St. Paul daily globe., 1892-06-18
FINANCIAL.
New York.

NEW YORK. June 17.-The stock market to-
day vas affected principally by heavy ship
ments of gold, but as heretofore the lnf1u-
ence was only to restrict trading. though how
much further the promising upward move
ment might have gone had there leen no
gold shipments, is a matter of opinion en-
tire4y. The fact was demonstrated, however,
that such an outgo, making over seven
million dollars for the week, does not cause
selling of stocks to any appreciable extent
The market, however, was narrow from the
very opening, ard during the whole fore
noon there were only three really active
stocks, st. Paul, Distillers and New England,
and in each of these the demand from the
shorts was most noticeable. while in but few
other stocks was the movement of import
falIge at any time of the day. New England,
however. made ore of its retrogade move
ments after the dullnesS III the general list
:ADdIthe check to the advance had brought
sagging of prices, and the bears became
active in Northern Pacific preferred, with
the result of depressing it materially.
The influence of these movements are also
hardly seen in thesreSt of the market, and
dullness and stagnation marked the trading
in most stocks during the greater part of the
day. Operators are still i'll a waiting attitude.
The market is. therefore, still extremely
sensitive TO adverse influences. Should the
gold movement assume such proportions
that the surplus reserve of the banks would
be brought down to figures which would
cause an appreciation in money rates, seri-
GUS disturbances of value would occur. This,
I however. seems not likely to come to pass.
The buying today was largely for Chicago
account, with some help from London, and
while there were some realiZations, causing
considerable irregularity in the movements,
the late trading developed a strength under
renewed buying for the long account which
carried most of the active stocks to the high
est prices of the day. st. Paul, i'll fact, sold
higher than it has in years, and though
Northern Pacific preferred and North Ameri-
can, which met some stop orders. were weak
throughout most of the list closed at the best
prices of the day The industrials were
more active and stronger than usual of late.
The market closed qnlet but very firm gen
orally at fractional gains for the day. The
transactions reached 203, S74 listed and 14.S13
unlisted; St Paul furnished 1875 and New
England 34.520.
The Post says: The heavy engagements of
gold exported by Saturdays steamer over
shadowed all other financial news. The
great European banks arc obvious deter
mined still to accumulate gold and to pay a
handsome premium for our specie rather
than Part with their own boards. Meantime.
it is worth observing that the total increase
in gold held by the European banks is not
due, TO popular belief 10 the contrary not
withstanding. even in part to shipments from
this country.
1t is true that while the Bank of England
holds now $500 0G0 less in gold than it held a
year ago, the French bank has increased
their stock by $50 100000 and the Imperial
bank of Germany by probably not less than
S30, 100000. But then SO have the New York
clearing house banks increased their specie
holdings. in the same time, by S42,0O0,0OO
This explanation is identical i'll every case
1tis an interesting fact that as compared
with exactly year ago our exports and i'm
ports of golo very nearly balance.
Total Sales of Stocks