St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-27
FINANCIAL.
New York.

New YORK, June 20. The stock mar
ket was feveris h and unsettled through
out the day. There were one or two
sharp rallies, but they failed to hold,
and at the close quotations were only
fraction above the lowest. The bears
were far more aggressive than of late
in consequence of the stringency in
money, which hold operations for the
long account in check. The brokers are
indIsposed to advise purchases so long
as they see trouble ahead in regard to
obtaining accommodations at banks.
The big drop in silver certificates also
operated in favor of lower markets for
securities, and the conflicting state
ments concerning the affairs of the
Reading caused more or less uneasi-
ness. The decline was equal to 19(@3$4
per cent. American Sugar fell 81 to
7715; do preferred. 81 to rs; General
Electric, 81 to 67; Missouri Pacific. SIS
to 3U5s; Manhattan. 2sl to 12314; Great
Northern preferred, 3 to no; Michi-
gan Central; 9 to "a; St. Paul. "a to
66; Chicago Gas, 2 to &C.; Quincy, ~
Island, ia to 69M; Lackawanna, IL
to 144s4; Delaware & Hudson. III to
1920; Louisville d Nashville, IL to 64h;
Lead preferred, 2 to IS; National Starch,
24 to s.; st. Paul & Omaha. ~ to 81;
Union Pacific, l Il to 255s. and Western
Union, to 8l19. Cordage preferred
sold at 401a against So the last previ-
ously reported sale. and Oregon Navi-
CATION at 5715 against 60. Late III the
day the rate for money dropped from
35@4O to Is under offerings by the for
elgn bankers. and the stock rallied II to
IL per cent, but the improvement was
short-liyed, and speculation left off IT.
regular and in the main weak, despite
a decline in call loans to 4 per cent, and
a drop in sterling exchange to figures,
which, if continued, must lead to re-
newal of the import movement OF gold.
The Post says: Boston cut lead
ing figure in the stock market of today.
The decline in prices began at the open
ing and was very widely distributed,
but the stocks where selling was heayi-
est and the break most rapid were con-
spicuously those known as the Boston
'arbitrage shares Sugar certificates,
General Electric and Union Pacific-all
of them Boston specialties-led in the
downward movement. This obvious
liquidation, taken along with today's
hurried reversal in policy by the Bos-
ton banks on clearing house GER
tificates, encouraged the belief that
some one in that city was in
serious straits. No indication of
the wisdom of our own banks could
be more complete than this hum iliatlng
spectacle presented IN nelghbor city.
Here the united banks boldly faced the
situation, announcing that If acute ne
cessity for bank accommodation should
suddenly develop, they proposed to be
ready for the crisis. Philadelphia pru-
IDENTIFY followed their example. The
Boston financiers, lulled by false Sc
curity, allowed a precious opportunity
to pass. The day was marked by pecul-
lar disturbance in many widely dis
tant security markets. Not only on the
Boston stock exchange, but III Chicago
and London. uneasiness seemed TO he
acute, London's markets rs whole
being naturally affected by the spnsa-
tionaI collapse in silver. In New York,
toward which the movement of interior
money seemed TO be decidedly converg
ing today. there was little either of
news or rulIior. Philadelphia, curiously
enough, was hopeful; an evident result
of news more favorable regarding
Readings outlook Reading was, in
fact, the one center of strength on
the stock market. Elsewhere de-
clines, though irregular. were de-
cided. The break in Missouri Pa
cific was most pronounced. Call money