The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-21
SHOCK FOR LONGS
NEW YORK STOCK MARKET DID
NOT COME UP TO ExPECTA-
TIONS.
OPENING WAS IRREGULAR.
GOLD ENGAGEMENTS FOR IMPORT
LATER GAVE TONE TO THE
LIST.
BEARS RULED THE FINAL HOUR.
The Closing for the Day Was at
the Lowest With Substantial
Net LOSSES.
OPENING WAS IRREGULAR.
BEARS RULED THE FINAL HOUR

NEW YORK, Aug. 2O.-Today's stock mar
ket disappointed the owners and holders of
securities who had pinned their faith to de-
cided improvement in prices as a result of
the beginning of the return flow of gold an
nounced yesterday. further engagement for
import to this country of $3.50, 600 was made
today, and there were uncon6rmed rumors
after the close of business of additional heavy
imports impending within a day or two. 1t
was announced that the bank presidents
whose conference reported yesterday, had
decided that concerted action to secure gold
from Europe was not called for in the ex-
listing circumstances. AS usual in similar
conditions, the street was furnished with a
considerable amount of ingenious but un-
authoritative data regarding the prospective
importation OF the yellow metal In well in
formed circles. the impression prevailed that
the imports of gold were for the express pur-
pose OF affording much needed financial re-
llef to the mercantile community. There was
also conflict of opinion among experts as to
Whetner the $2,GOO,0OO engagement Of Messrs.
Lazard Freres was was not Special
transaction. 1t is unquestionable that many
business men have recently found it diff
ncult to secure monetary accommodation as
IL is evidenced by the successive reports of
the curtailment of Industrial activity AL
tnough not matter of record per cent
was paid in several instances today for money
Ny AnCiCAdlltS, anu banking houses reported
Applications by customers for money where
with to buy exchange. Conservative mer-
chants believe, however, that most of the
weak concerns have already been weeded out
transactions in commercial paper were re-
ported at per cent as against nominal fig
ures OF o@12 per cent quoted yesterday The
market was only moderately active and prices
moved irregularly with a persistent down
ward trend. The opening was quiet and ir-
regularly weak, with the variations unim-
portant. The bulls on Sugar soon made a
aversion in that stock, resulting in an adj
vance or l per cent, and checked the general
react1onary tendency. The rise was stimulated
by the news of a $3.50, 600 gold engagement
abroad by prominent banking house Re-
cesslons followed on realizations and de-
clded dullness succeeded. The bear traders
were encouraged by the speculative apathy in
the later dealings. and made an effective
drive al along the line. Marked depression
occurred IN the final hour. The losses ranged
from 10 rs per cent, particularly in the
Grangers and Tobacco The closing was at
the lcWest at substantial net losses through
OUT. railroad bonds were irregular with the
fluctuations extremely wide in many issues
Inc tendency of prices toward the close was
downward. Sales were $685. 900. Silver GER
tlnGates were steady on dealings of SIS, 0OO
Inc total sales of stocks today were 167 1924
snares including the following: Tobacco
LoOO Sugar, 45200 Burlington & Quincy
l4,5O0; Chicago Gas, $780, Manhattan 7O0.
Readlng $500; Northwest, 400; st. Paul
zo.IVO; western Union, 800: W. & L. p
o,5oO; silver certificates, 5,0OO