St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-03
FINANCIAL.
New York.

NEW YORK, June 2-The dealings in the
stock market to-day retained their late pro-
fessional character and the movements after
Those of the first hour were generally insig-
nlfcant. The foreign operations are insig
nificant again, but further engagements of
gold for export were made and great scare
itv of commercial bills in the market is re-
ported, SO that Notwithstanding the large
amount of gold sent out i'll the last two
months the rates for exchange are kept up to
figure where gold may be sent without loss.
The market today opened materially higher
on demand from the shorts in the
room who had become im5ued with
the idea that the decline of the
last few days was the result of bear tactics
only. The opening gains we're So per cent,
with st: Paul and Louisville IL Nashville and
Union Pacific leading both the advance and
the business. This demand was met, how
ever, by renewal of the selling pressure,
and all of the opening gains were wiped
away, with small fractions in addition among
the leading shares, Louisville being promi-
nent in the downward movement. The de-
preston was evidently made TO buy up, for
cessation of the pressure was followed by
more quiet dealing and a slow but steady adj
vance III prices, which soon brought prices
up to and beyond those of the opening, and
the upward movement started continued
without a break during the remainder of
the day. Beside the speculative causes
i'll the market. further reduction in the pre-
MUM on gold by the Bank of England of
half penny. and the temperance of the
noted bear leader as bull on the market
whose power TO make Il general buying
movement along the professionals st. Paul,
Union Pacific and Louisville attracted most
attention, and after those Rock Island and
Chicago Gas lead the dealings in the market
after the first hour, but the steady advance
lifted everything but Jersey Central, which
dropped per cent and recovered only
small portion of the loss. The close was
fairly active and strong at the best prices.
The final changes of note include advances
of IA in st. Paul and 1 per cent each in
Missouri Pacific and Rock Island, and
There was the usual quiet business in rail
road bonds, which, however was more wide
~ distributed than usual of late, though only
in a few instances was there any close sym
pathy with the strength displayed in the
share list. The sales reached only S562, goo,
and the final changes as rute are insignifi-
cant. Government bonds have been dull and
firm. State bonds have been dull and feat
ureless Petroleum opened strong and adj
yanced slightly on few buying orders from
the West, but reacted 12c later, then became
dull and remained so until the close. Penn
sylvania oil, spot opening at 6SS4c; highest,
69c; lowest, 6SS4c; closing, 69c. July option
opened at 69S4c; highest, zoe; lowest,
69l2c: closing, G9I2c. Total sales. 25-
900 barrels. The Post says: Notwith-
standing the impression created
by the proposal to increase the Louisville
stock was that it would pay stock dividend
instead OF cash in Jul y, well-known director
is given as authority for the statement this
afternoon that the dividend viii be paid in
cash, and in this case the stockholders Will
be given the option of taking the increase of
stock at a fixed price, as they were on the
occasion of the former increase of stock
After IL o'clock the market was dull through
the remainder of the day, but also very
strong. owing to the encouraging reports
from London. The Bank of England
reduced the price it would pay
for American gold IL penny, and on
this S500,O00 of the gold engaged
for tomorrow's steamer was withdrawn
Private cables were received here saying the
belief in London was that the Bank of Eng
land would reduce its rate of discount on
Thursday to per cent if the discount banks
would agree not to discount at lower figures
than that.