St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-20
FINANCIAL.
New York.

NEW YORK, June 19.-ClearlngS Slll,-
SO2,O27; balances S5,S62.559. Money on
call easy at 3l2@4I2 per cent; last loan closed
offered at 4. Prime mercantile paper. 4A0
GA. Sterling exchange quiet but steady at
$4.85A for sixty day bills, and S4.91% for
demand. The stock market to-day witnessed
the completion of the raid begun yesterday.
and while there was marked animation in
the forenoon with further depression in val
ues, the pressure was removed later in the
day, and dizziness followed with some i'm
prOvement i'll values upon the covering OF
shorts. The bears found that the decline had
reached point when stocks ceased to come
out, and holders were buyers again and the
raid suddenly ceased as it was started.
The dealings are still almost purely professio-
nal and while operators for rise are not TAX
ing an active part in the dealings at the
stock exchange they are not inclined TO part
with their holdings at less then ruling prices
but raids like that of yesterday and this
morning require some support to be given the
market, and it was forthcoming at the open
ing this forenoon. The struggle was sharp
and severe for short time but the bears soon
retired and as soon as the pressure was re-
moved the market sank away into dizziness
with some appreciation OF values from the
operators Of the belated shorts The work OF
the street is now more about railroad troubles,
and gold shipments. small lot more OF
the latter having been ordered for shipment
to-day although its influence had been pretty
well discounted in the market and was not
perceptible. The figures show that the Bank
of Germany holds about 20. 900, 900 less gold
than it did q year ago, and the Bank OF France
about SO. OUO,O 900 more than at that time.
The rumor is that the chancellor has ordered
an evening up of the difference, and hence
these exports from this port as there is no
m ore to be had in London. That the trans
actions are made at a loss is without doubt,
though the bears labor to prove that the rate
without loss. In the market to-day
the pressure at the opening by
the traders who were continuing
+ the raid had the effect of opening the market
declines in few stocks. The resistance met
! with, however, at the concessions soon
: caused a cessation of the hammerlng opera
TONS and before noon the market had again
drifted back into dizziness with prices once
more on level with those of the opening.
The news of the afternoon was considered
more favorable to the final passage of silver
bill, and the traders went IN to bring about a
, rally, and the covering OF shorts was soon
|. factor i'll a slow but steady appreciation of
values, which, before the close had brought
most of the list up to small fractions above
last evenings figures Chicago Gas was
leader In the advance. and Jersey Central
also made sharp progress. the two stocks
closing IA and l per cent respectively
higher than last evening. The close was
quiet to dull, but firm at the improvement.
The rest of the list was generally small frac.
tons better than last evening. Railroad
out the session, ana ON business Of 81 ,3O3,-
600 there were no activs features, and most
of the final changes of importance are In the
direction of lower figures. Government
bonds have been entirely neglected. The
Post says: The exports Of gold In the past
week have done more than anything else to
aid the bears IN depressing the stock market
scure, and therefore have attracted the
more attention. Sterling exchange in
this market is l3c on the pound,
too low yet to admit of the export
of gold to London without loss. But
there is an unusual condition OF the
exchange markets in both Berlin and
and Paris in their favor and against London,
which justifies the export OF gold to Berlin
and possibly also to Paris. 1t IS quite we'll
known that this is not due to commercial
must be due to the changing OF investments
especially on the part of capital in Berlin.
The fact that the gold goes from the United
States does not necessarily prove that the
tiles, but it is quite plain that by the
selling of some sort of investments
they are drawing specie from London. Dur
ing the week the Bank OF England lost
down to SO 1900 per cent, against Al
S1-1OO per cent last week. The bank did
not advance its rate of discount to-day: 1T re-
mains at per cent. but the open market
rates of discount are up to 27s per cent.
which is much nearer TO the bank rate than
usual and the rates for bankers balances in
London were up to pa and 2l2 this after
noon, against IA this morning. Whatever
may be the nature of the changing of invest
ments in Germany which has turned the
exchanges in favor Of Berlin and against
London, and through Berlin has also
Of England does not regard it as more than
temporary. The gold goes from the United
States however, only because we can spare
it better than the Bank of England and does
not necessarily prove that Europe is selling
American securities. If this were the cause
the rates for sterling would show it more
positively. 1t appears as yet to be more
balance in favor Of Berlin and against Lon
don alone than against this country The
total sales of stocks to-day were 27S. 653
shares. including: Atchison, 3O,594; D. L.
& W., l1.3OO; Lake Shore: $3.50; Louis
vile & Nashville, 11,625; Missouri Pacific,
L lO,9SO; Northwestern. 1858; oregon
sTranscontinental, 22,4OO; Reading, II, 300;
Richmond & West Point 5,195; st. Paul.