St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-10
FINANCIAL.
New York.


day. the advance in some instances being
quite marked. There was considerable
buying for local and out Of town &C
counts in consequence of the further re-
ductiOn in the rates for sterling eX-
change, the active export movement of
wheat and favorable traffic returns by
the railways. Advices from Boston that
the Burlington Il Quincy company for
May will probably show an increase in
gross earnings of about S500,0 stimu-
lated the rise in the grangers. and Incl.
dentally helped the general list. Reading,
New England and Erie were heavy at
intervals in consequence of unfayorable
rumors concerning these properties. In
regard to Erie it was said at one time
that the company was behind in the
payment of wages and was borrowing
money at high rates OF interest, but
these were subsequently denied. and
the stock closed fraction higher than
last night. The most notable advances
were In Jersey Central to LILO. 80 in
Manhattan to 1.31. 2s4 in Pittsburg &
Western preferred TO $50. 2 in New
Pacific to 364, 2 in National
1.415a, ~ in Chicago Gas to 707s. ~ in
Lake Shore to LIS, 155 in Sugar to 80,
"a in Delaware & Hudson to 1881, and
IA in General Electric to 723s. The re-
mainder of the list improved 4 to IL.
During the afternoon there was mod
crate reaction, but at the decline the
market became dull. The furry in
money had no effect, as it was short
lived. and the rates promptly settled
back to to per cent. At the close
rally enSued, and the market left Off
firm in tone.
The Post SAYS: 1T was the bidding
up of call money which chiefly brought
about today's reaction from the earlier
buoyancy. nor was this advance in rate
wholly without good reason. The ship.
mentS of New York money to the West
have somewhat fallen off, yet tor the
week today they reach the heavy total
of S7,000,000, against which only $1,000
600 have come in, largely from Southern
points. But to uagur trouble from a
movement induced as this is, is quite
unreasonable. The currency shipments
to the West are the price which New
York is paying in the machinery of eX-
change for the suspension of gold ex-
ports. and the bargain is altogether in
our favor"
Bradstreet's weekly Wall street re-
view will tomorrow say: Apart from
the financial disturbance at Chicago, the
events of the past week have been ia
vorable to the market, and are reflected
in the increase tone of strength which
it exhibits. The improvement has been
in all cases moderate, and at times dull
ness was 10 less marked than in the
past, while the bear party continue to
furnish more of the buying power, and
were at the same time able to create
several temporary depresSiOnS. The
alteration of sentiment was, however,
marked. and dates from he announce
ment by the president that the
purpose of the extra session
of congress to be called
early in September would be to secure
the repeal of the Sherman act. The
general conclusion was that such state
ment would not be made on the part of
the administration unless IL was conf
dent that the object lesson about the
operation Of the law had been effective,
and that the majority in favor Of its re-
peal was practically assured. This
view, it seems, produced an even greater
impression abroad, the revival of conf
dence in our financial position reading
to revived buying of our stocks for
London account. These facts appear TO
have neutraliZed the effects of the runs
OH the Chicago savings banks and the
heavy movement of currencystrom this
city to the West, which it OccaSioned,
while the break down of wheat prices
and the resulting heavy foreign buying
of cereals had very significant results.
The appearance liz the exchange mar
ket of large amounts of bills drawn
against wheat purchased for export
broke down rather early in the weak, so
that 81, 100000 of gold shipped to Lon
don Tuesday seems TO be the last of the
specie outflow for the present. The
foreign buying Of stocks here and the
reduction of tile Bank Of England dis
count rates, accompanied by Increased
ease in the London money market,
aided in demoralizing exchange rates at
the close of the week and supplemented
the other favorable influences. There
was some manipulation of. money on the
outflow to the West, but the increased
freedom with which foreign funds were
offered and the prompt subsistence of
the troubles at Chicago checked any
decided manifestations of this kind.
The leading futures ranged as follows.
The Total Sales OF Stocks