St. Paul daily globe., 1891-06-29
But Little Business in the
Great Money Center Of
the Continent.
Glowing Reports From the
Grain Fields Fail to Break
the Lethargy.
Millions Of Gold Are Being
Shipped to the Countries
Of Europe.
There Is Plenty Left, How
ever, and Call Loans Made
at 2 f-2 Per Cent.

NEW YORK. June 2S.-In the matter
of business Wall street has about shut
up shop. There is nothing doing most
of the time. and when there is little
activity prices suffer. The glowing
crop reports appear to have lost their
charm. The street responds to them no
more. 1t has had another fit over the
gold exports, and the bank statement
does not act as antIdote. New York
keeps sending money abroad, and yet it
continues to accumulate here. Over
S5,OOO,000 were sent out this week, 81
100000 of which went to-day; but
money on call has averaged as low as
219 per cent for the week, and to-day's
bank statement showed the deposits to
be further swelled by over $1,000, 900,
which follows on S11,000.0OO in
crease the week before. So the
money goes on piling up because
general trade is slackening down. The
surplus reserve, by to-day's reported in
crease of S2,000,000, exceeds SIS. S.0O0, 900,
which compares with S6,60O,000 for the
corresponding week last year, and
100000 for the year before. Next
week there will be the disbursements
for the half-yearly interest and divi-
dends, which may possibly cause some
Shifting Of Loans
and little activity in the money mar
ket, but with so large surplus it can
not last long. 1t is understood that
possibly another S5,OO0,OOO of gold will
go out by next Saturday. There are re-
ports that it is the Bank of France
which is Offering inducement in the way
of extra interest for the money, and that
1t is III pursuance of an agreement to
send back S10.000,0OO later in the
year, if needed, at rates satisfac-
tory to the parties it has contracted
with. Lord Rothschild, in his cabled in
terview of Friday, confessed himself
pOrtatiOns from New York. He said
the gold was not drawn ON their ac-
count. They had got through. He
thought the drain was nearly over any
way. SiXty-fve millions has gone out,
and as 1t has gone interest rates here,
as well as in London, have tended
downward, which seems an abnormal
condition of things: but when it is seen
how dead speculation has become, and
how dull and duller general trade has
been growing, there is not much to
send out gold until the crop movement
is active, because international trade is
being done on a ready cash basis. Cred
Its are no longer OF any account. Per-
hapS the
Fears About Silver
may have some influence, but the influ-
ence must be small. 1t would be ex-
pressed mainly in the selling of such Sc
curlties as did not provide for payment
In gold; and, as to that, causes much
more potent than fears of getting inter-
est payments in silver have sent back
more American stocks and bonds than
the market could easily digest. Proba-
bly, Just as many would have been re-
turned If the silver question had never
been heard of. They are not. however,
all drained out yet. 1t is stated that the
Teutonic, the other day, brought 81 1,O0O,-
600 of coupons for collection. which. at
per cent, would represent bonds to
the amount Of S100,000,000 held
on the other side. That was a pretty
good financial cargo for one steamer,
and it is not likely the Teutonic brought
all there was. Not little of the gold
going forward must represent interest
payments on American securities held
abroad. 1t gave the street chill when
the big engagements for to-day were an
nounced, accompanied by intimations
that another big lot was to follow next
week. Prices gave way all through the
list. for people are getting tired, and a
very little now suffices to shake them
out OF their speculative holdings. 1t is
evident that houses which have special
stocks they are interested in have either
withdrawn their supporting orders or
lowered their buying prices. 1t is not
one or two, but all; hence the
General Sagging
of quotations. The Vanderbilt and
Morgan interests have let their stocks
alone, and the deafness of the Chesa-
peakes, of the three C's, of Canada
Southern and Lake Shore is conse-
quence. The half yearly statements of
the Lake Shore & Michigan Central
(Which include the Canada Southern
were good; better, it may be said, than
might have been expected considering
the short crops of last season, but the
effect on the market was nil. The
Northern Pacifics have dropped, but
them. st. Paul could not hold up, al
though that had increasing earnings for
support. Rumors were curren. that
the bull pool in it liquidated. but this
succeeded in locating it. Mr.. Gould let
his stocks off. The deadness of the rail-
way shares broke up the market for the
other stocks. which went down in sym
pathy. The cordage people, who had
been making their stock common
target by sustaining it in a declin-
ing market, changed about and broke it
rapidly to point where short sell
ing would have to be done at more risk.
Sugar declined, and Chicago Gas dropped
back. In respect to the latter stock
Messrs. Kent and Cummings are out
with new scheme on it, according to
the latest Chicago dispatches, being
about to supply the city at once with
brand new company, prices lower than
any others, and pipes laid in the alley
ways so that the streets would not be
torn up. Another dispatch said that
Cummings could blow In the pipes and
supply Chicago or any other city with
more gas than it could use. That is
about the measure of value of the new
company. There is nothing the matter
with Chicago Gas stock except the gen.
were very roughly handled.
North American Broke Badly.
1t was said on the calling of loan in
which it figured as collateral. After
this somebody jumped on Richmond |
Terminal. 1t was down so low that it |
might reasonably be thought safe in its |
low estate, but it was put lower. New |
England, which recently advanced be- |
cause the company was going to sell |
more preferred stock, did not find that |
very solid basis of support, and lost |
something more than its late gain. The |