St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-26
FINANCIAL.
New York.

NEW YORK, July 25.-rhe events of
the day on the stock exchange were I'M
usually important. In the first place
the transactions were larger than for
some time past, and, secondly, the fluc-
tuatlOnS Wele violent and cratic at in
tervalS. Efforts were made to sustain
prices early in the day, but they proved
to be unaVailing In consequence of the
serious turn of banking affairs in va.
rlous parts of the country, particularly
at the West. The announcement of the
suspension OF the Wisconsin Marine
and Fire Insurance bank, of Milwau-
kee, supposed to be one of the strongest
institutions in the Northwest. came in
the nature of complete surprise, and
had demOraliZing effect so far as
speculation was concerned. There was
perfect flood of selling orders
from various Western cities and this
enabled the bears to make sad havoc of
values. The dividend payers and fancy
stocks suffered alike. Northwestern
fell off 6l5, Omaha preferred 635, Gen
eral Electric 53s, Burlington Il Quincy
and St. Paul ~, Big Four SO. New
York Central AZ, Manhattan 81, sugar
21S, Rock Island, Lackawanna and
Louisville & Nashville 2$4. Missouri
Pacific and Northern Pacific preferred
and Lake Shore 2115, and Atchison, Dis
tiiler's, Union Pacific and Western
Union about per cent. A goOd deal
of stock was forced out on stop orders,
and the buying for investment, although
considerable, counted for little
as against the flood of sales
for Western and local holders
who were unable to protect their ac-
counts. After delivery hour, when it
was found that no Wal street houses
We're in trouble, there was rally of1503
per cent, the latter in General Electric,
and the market closed SteadIer. The
quotations touched today were the low
est i'll many instances for number of
years, and while the financial and com
mercial situation is acknowledged to be
unsatisfactory, some of the profession
ais seem to be disposed to buy stocks
for turn. The outstanding short i'll
terest is enormous, and many of the
leading stocks command premium for
use. The near approach of the time
for the extra session of congress is
bringing about a change of sentiment in
some quarters, and induces greater eau
ton on the part of those who have re-
Gently been most aggressive on the bear
side.
The railway bond market was heavy,
and some important declines were re
worked. The weakness in the main
was due to liquidations. Northern Pa
cific cOnsol 5s fell 81 to Az; Lake
Shore & Eastern lists, 10 to so; Atch-
ison As, 8 to 713IC07219; Atchison DDS, 2
to 3211@33; Chicago & Northern Pa
cifc Isis. 215 to 81; American Cotton
Oil SIS. 2 to l65; Brooklyn Elevated lists.
4 TO ITO; Burlington IL Quincy Is, 2 to
ITO; Burlington 4 Quincy debenture IS.
5 TO So; Edison Illuminating lists. to
100: General Electric debenture IS, to
IS; Kansas e. Texas DDS. to 80; Laclede
Gas IS. to 70; Lake Erie & Western
SIS, 81 to 10919; Northwest As, to 81,
and Union Elevated lists. to 10Y. Erie
I'd consols advanced 81 TO 64L, put
later dropped to 6O@6U54; Northern Pa
cific 3ds were offered down to SO, seller
90. against 90, the last previously re-
ported sale. The transactions footed
up 81, 47O, 900, against $4,000 yesterday.