St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-27
FINANCIAL.
New York.


NEW YORK. Sept. &c. - The lesson
taught by the course of speculation on
the stock exchange today is one easily
learned. it is that the conditions are
not favorable to the establishment on a
firm basis of speculative values; that the
very slightest indication of possible
derangement of the monetary situation
leads TO the sacrifice of even the best
stocks upon declining market. 1t was
to be expected, in view of the depres-
sion prevailing yesterday, that the
opening prices this morning would
be at decline, and the first figures
sent over the ticker carried out
that anticipation to the fullest
extent, the heaviness of the market be-
ing undoubtedly assisted by weak
London market. There were number
OF selling orders from abroad, which
also aided in depressing prices, and the
bears called TO their aid, too, rumorS of
Immediate shipments of gold, which had
the effect of bringing out considerable
long stock and sending the market
down all along the line. The decline
brought some of the shorts in as buyers,
and slight rally enSued, but was of
brief duration, and it was not until long
after noon that the downward move
ment received a real check. When the
talk of gold exports was at Its height,
announcement was made that the rates
for sterling exchange had been marked
down, ana this caused reVulSiOn of
feeling, for if there had been any dali
ger OF an outflow of gold, this action
was accepted as having at least deferred
the shipping day, and removed an ele-
ment of danger. The bulls at once took
heart of grace, and bears rushed to
cover, the consequence Deing the in
auguratiOn of brisk buying movement
under the influence OF which the mar
ket moved up rapidly, several stocks re-
covering entirely the losses of the morn
ing, and recording an absolute advance.
and the entire list sharing in the ad-
vance. The higher range of values,
however. led to realiZations, and the
bears renewed their attacks, leading to
another reaction in which goodly part
of the betterment was lost, and the mar
ket closed irregular. but in the main
weak, and at decline on the days
transactions of 4@24 per cent in the
active list, some stocks which do not
often figure i'll dealings having sold off
from 215 to 3 per cent. The granger
stocks were most firmly held of the en-
tire list,on reports of Increased earnings
and brighter prospects ahead. Chicago
Gas, too, was quite strong, the reported
opposition being declared not to be
feared. This stock showed all advance,
compared with yesterdays closing, of
rs, Chicago, Burlington Il Quincy and
Chicago Il Alton being unchanged aud
st. Paul up Is per cent. Erie shows an
advance of =, New England 4 and
Lackawanna 81 per cent. The chief de-
clineS were Baltimore Il Ohio 5, Ma
tional Pipe Line certificates AZ, Rubber
3, Consolidated Gas go, Lnseed OIL
%, General Electric and Lead "a
Cordage preferred 2, Colorado Fuel and
Iron ~, Canada Southern and st. Paul
& Duluth II, Chicago Il Eastern Hi
nois and Louisville, New Albany II
Chicago IL, Wabash 3, and st. Paul
and Omaha. Great Northern preferred,
Central, Manhattan Consolidated and
Minnesota IL St. Louis preferred,
Erie Trust receipts, Pullman 215 each.
New York u Northern per cent; New
Jersey Central sold down to 103 closing
at that figure, the last previous sale hav-
ing been made at los on Sept. 81. The
railroad bond market was weak on an
active business, the leading declines
being Louisville d Nashville IS, 5;
Union Elevated firsts, 81; Reading
frsts preferred incomes, 81; Chesa-
peake IL Ohio ~, 3; do IS, l; Northern
Pacific consOls 5s, and Chicago Gas
frsts 215; Fort Worth & Denver City
SKIES. 2$5; Toledo, st. Louis & Kansas
onds 215; do tirsts, II; Erie
seconds, st. Louis & Southwestern
Eds. Susquehanna & Western 5s and
Louisville, New Albany IL Chicago 5s,
2; Kansas u Texas As, 10; Wabash lists,
Reading DDS preferred incomes, Oregon
| Short Line Us and East Tennessee lists
extended gold IS, ~; Atlantic & Pa
cific As, n, and New York Central
| debenture 5S registered and Western
| Union 5S, per cent. In exception to
| the general weakness, st. Louis & San
! Francisco Glass c rose 2, and Alton Il
| Jerre Hautc DDS, Nashville IL Chat
tanooga lists and Tennessee Coal & Iron,
| Tennessee division lists. l per cent.
| The total sales of stocks today were
| 294, 200 shares, including: Atchison, r.
| 700; Sugar. A, 700; Burlington & Quincy,
10000; Chicago Gas, 49, 100; Whisky,
| 5000; Erie, $500: General Electric, %,
| 100; l.. u n, 1000; Manhattan Con
| solidated, $500; Missouri Pacific,
| 400; National Lead, 4, 1o0;N Ny. IL NE,
$500; Northwest, 1890; Northern Pa
cific, 400: Reading,9, 100; Rock Island,
12,30O; ST. Paul, $500. Silver certif-
icates, 10000 ounces; Union Pacific,
$500; Western Union, $4,000.
The Post says: Owing chiefly to the
unusual haste of remitterS to buy ster-
| ling bills, the advance in foreign eX-
| change yesterday was carried along
more rapidly than conditions warranted,
| and today there was a reaction. This
! had its effect on the security market,
especially in the afternoon, when act
i've rates fell sharply off. thus render
! ing improbable any gold shipments
during the present week. Untn this
reaction in exchange rumOrs of gold
engagements were freely circulated,
and with bad effect on prices. The
truth of the matter is that few people
dread gold export movement in itself.
but rather for what it indicates and
| fOreshadows. Looked upon in this re-
| gard, the high rates of sterling are quite
as plain a danger signal if the gold
stays here as they would be if it were
to be sent abroad. The selling of our
securities by foreigners, moreover. is
no secret TO anybody who watches the
| market and it is, if anything, heavier
| than it was week ago.
Stocks-ClOsing