St. Paul daily globe., 1891-06-09
FINANCIAL.
New York.

New YORK. June S.-The stock market to
day continued to show the uncertainty which
has become the principal factor in the max
ing OF values for securities, and, while some
confidence was shown III the opening and
fractionalIy higher prices were established in
the early dealings, the improvement in val
ues induced realizations, and the selling was
increased by an announcement that a sum
OF gold had been taken for export, and that
more would follow. This Immediately caused
not only q reaction from the high prices of
the opening. but caused small losses in all
the active shares. On the other hand,
the the rel, reported shipments of gold
recovery followed. showing conclusively that
this influence alone keeps the market down
and prevents covering of the outstanding
short interest. The generally accepted
dignosis of the situation is now that the
market will remain in the same dull ana list
less condition until the gold shipments are
known to have ceased or some damage has
been done to the growing crops The latter
seems to be the principal sustaining infiu-
ence to-day. In the railroad list there was
little or Eo feature after the occurrence
noted, and the industrials furnished nearly
all the interest there was in the dealings
Jersey Central sold ex-rights, and the ex-
p1ratlon OF the time was signalized by
renewed weakness in the stock, which
at one time was down 3A per
cent. Rumors unfavorable to the
crop situation were circulated in the
accompanied
considerable pressure to sell, not only the
stocks which might be affected by small
crops, but many others as well, it is reason
able to suppose that the rumors had specu.
lative origin. Prices were depressed to the
lowest level of the day. however, and the act
i've shares showed losses OF from I2 to III per
cent, but this was followed by an active eff.
fort to cover shorts and the last prices were
something better than the lowest, the mar
ket closing firm though quiet on the rally
Chicago Gas was the active feature, and
fuctuated rather widely. and, while ST. Paul
showed nearly as large total at the end of
the day. its importance in the dealings was
much less. There was not q single import
change i'll quotations as the result of the op-
erations of the day, and the last prices are
frregularlv changed for small fractions only
Railroad bonds were little more active
than usual, the sales of all issues reaching
S667,000, but the activity in Northern Pacific
5s accounted for most of the increase they
furnishing Sl5e,000 to the total. They were
weak in sympathy with the stock but lost
only fraction, and the other changes as
usual were for insignificant fractions. TIE
dealings were devoid of special feature
other than that mentioned Government
bonds have been dull and steady State
bonds have been dull and steady The Post
says: The exchange dealers are unanimous
in saying that exchange appears to have
been sold in this market for about all the
gold export up to the present. There has
in fact been an unprecedented market for
foreign exchange i'll the last three months
The demand for remittances was due
to the payment for the enormous i'm
ports of goods to escape the Mckinley
tariff; also for the calling home of loaned
foreign capital to help tide over the financial
difficulties in Enrope. Lately also, there
have been heavy imports that were being
paid for in cash. The importers of sugar es-
pecialy have been heavy BUYERS of ex-
change for three weeks past; 1t is quite
certain that even if the Bank OF England
had not paid any premium for gold, ex-
change would have adeanced to rates which
would have caused nearly as heavy exports
or two. The point of chief interest in this is
that, when the demand for exchange to paw
for these imports falls off so as to reduce the
rates of exchange, the exports of gold will
stop.