St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-02
FINANCIAL.
New York.

NEW YORK, June 1.-The foreign situation
was again the only moving force IN the stock
market to-day, and it was exerted in an I'M
favorable manner. the conferences at the
Bank of England, with further disquieting
advlces from abroad creating an unsettled
feeling i'll the stock markets both in London
ana here, ana materially lower prices were
realized all along the line. There were ru-
mors of q heavy attack to be made upon
Union Pacific and other stocks, and the press
ure te sell in that stock was unusually heavy
at the opening, with the result of forcing it
down rapidly in the early trading ST Paul
was made to look weak in conjunction
with the movement in Union Pacific,
while the whole list sympathiZed to some
extent Further orders of gold for expor
were made but they seem to have been dis
counted. as after the early vigorous drive at
values, comparative stagnatiOn marked the
dealings and the absence of pressure to sell
was shown by the slight movement in the
upward direction. as well as the dulness
There is some discussion i'll commission of
fees to look forward to a possible discount
ing of the July disbursements and to expect
better and more extended business during
the month, which is expected to take effect
at first in The bond department. while the
traders are,.if anything, more inclined to
take the long side, but sold off during the
prevalence of the gold shipments, and to-day
they were, as usual. ranged on the short
side, without making themselves felt to any
marked extent. The opening this morn
ing was made at concessions from Fir.
days prices ranging from a to "a per cent
and the attack was SO vigorous that by the
END OF the first hour Union Pacific declined
over2l2 per cent from its Friday price, though
none OF the others suffered as much. The
nature of the selling was sufficiently indi
Gated by the dizziness which followed the ac-
complishment of this feature; the dealings
remained dull and featureless until the last
hour, when there was a renewal on Il small
scale of the pressure of the forenoon, and in
many cases still lower prices were reached,
and ITrnfTN Dee e..I III. IL
The market finally closed fairly active and
weak at the lowest prices of the day. The
final changes are all in the direction Of lower
figures, and AtJnlon Pacific is down PA; ST.
Paul. Us Reading, Us; Lackawanna I5s :;
Rock Island. 112; Northern Pacific preferred,
IFS; New England 1Ss, and others smaller
amounts. Railroad bonds were as dull as
usual, and, while sharing to limited extent
In the weakness i'll stocks, had none of the in
terest which attached to that branch
OF the market. The sales were only SSH 900
and the fina- changes, in almost all cases in
significant. Government bonds have been
duli ana steady State bonds have been dull
and steady The Post says: by . o'clock it
was known that Sl,O00,000 gold was engaged
for export tomorrow. but. SO far as the stock
market was concerned the effect of further
exports had been discontinued, and there
was no further decline in prices. On the con-
trary there was considerable recovery after
2:3O o'clock and nothing was apparent that
any appearance of the cessation of gold eX-
ports would cause a strong upward move
ment in the market. The easier condition of
the London money market where discounts
in the open market are more than per cent
below the bank rate and the large amounts
OF bullion which have gone into the bank
encourage the belief that gold exports will
not continue much longer.
Petroleum opened firm and moved I'D Sac
on few small buying orders then reacted
and closed dull, PENNSYLVANIA oil spot. clos
ing at Csc; July option opening 69c: highest,
69Ssc; lowest, 69c; closing, 69c. Total sales,
16C 600 bbls