St. Paul daily globe., 1893-06-24
FINANCIAL.
New York.

ket was weak and unsettled today. The
bears jumped on the market at the
opening and depressed prices A@l3
Der cent, but rally promptly followed.
and tor a time speculation ruled tOler-
ably firm. The bank failures out West,
however, combined with the stringency
i'll the local money market and the fall
ure of the Reading plan of readjuSt-
ment, started up a fresh selling move
ment as the day advanced. and i'll a few
instances important declines were re-
corded. Lake Shore, Jersey Central,
Lackawanna. Manhattan and Sugar
yielded 1908 per cent. A number or
stocks like the grangerS. .Atchison. y Orth-
ern Pacific, Reading New York Central,
Missouri Pacific, General Electric, show
merely fractional declines for the day.
The dealings were strictly professional,
the commission houses being indiSpOsed
to encourage new ventures by their
clients III consequence Of the difficulty
in securing accommodations at banks.
The bears considered themselves safe
in their attacks upon the market be-
cause of the likelihood of a heavy fall
ing off III the bank reserves tomorrow.
the shipment of currency for the week
being estimated at something like
S6,000.000. The decline in Lackawanna
and jersey Central was accelerated by
reports that the failure of the Reading
plan would probably precipitate fres Ii
troubles upon the other companies en-
gagged in the coal-carrying trade. At
the close the market was weak in tone
at a recovery of 1s03s per cent from the
lowest.
The Post say: "Nothithstanding the
rise in Chicago exchange, shipments of
currency continued heavy today; chiefly
induced by the continuance of the San
Francisco panic. Call money rates
rose 10 the weeks earlier level. and
sterling exchange, rejecting the same
influences, fell into renewed weakness.
The sentimental Influences of the day
including yesterdays failures in the
coffee trade, were thus for the most
part unfavOrable, and they were used
industrlouSly by the board room contin-
gent. Business was very limited, and
the sharp declines were concentrated on
comparatively few stocks ON the list"
Bradstreet's weekly Wall street re-
view will tomorrow say: The finan-
cial situation keeps the speculative
stock market in narrow and exceed
ingly sensitive state. Irreguarlty has
characterized the course of quotations.
the only general feature being the rapid
temporary advance of Wednesday, due
to the sudden announcement that the
expected import movement of gold from
Europe had materialiZed, and that
S500,0G0 had actually been taken in Lon
don for transfer hither. Rumors of
other engagements were encouraged by
the existing depression in exchange, al
though rates had not reached the level
nor supplies of commercial bills at
tanned the magnitude which, in the
opinion of bankers, would justify
a heavy inflow of specie. The
large bear interest in the mar
ket was, however quick to take fright,
and the rapid covering of their short
contracts supplied the lack OF outside
buying power, and gave the market a
brief spell of animation and strength.
The announcement that the transfer of
the 100000 of gold from London was a
special transaction, and the immedi-
ate recovery of exchange rates to fig
. ures which prohibited further gold i'm
ports was followed by the stoppage of
the short covering and renewal of
bear tactics, which were encouraged by
the abandonment of the Reading reor-
ganization plan. The extension of the
wave Of financial disturbance to the
Pacific coast and the demand
ON the New York banks from
that quarter seemed to counteract the
effect of the decreased demand from
the region tributary to Chicago. although
the issue of $5.3O0.000 clearing house
certificates and the decision of the treas
ury to anticipate its July interest have
calming effect OH the money market,
and through it OH speculative senti-
ment. In view of the approach of the
July disbursements and the pressure
which they necessarily cause, the mar
ket shows no ability to develop strength,
and such factors as the increase of
travel toward the Chicago fair and the
distinctly unfayorable European crop
prospect are deprived of tangible infiu-
ence. Europe took little interest III
this market, LondorA indeed, showing
sensitive dispositioIMn regard to the
possibility of gold vS@drawals for ex-
port to this country"