St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-10
FINANCIAL.
New York.

NEW YORK. April S.-The temper OF apecu-
lation was pronounced bullish this morning.
and the Vanderbilt, Gould and granger shares
were taken freely by houses who usually
transact business for leading capitalists
identified with those properties Prices ad-
vanced u to "a Ter cent Lake Shore leading
with rise from 1924 to 1912. This stock
was favorably affected by reports that the
directors meeting early in the month of May
will disclose plan for the refunding of the
high rate interest bearing bonds. The belief
obtains that the directors have devised
measures TO effect large saving to
the company in the matter of interest
payments The worlds lair traffic, now
near at hand, is also inducing purchases by
capitalists and officials of railroads who
have the best means of judging of the in
crease in earnings from that source The
Vanderbilts, as we'll as the Gould people. are
credited with liberal purchases OF their re-
spective stocks. The traders turned sellers
near the close i'll consequence of the loss in
the bank reserves and the circulation of re-
ports that the steamers sailing for Europe
Tuesday next will take out S., 500. 900 gold.
Manhattan fell off from 165 to 1912 to 1872;
Cleveland, Cincinnati, Chicago & st. Louis
from 52ls to 5pA Lake Shore from 1912 to
1873, and National Lead from 43L2 to ~, but
the general list yielded only "A to per cent,
and the market closed steady in tone at the
reaction.
While the bank statement was disappoint-
ing, its influence on the market was counter
acted by the knowledge that the banks are
better off than the statement indicates, for
the reason that the influx of currency was
heavy toward the close and that it did not
figure fully in the exhibit The exports of
gold have far less influence than Of late. the
worlds fair being relied upon to bring about
material change in the balance of trade be
tween this country and Europe. The prin-
cipal sellers of stocks are the room traders.
The buyers are those who know what the
railroad and industrial corporations are do
ing, and who have practically unlimited
means at their disposal. The sales for the
two hours reached 122. 1877 shares of which
102 607 were listed and ~, 1870 unlisted stocks.
The Post says: ut was the shipment of
gold last Tuesday which told heavily against
the bank reserves and all forecasts today
point to shipment quite as heavy
next week. These shipments are perhaps
somewhat abnormal from the standpoint of
commercial transactions; that is to say.
study of the sterling exchange market would
hardly of itself justify such speculation. At
the moment sixty bills on actual transac-
lions are quotably lower; result seemingly
of revival this week of English buying of
cotton. 1t is, however quite possible that
premium in the shape of interest and trans
portatlon expenses is being paid by the
European consigneeS of gold. A very
sumption of operations, printed on this
page yesterday showed that the government
at Vienna is still i'll the market with $20,009,
900 more of gold bonds These are undoubt
GUY " UC piIu lOI Ill ALlcIlCuu SOlu. u
recoup themselves for a premium advanced
on this gold, the European bankers under
taking the loan have only to figure out
margin or profit on their own sale of the
bonds to investors. A wide margin between
the price paid for the bonds in Vienna and
their selling price in London or Berlin
would assure profit over the cost of gold.
Assuming this to have been the cause, it is
easy to see that an anticipated decline in
exchange rates. far from checking the exc
purchase contracts. WOIliO
fact hasten them. 1t still remains to be
proved, moreover whether the increase in
cotton bills on the exchange market is any,
thing but transitory factor"