The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-05
SCRAMBLE TO SELL
1T MARKED THE OPENING HOUR
ON NEW YORK STOCK Elk
CHANGE
SELLING PRESSURE ABATED.
SHARP RALLIES FOLLOWED, BUT
THE MARKET sTAGNATED
ON THE RISE.
MONEY RATES SHOWED ADVANCE.
Loans Called by New York Banks
to Raise Money for Use In
Chicago.
SELLING PRESSURE ABATED.
MONEY RATES SHOWED ADVANCE.

NEW YORK, Aug. 4.-The failure of Moore
BIOS, OF Chicago, was complete surprise
to Wall street. and was at first assumed to
include the collapse OF the Diamond Match
company, of Chicago and the New York
Biscuit company, which had ben promoted
by the firm. The sensational character of the
failure and the unusual step taken of closing
the Chicago stock exchange, pending read
1ustment, led the financial community at
large to expect the most startling disclosures.
II was feared that the New York banks might
be involved, as holders of collaterals and
that also wholesale liquidation in the grang-
ers and other shares might result. Lower
London cables previous to the opening also
created an unfavorable impression. Ac-
cord1ngiy there was a rush to sell at the
sound OF the gong, and during the first fif-
teen minutes the market was demoralzed
under liquidation, bear offerings and sales
for foreign account. The situation was ag-
gravated by expectations of a sharp advance
in rates for money and commercial paper
In the time specified declines were scored all
along the line. with the grangers the favorite
objects of attack. The selling pressure abat-
ed later, and sharp rallies occurred on a
clearer understanding of the situation. Lead
Ing bankers were heard from to the effect
that the New York institutions were not in
VOWED, and Chicago dispatches were received
reporting that measures had been taken to
support the stock OF the Diamond Match
company, and quoting prominent capitalists
as saying that the trouble would be over
within comparatively short time Never
theiess. 1t was learned later that the New
York banks had called loans in order to
send money to Chicago. The result of this
action. although the fact that it had been
taken did not become public, was the with
drawal OF offers of short time funds. and
the marking up OF rates to per cent for all
periods Call money was advanced to 2h
per cent as the maximum figure, with the
Dulk OF the transactions, however, 211@3 per
cent A. stiffening in commercial paper rates
also TOOK place lower quotations than 61A per
cent for prime paper being the exception.
The market became extremely dull at the
effect Of the railroad rate disturbances, dis
appointing traf1c returns and expectations Of
poor exhibits yet to be published. AS the
day progressed fractional variations either
Ing operations. A further rise in actual and
posted rates OF sterling exchange failed to
create a ripple. Around O'Clock the ad-
vance was checked. and under light offerings
prices reacted to near the initial low fig
ures, st. Paul exceptionally declining to
657s. Around delivery hour there was a
general stiffening in prices, in which Sugar
touched lo21s and several attained the best
prices of the day. The closing was irregular
at net declines of 1@2 per cent in the lead
ing shares The bond market was dull with
a sagging tendency The sales were $47S 900.
government bonds were dull but lower on
sales of $4,000. In silver certificates, 1000
brought 69c.
The total sales of stocks today were 1876 100
shares. including the following: Tobacco,
S.S00: sugar, $500; Burlington & Quincy,
Manhattan. $500 Northwestern, 400; Rock
$500.
leading railway and Industrial stocks yes
terday: