St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-23
FINANCIAL.


NEwYoRK, June 21.--Clearings to-day,S131 :
$50, PIP; balances, S5, 290, 495. For the week:
Clearings, 1888, 982, S4s; balances S54,3I,-
SIS Money on call easy, with no loans;
closed offered at per cent. Prime mercan-
tile paper. 5I2@7. Sterling exchange stated
at S4.S4 for sixty day bills, and S4.9 7l2 for
demand. Mr.. Blaines utterances upon the
Mckinley tariff bill, the anti trust legislation
in congress and Mr.. Spreckles' accusations
were made the occasion of determined RAID
upon Sugar Refneries by the professional
element in the stock market this morning,
and decline of 75S per cent was established
In the certificates, which had also the effect
of inducing sales of the stocks of the regular
list to some extent. The buying in the lat
ter, however, was good throughout, and a
complete rally occurred and prices only yield
ed finally to another vigorous raid In the last
few minutes of business The general sltua-
ton was more favorable than yesterday, the
advices from Chicago being more hopeful,
and the prospects OF final agreement at
Washington being much better. Foreign ex-
change was weaker and the fear OF gold eX-
ports sufficient to influence the money
market, were dissipated, though the bank
statement showed moderate decrease in the
surplus reserve, owing to the gold exports OF
the week past. The traders and professionals
were all bearish for the time being, however
and as there was a scarcity OF orders the
depression of prices was comparatively
an easy matter, though the final conces-
sions were insignificant in most of the ac-
tive stocks. Chicago Gas sympathized most
closely with Sugar, and later considerable
pressure was brought against Oregon Trans
continental and Atchison, but without ma
terial effect The close was heavy to weak
on the raid and generally at small fractions
below last nights figures. Sugar is down
7sS; Chicago Gas, 112, and Louisville Nash 81
ville 7s. Railroad bonds were unusually
dull, the sales of all issues reaching only
$4,000. The sales of bonds for the week
aggregated So,714, 900. Government bonds
have been dull and steady. State bonds have
been dull but firm. The Post says: The ex-
ports of gold under the existing conditions
of the exchange markets continue to excite
unusual interest," and have given rise to some
wild stories, one of which is to the
effect that the German government was
practically buying gold, and another
being that 1t was accumulating gold in view
of some contemplated occupation of Africa,
etc. After inquiry in various quarters where
there would certainly be some knowledge of
these things, if there was any foundation
for the reports, we are convinced that the
stories are without foundation. But the des-
tination of the $500 of gold taken yes
terday for export throws some light on the
situation, in the fact that this gold goes to
Paris and that there does not seem TO be
much inducement now to make further ship
ments to Berlin. 1t is possible that the
whole of this movement of gold is explain
able by the higher rates OF interest
which have prevailed in Germany and
FranC6-aQQ. III IdCl, Gu6 WHOlS VI
the continent-than in London. In
Berlin the bank rate OF discount has
been per cent higher than the bank of En-
gland rate for over month past and the
rates in the open market have been from 1l2
to per cent higher than those in London
until Thursday, when the rates In the open
market in London were advanced in conse-
quence of the continued higher rates in Ber-
lin. The rates in Paris have also been almost
as much above those of London. In short
+jr.1,k II @lA
while 1t was easy in London. This of itself
would not only cause sales OF investment
securities by the continent to London, but
would cause the movement OF other capital
from London to the continent for the sale
of the higher rates of interests. This
may explain the persistent selling Of
American securities through London, for
week or so, up to last Tuesday, since which
time there has been very little, and. on the
contrary London has been taking some
securities back Exports of gold from here
are not unusual at this time in the year, but
they are unusual when the New York rates
of exchange on London do not show profit
in the sales of the bills here. The shippers
of gold now to Berlin and Paris, Of course,
sell their bills in those cities in London, and
so make q small profit. If the whole move
ment of gold in the last week is explainable
by the difference in rates OF interest for
money, without any extraordinary events,
it will also be remembered that
market this summer and that this has helped
to keep down the rates for sterling, operating
to some extent in the way on the London
market as Berlin and Paris. All have been
drawing on London capital because capital
was so much cheaper there than anywhere
else. Now that money has become easier
here. 1t goes, in gold, to London for the con-
tinent The total sales of stocks today
were 1876, 161 shares, including; Atchison,
6,e95; Delaware, Lackawanna & Western,
2,342; Louisville & Nashville, 3025; Mis-
souri, Pacific, 1920; Oregon Transcon-
tinental, 1926; Reading, 1850; ST. Paul.
6,665