St. Paul daily globe., 1896-01-07
BY THE CALL FOR PUBLIC
BIDS.
PRICES MOVE DOWNWARD
THE FIRM FEELING AT THE OPEN
ING DID NOT HOLD
GOOD.
MONEY ON CALL LOANS FIRMER
False Reports About Trouble Among
Brokerage Houses-BOnd Mar
ket Heavy.

NEW YORK, Jan. 6.-The stock mar
ket today was dominated by a variety
of conclusions and conjectures over the
action Of the administration in resorting
to popular loan as measure Of relief
to the treasury department. Wall
/ street, almost to man, had regarded
an agreement with Mr.. Morgan and his
associates as foregone conclusion, and
official intelligence from Washington
giving the loan to the syndicate was
considered to be merely question of
a day or two at the furtheSt. The act
ual developments so suddenly an
nounced had a decidedly unsettling
effect, and the unfavorable influence
was lent force by special considerations
bearing on various stocks. The most
dlscoIraging deduction drawn by the
financial community from the popular
loan plan, regardless of it's merits from
any other point of view is that the de-
| lay entailed Hereunder may cause
acute disturbance in the money market
and temporarily aggravate the prevail
ing unrest. Rumors of probable -"trou-
BILE" among the brokerage houses were
passed around after the close of busi-
ness, but no confirmation was obtain
able. 1t is alleged that out-of-town
banks have been recently very slow in
remitting their balances to their New
York correspondents. Bank Examiner
Kimball authorized a denial Of any and
all rumors respecting any New York
institutions.
but loans at above the legal rate were ex-
ceptional 1t was stated that 81 500, 900 in gold
which had been ordered for shipment
recently, but withheld would be sent out on
Wednesdays steamer and the impression
prevailed that considerable amounts of the
precious metal would now go forward. No
engagements were reported. Reports of a
conference of the members on the subject to-
day could not be traced to any responsible
source Talk of probable proceedings to en-
join the New Jersey Central directors from
paying the dividend declared today was said
to be the main cause of depression in the
coalers. while reductions in refined sugars and
fears OF tariff changes resulted in heavy sales
OF the stock. The grangers were unpleasantly
conspicuous for weakness on estimates of
probable decreased earnings on account of the
current low prices of farm products. London's
nrSt cables came higher all around and re-
ported advances also in American stocks
This impaired a more cheerful tone previous
70 70 the opening Of the local market, and fur
thermore. number of reports of railway
traffic returns for December, exhibiting in
creases for the most part, also contributed
TO the hopeful sentiment inspired
I'll me d1,a market opened firm. and in the ini-
tlal dealings advances were scored of 2A per
cent IN Tobacco, in New Jersey Central
ana l9IR in other leading stocks. The tenn
per, per suddenly changed, however, and on free
selllng by leading professional operators and
lhelr following, and the uncovering of a.
great many stop orders, prices receded stead
ny under the influences noted prefacing this
artlcle About midday temporary and par
tlal rally occurred, but the downward move
ment was soon resumed and gained full force
IN IN the last hour, when the market appeared
10 De enurely without support. The closing
was at the lowest point Of the day and the
hnal sales of the day showed general losses
tne more mater1a! recessions from the high
points being In the active list in Tobacco
Az; Sugar, 4: Burlington and ST. Paul 35s !:
New Jersey Central and Rock Island. az:
general ELECTRIC and Louisville & Nashville
| < a q h
IN the less active stocks. Manhattan lost 4
and Northwestern 2B; in the speclalties
metropolitan Traction dropped per cent:
| 312 per cent.
The railway bond market displayed marked
hav hheavvlness. being influenced by the causes af-
1--WE issues were sold freely and yielded 104
per cent. The dealings were on large scaie
aggregating 81, ,221, 900. '1
sbanes total sales of stocks today were 81
amerlcan an Tobacco, 276OO Atchison, $500;
fllilng 1000; Kansas & Texas preferred $500;
Consolidated, Cons $500; Missouri Pacific, $500;
New Jersey Central, S9OO NORTHWESTERN
BUY P1 e iRseadlng aHdI 100 Rock Island $500; St.
Faul, OF, $40; Southern Railway 1000: South
! ern Railway preferred 1000: Tennessee Coal
and Iron, $500; United States Leather nre-
Ierreq 9,5oo; Wabash preferred 200; West
$500. 0"'0n' i0''0O' wheeling & Lake Erie,
NEW YORK, Jan. 6-The Evening POSTS
nhanclal cablegram from London saws: "The
stock market here opened better tbis morn
thg' ihg' put put gave way on Rhodes resignation of
nas, Ine cape APE premiership After general fiat
less ness mere was a slight recovery at the close.
snfd sape ~ On americans, which were steadily
@ soid on the abandonment of the negotiations
s with the financial syndicate for the bond is
sue sue. NO one here sees where gold will come
IRON hiSa @ under Secretary Carlises invitation for
On plos. . and further substantial gold premium
Is expected One hundred thousand pounds
W. MoTSn Oh gold that was to have been shipped
countermanded' ~ N@'e peeH
80 me Following table shows the fluctuations
yesterday: INDUSTRIAL stocks