St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-28
FINANCIAL.
New York.

NEW YORK, June 27.-The stock mar
ket Opeued feveriSh and unsettled, but
outside of General Electric. which de-
clined 214@65l4, the losses were con-
fined within range OF d to per cent.
The downward movement was soon
checked by the placing OF buying orders
on liberal scale in many OF the Lead
ing stocks. The fact that the banks
did not find it necessary to take out
additional clearing house loan certifi-
Gates. and the knowledge that the cur
rency shipments to the West had prac-
tcaIly ceased encouraged the bulls to
assume more aggressive tactics. me
shorts were considerably alarmed,
and the purchases accelerated the
upward movement. 1t was reported
that 100000 gold had been engaged in
London for shipment to New York, and
that the directors of the Delaware.
Lackawanna d Western, at their meet
ing on Friday, would raise the rate of
quarterly dividends from IL to 2 per
cent. Both rumors were subsequently
denied, but, nevertheless, the market
continued to improve. The advance
ordered by the Eastern and Western
coal sales agents had stimulating
effect, as did also the statement by
those closely identified with the General
Electric company that the usual quar-
terIy dividend of per cent will be de-
clared during the current week. The
improvement in prices was equal to 40
in Lackawanna. ~ in General Elec-
trio, s5s il American Sugar. 8
cago Gas and 15@2 per cent III the
remainder of the list. Late i'll the aft
ernoon there was a reaction of 19@A
per cent, but the decline brought i'll a
fresh hatch of buying Or0ers and par.
tial recovery ensued. Among the spe-
cialties American Tobacco broke 81 to
$50, recovered to 81, and finally reacted
to 56I and 5615. Tennessee Coal and
Iron was heavy, selling down to 1874.
The market closed firm III tone.
The Post says: Zone of tina features
of the day was the further collapse in
the price of silver bullion, which, after
after drop of Sc per ounce yesterday,
took another sharp plunge today Of 4c
per ounce. thus making drop OF &c in
the two days and bringing the bullion
value of a silver dollar down to frac-
ton more than SIC. The reported clos
ing of the Indian minis to the free coin
age Of silver had little marked effect
upon the market, although attention
was called to the fact that, while this
country waits to be coerced into repeal
ing the Sherman silver law by a period
Of financial distrust and embairass-
ment, the British government fore
stalled possible disaster by repudia-
ton of this counlry's policy of absorb
ing a deprecated metal into the cur
rency."
NEW YORK. June 27.-The Posts
London financial dispatch says: Moth
ing was discussed today except the sill
yer question. Americans had been fiat,
but recovered their tone at the close.
Rupee paper rose to II eX-diyidend,
equal to 704 net.according to the pecul-
lar reckoning here. Money is cheap
for the settlement-2 per cent-with
margins on American contangoes of
from to per cent. The India council
sold telegraph transfers at shade over
16 per cent. Bar silver fell penny to
So pence, at which there was buying for
the continent. There was no demand
for bar gold in the open market. Eight.
cen thousand pounds were bought by
the bank, and one hundred thousand
came from Egypt"
Tho Totoy 2aJon n Gtooks