St. Paul daily globe., 1893-06-15
FINANCIAL.
New York.

. New YORK, June 1.-THE stock
market was quiet again today and irreg-
uIar in its course. Considering the ad-
verse influences operating against the
list. the undertOne of speculation was
comparatively firm, and in numerous
Instances prices closed higher than on
yesterday. The bears had in their favor
the continued influx of currency to the
West, estimated at S1.500.000 to S1.750,-
900 today, and the numerous failures re-
ported IN banking and business circles.
Un the strength Of all this
frequent attacks were made on
the leading shares, but the market
rallied easily each time the pressure
was lifted. London was a moderate
buyer. and it was chiefly responsible for
the strength shown by Louisville II
Nashville. AT the opening General
Electric fell off n to 70, and the gem
eral list yielded fractionally, but subse-
eIal Electric, u to 719; Chicago Gas.
II to 72L: Distlllers. IL to 21; Louis
vile & Nashville, IL to 6S1s, and Ma
tiona Cordage preferred. to 81. Other
stocks improved a to Is per cent.
During the afternoon there was a
heavy pressure to sell Atchison, which
fell off / Is to 225s. The general list held
up we'll. however, until the rate for
money jumped to 10 per cent. when
Manhattan ran off 2; General Electric,
Sugar and Chicago Gas. 111s, and Mis-
souri, Pacific, per cent. The grangers,
Louisville 4 Nashville. Western Union.
Northern Pacific preferred, New En-
gland, Lake Shore, Lackawanna and
DistilIers' were relatively firm There
was rally OF 1s@3sc in the final sales.
but the market left off rather weak.
A feature Of the afternoon trading was
sudden slump i'll National Starch
Manufacturing second preferred, which
sold at 30 and later at 25, ending with
a rally to 2s15. The last sale reported
before today was at 50. Only $50
shares changed hands. Odd lots of the
points. The second preferred closed at
20 bid and 60 asked. The cause Of the
break was the announcement that the
directors had met at CovingtOn, KY, on
the 7th of this month and had decided
to pass the dividends on the second pre-
ferre0.
The Post says: 1.-THE lack of local
buying power on the stock market,
plain result OF the money stringency,
was partially compensated for by Lon
don's purchases. London has had
considerable short account outstanding
in American securities, which had to be
covered in the current settlement. The
buying, though not heavy ON the old
time basis, was naturally increased by
London's better feeling on our market.
5000 miles from the immedi-
ate influence of tight money and mer-
camille distresses, English observers
reason chiefly from the check to Ameri-
can gold exports. In their view, as the
and foreign newspaper COM
ments show, this specie movement is
the key to our situation. While London
houses bought moderately today. there
was some early local covering of shorts.
Both, however. were counterbalanced
by cautious liquidation and after the
opening rally, prices varied little"
The Total Sales of Stocks
today were 176. 400 shares, Including:
Atchison 40, ,7oSEIllinoIs Central. l,5OO
Burlington & O.. 400 New England. 4.600
Chicago Cas-. 1880 Nor. Pacific pfd. 3,100
... 20O0O Reading . 1900
Erie ....... 3990St Paul. go
Louis q Nash .10,0J0Sugar. .. -. $500
l3. 800 Western Union. 6,S00
London Financial.
s9LoNDoN, June 14.-The market closed