prices, but the general list developed a
dropping, tendency immediately under
the influence of the advance IN foreign
exchange. Aside from the induStrialS
New England was the one strong point.
the buying being attributed TO contest
for control, which was given some color
by sales on sellers opuons at about 4
per cent below the market. The ad-
vance in the stock was only fractional,
however, but the buying maintained it
against the weakness of the general
list late in the day and its
final change was insignificant. The
decision yesterday against the
Manhattan company by Judge
ingraham was made the basis of a sell
ing drive at Manhattan, and it opened
down IA per cent at 1919. 1t rallied to
163, but later dropped per cent to 1913.
closing at that price with Il loss of 81
per cent. The industrials shared in the
81 lower, DistiIlerS' II, Cordage 15S
and Western Union 4. But among
railroad stocks the grangers were the
principal sufferers, the serious inter
ruption 10 their traffic by the weather
giving stimulant. And Omaha lost
Is, Rock Island l per cent, and the
others generally large fractions. The
market in general was unusually quiet
within a narrow limit. but the decline
reached all portions and the close was
active and weak at the lowest prices.
The Post says: STERLING was strong
today and at the highest rates recently
attained. The supply Of commercial
bills still continues very limited Ger
tain houses identified with the gold
export movement are inclined to resent
the imputation that they have showed a
lack OF patriotism III making ship
mentS. They assert that other houses
have been saved the necessity Of ship
ping gold by the safe Of bankers bills.
In the face of the large shipments re-
Gently made exchange has been attain
ing nigh rates. thus increasing the pos
sibility of further gold shipments"
The Total Sales OF Stocks