St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-05
FINANCIAL.
New York.

NEW YORK. June 4.-When it became evi
dent that good buying orders were in the
market, not the least important apparently
had their origin on the other side of the
ocean. A better temperament made the
speculation slow, and comparative dizziness
took the place of the feverish activity pre-
yaillng during most Of the forenoon. The
action of the Bank of England in reducing
the rate of discount was hailed as proof that
the necessity for the accumulation of gold
had now ceased, and notwithstanding the
fact that further orders of gold for export
; were made to-day and the amount for the
week continues to run up to large figure.
the sentiment that gold exports are nearing
their end gained strength and was again
no mean factor in the resistance to the down
ward tendency engendered by the weakness
in the corn carving roads, The general
opinion is now that the position both at home
and abroad Will steadily improve, ana as soon
as the effects of reduction in the dividend in
ROCK Island are over, there will be general
improvement III the stock. Extreme caution
is still exhibited, however, and there was no
disposition shown to throw over long stocks
on the affair, and q waiting attitude is as.
sumed. To-day, outside OF the corn roads,
Pacific, Sugar and a few specialties.
The opening prices were not all
lower. though Rock Island was down
2 per cent, and the general list recovered i'm
mediately from the depression, though there
was no special strength shown outside of
few speclalties, among which the Wheeling
was most prominent. The break in Rock
Island was supplemented by material loss
in Burlington, but the influence of this was
falflv offset by the per cent rise in sugar,
which was occasioned by the report that the
dividend would be per cent on the COM
mon stock, which the denial of the secretary
had no power to check. The dealings were
marked by no other feature beyond a smart
rally in the last hour by some stocks, and the
market finally closed fairly active and firm
to strong at close to the opening
prices tor all but the few stocks NEIL
toned. The final changes show only
small losses and gains in the general list,
but Rock Island is down 5 per cent, apd
burlington 1lS, while Sugar is up Pig. Rail
road bonds were as dull and featureless as
usual, but there was heavy tone all the way
out and while the material changes are few
in number all those of importance are losses.
The amount of business done was only $685.
quo. Government bonds have been dull but
firm. State bonds have been entirely neg
lected. Petroleum opened firm, but declined
5sc under few Western selling orders, and
closed weak. Pennsylvania Oil-Spot clos
ing at 695sc July option opening, 709sc:
highest, 7C5sc: lowest, zoe: closing, zoe. Total
sales, 81, 600 bbls. The Post says: Sugar Re-
tineries common was very active on
the report that the directors had
decided to pay a dividend of at least 3l2
per cent on the common stock. This was de-
well informed, to the effect that, while the
profits OF the company had been sufficient
to pay the whole years dividend On the pre-
ferred, and also per cent for the half-year
on the common, there would not be any divi-
dend declared on the common. The lower
rates for money in London were reflected on
the rates for exchange in this market by an
advance in prices in sixty-dGy bills as the
effect of the discounts for such bills in Lon
don. There was also less demand from i'm
porters for demand bills, which were
sold as low as S4SS, and in this way
fill further reducing the difference
between sixty-day and demand bills
The lower rates tor the latter also indicate
the probability that gold exports on Saturday
will be smaller than was thought yesterday.
At 16s Sd, as the latest price known to be paid
by London banks for American gold, there is
still premium of ll2d per ounce above the
76s 3l2d. or equivalent to about a sixth of 1c
on the dollar, or nearly 34c on the pound in
the rates of exchange. so that gold could be
shipped from here without loss if the shipper
could sell his bills at SASSY. But if the ex-
change market will not take the exchange
the gold exports will stop unless the foreign
bankers increase the price they will pay for
the gold.