St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-23
FINANCIAL.
NeW York.

NEW YORK, June 22.-1he immediate fut-
ure of the stock market is now supposed to
hinge directly upon The crop situation and
the movements OF gold. The trading has
lost none OF its strictly professional charac-
ter. ana the fluctuations never more barren
of feature. Still more interest was displayed
III silver, and it was not only decidedly act
i've but very strong during the forenoon re-
firing later i'll the day overa cent hint
from Official sources that there is coming
scarcity of the metal, while no explanation
OF where the supply goes TO, had considera-
BILE influence with the proceedings of the
silver men assembled here for deliberation
on the subject. One of the most prominent
things in the market to-day was
the almost complete subsistence of
the industrial stocks, even Chica-
go Gas being comparatively dull
while their movements were Sonfined to the
same narrow limits as those in railroad
shares. The opening under the influence OF
the unfayorable crop reports was made at
fracuonally lower prices, and further small
fractions were Topped off from time to time
under the hammering OF the trading element
though the losses during the forenoon were
insignificant in the extreme and intense dull
ness marked the trading, except in silver
which rose l09ls, but later fell back again.
The announcement of a further taking of
gold for export encouraged further efforts on
the part OF the bea-ish professionals and
more decided pressure was brought 10 bear
North American was selected to be the spe-
cial object Of attack. The selling forced its
price OFF to HIS against 1913 Saturday. and
the whole list of active shares sympathized
though no other heavy decline was
seen. The extreme losses, however, ranged
up to 1l2 per cent. with the grangers, Goulds
and specialties leading the downward move
ment. The market failed to rally, and al
though North American recovered frac-
ton, the closing was dull and weak at the
lowest prices of the day. The final changes
are almost invariably large fractional losses
nd mi ic Enc
land, st. Paul and Chicago Gas each ia,
Northwestern and Rock Island each 11a
Wheeling q Lake Erie preferred and Mis-
souri, Pacific each per cent while silver is
up lls. Railroad bonds were very dull and
entirely featureless, and, while displaying in
the main steady tone, yielded slightly in
spots without material change in anything.
The business of the day was only S45l, 900,
and no activity was visible in any part OF the
list. The total sales of stocks to-day
were 140 Isl shares, of which there were:
Atchison, 1884; Delaware, Lackawanna &
Western, IL, no; Louisville d Nashville, H..
preferred, 3, 40t; Reading, 4.s00; St. Paul. %,
100; Union Pacific, 7,795 Government bonds
have been dull and easier. State bonds have
been dull and steady. The Post SAYS: How
much more gold, if any, will be taken this
week, depends ina large measure on the
market for commercial bills. The exchange
market is bare of such paper except for
July futures, and meantime the reSittances
of July interest and dividend payments are
swelling the transactions on the other side
the market
The London Economist, an excellent au-
thority on the gold question. furnishes in its
ssue latest at hand an interesting eoufrma-
ton of the belief, much disputed here, that
some of the enormous amount Of gold taken
from the United States the last month or two
must be returned when the export of Ameri
can cereals begins. The Economist regards
such a shipment later in the season as a logi-
cal certainty. The bank. however, is, in its
view, sufficiently strong to bear the strain,
and 1t lets out very important state secret
in its intimotion that the BaIH of France
has already contracted TO resHI TO American
bankers, if required, several millions sterling
OF the gold recently obtained here at the
same price as was then paid for it. This is