St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-19
FINANCIAL.
New York.

New YORK, May 1S.-The stock mar
ket, while irregular again today, was in
the main higher. The volume of bust
ness was moderately large; sales aggre-
eating 500, S5S shares, of which %, 746
were unlisted. The advance in the
Bank OF England discount rate from So
TO per cent had been expected, and
consequently had little influence upon
the market. Money here was easier,
both on call and on time. and sterling
exchange was less firm than of late, al
though no material concessions in rates
were made, The estimates of gold ship
ments by Saturdays steamers vary,
some authorities placing the exports at
S2.000,000 and others at S3,000,000. The
outflow of gold is counteracted to some
extent by the disposition on the part of
the banks and trust companies to grant
more favorable terms to Wall street
borrowers. The affairs Of the North
ern Pacific company commanded
an unusual share of attention.
The directors held long sessions
and 1t is understood that arrangements
have been completed whereby the com
pany will be enabled to pay off the
floating debt. The fact that capitalists
stand ready to take the collateral trust
notes is regarded as a most favorable
sign, showing as it does a feeling of
confidence in the future of the financial
situation. At the opening this morning
prices for stocks went up with rush,
the improvement being equal to IA q
per cent, and General Electric leading
the rise. Subsequently there was re-
action under the leadership of Distil-
lers, which fell OF from Is to 49, on the
talk that the issue of bonds was larger
than anticipated. The stock still later
sold at 10 and receded to II. Sugar was
conspicuous feature, and advanced
so to $50 on large dealings. General
Electric sold at TO- a rise of So from last
nights price. During the afternoon
there was a reaction of 14@l13 under
sales to realize profits, but rally of Is
to 35c followed, and the market closed
steady in tone.
The Post says: Returning dizziness
in the market with general SteadineSS
ill prices is, perhaps, the most reassur-
ing of all symptoms. More fortunate
than the bankrupt British colony, where
a check to the panic was yainly sought
in the unlucky proclamation of five
days business holiday, the situation
here seems to be slowly working out its
own remedy. The money market sup
plies the most peculiar problem. So
vast is Ill6 sum vi lul6 money Ill NOW
York since the last fortnigh's stock
exchange liquidation and so numerous
are holders who wish to put it out
within easy reach, that loans
on call scarcely find a market.
For time loans. on the other hand,
these conditions are absolutely reversed.
Normally the market for merchants
papers ought to have reaped from this
substantial benefit. There have been,
it is true, since the opening of the week,
material concessions to customers Of
highest grade. Yet even this leaves
rates exOrbtantly high, say per cent
for the very best. against 313@4 year
ago, and even under the approaching
stringency of 1890. Practically, too,
this easier tone does not affect at all as
yet the less substantial names, where
the need is perhaps the greatest. That
the merchants as a whole have endured
so successfully the monetary strain, Is
the highest possible tribute TO the gen
eral soundness of trade conditions"
The Total Sales of stocks
today were 1922, 800 shares, including: