St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-02
FINANCIAL.
New York.

NEW YORK. Aug. 1.-This was an -
other dull day Oh the stock exchange,
and the general trend of speculation
was in the direction of lower figures.
The chief operators in the market were
the bears, and the conditions favored
them. The seemingly irreconcilable
differences between senate and house
GU the tariff bill has given promise of an
extended session of congress, thereby
keeping financial and commercial com-
munity in state Of uncertainty which
buy stocks for rise. The condition of
the corn crop is not such according to
the most favorable adviceS as to lead to
the opinion that the granger roads will
be tested severely as TO their carry
NJ capacity to bring it to a
market. Gold shipments are still being
made. and the treasury gold reserve is
declining with a steadiness which is
looked upon with diSfavOr, to say the
least, by the tinanrierS Of the country
and the financial officers of the govern
ment. But with ali these unfavora bic
elements the stock market gives no
evidence of Inherent weakness. Par
ticular stocks give way under special
influences affecting them alone. and un-
der manipulation of cliques groups of
stock depreclate in value, only to re-
cover when the manufactured pressure
to sell is removed. But no general
liquidation is In process, there is no ap-
parent desire on the part of hold
ers of stocks TO sacrifice them
in the fear that the bottom is
about to drop out of the market. On
the contrary, while lower values have
been established. the gains have been
largely manipulated, and it has required
heavy short sales to bring out small
amount of long stock. 1t is fact that
many Of the leading shares are now
heavily oversold, aud in some OF them
the short interest is unWieldly. For tie
past few days Sugar and the granger
stocks have been the only ones ia which
there has been any active trading, and
as rule they have moved i'll opposite
directions, Sugar going down while the
grangerS were going up, and vice versa.
To-Day Chicago Gas entered with some
degree of activity into dealings and
pore the brunt of a bear attack which
was induced by the placing of a block
of the stock III the market to take prof.
its. The shorts took this occasion to
hammer the shares. and succeeded in
breaking the price ~ per cent, to 71T.
AT the low point purchases TO cover
caused rally of Is, leaving net loss of
i15S. The grangers we're weak OH sell
| ing movement which was directed from
Chicago, and principally against Bur-
lington u Quincy. This stock broke tx
per cent, to 7159ss, and closed within 4 OF
| the lowest pclnJ touched. Rock Island
Twas also offered down, receding II and
| recovering Il. Northwest lost Is per
cent, closing at the lowest. st. Paul
was held we'll under the attack, giving
way only % and regaining d. The
transactions were largest In Sugar,
! which in the opening dealings de-
! clined Is, but quickly recovered from
the depressi on,and on good buying ad
vanced Is per cent to 1045s, closing 4
/, per cent from the highest. Erie was
sold by holders who have become
doubtful of the legality of the reorgan-
iZation plan and declined Is, with a
rally of Il at the close. Oregon Im-
| provement declined per cent. In the
rest of the shares traded in the move
ment was mostly fractional. The mar
ket, which was irregular throughout
the day, closed fairly steady at a partial
recovery from the bUttOm figures.
The bond market was heavy during
| the day and closed weak, the principal
| changes on the day being: Declines
Union Pacific collateral trust IS. 8:
| Pittsburg and Western tirsts, 2$4; To-
| ledo, st. Louis, Kansas City first
trust receipts, q; Ohio, Mississippi,
| Springfield division firsts, ~; Inter.
national IL Great Northern hrsts and
| Canada Southern seconds, per cent.
| Advances-Delaware IL Hudson firsts,
Pennsylvania, do; Wisconsin. 211 pei
| cent.
The Total Sales or Stocks
today were 1O4,33O shares. including
| American Sugar, 2l,5O0; Burlington