St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-29
FINANCIAL.
New York.

New YORK, July 2S.-The stock mar
ket opened with sharp advance in
prices, partly in sympathy with the
improvement at London and continued
purchases for investment for foreign
and domestic accounts. The rise was
equal TO L003 per cent in many in
stances, but was subsequently lost under
safes to realize profits, as we'll as offer
ingS by the room traders, who seem
IOath,to desert the short side. The only
real sensation of the day was furnished
bv General Electric, which broke during
the afternoon to 81 Il, decline of AZ
points from the opening figure. All
sorts of rumorS were i'll clrcula-
ton to account for the break,
it being said that the dividend
payable Aug. l would be with
held from the stockholders and the
money applied to the liquidation of
pressing liabilities; also that an applica-
ton for the appointment of receiver
for the company was to be made imme-
diately. The directors held pr0tracted
ssIOn, and it was officially announced
long after the close of business that it
had been decided TO offer certain Secur
ties in the company's treasury to the
stockholders for the purpose of liquidat-
ing the floating debt of SI,0O0,0J0. Sew
enty per cent of this amount has already
been underwritten by friends of the
company. The sharp break in General
Electric, while il led 10 rumOrS of
probable failures, did not occasion auy
alarm among holders of other securi-
ties. and, although the market yielded,
as matter of course, the decline
outside of a few instances was by no
means heavy. Sugar fell off AZ; Big
-Four and Manhattan 4(9415, and the
rest of the list 1934 per cent. There
was comparatively little excitement,
and in the later transactions General
Electric rallied and other stocks 40
u per cent. The fact that delivery
hour passed without any suspension Oh
the exchange impaired little more con-
fidence to operators, as did also the
decidedly easier rates for money on
call. The railway bond market was
firm in the early dealings, but subse-
quently weakened. The sales were
Sl,046,0 900, against Sl,267,0 900 yesterday.
Atchison Is rose 2 to 6S19; North
ern Pacific lists, 2 to 5513; Chi
cago IL Erie lists. 2 to 81; Fort
Worth 81 Denver City Isis. to 10;
Kansas IL Texas As, pa TO IS; Manitoba
cousols. 2 to rs; Atlantic Il Pacific Is
415s. TO 66; Colorado Midland Is. to
10; General Electric debenture 5S, 81 TO
81; Kansas Pacific conSols. 3$4 to 100:
Michigan Central 5S of 1902, 2$4 to 1907;
Milwaukee, Lake Shore &WeStern tirsts,
to 1l6: Northern Pacific thirds, s TO So;
Peoria d Pekin Union tirsts, to 1O7;
Rochester IL Pittsburg tirStS, 5 TO lis; St.
Louis & san Francisco. Class CT to 101;
st. Paul general As, 4 TO 7619; Manitoba
secondS.4H to l12; Union Pacific tirSts of
1890, 6 TO l04; Union Pacific gold Us, 3
to so; Wheeling e Lake Erie firsts, 2 to
1O3. and ST. Panl w. IL n. 5s, 3 10 9S;
Colorado Midland firSts brought 3d.
against 105 the last reported sale
The Post says: AS was foreShadOwed
yesterday, the huge reservoir of gold i'll
the Bank of England has been tapped
at last, and at least S2,000,000 will be
shipped for New York tomorrow. On
both sides of the water this operation is
described as a special transaction, which
simply means that the banks require
only a low and unaltered rate of inter-
est on the money involved during the
period of transit. A similar arrange
ment, very much more favorable to the
shippers, served a year or two ago
the purpose of the French import
ers Of American specie. the pres
ent depression of sterling being
accomplished through the sale of grain
futures, exactly as the market of that
year was sustained through the reverse
transactions. Whether the large local
issues of loan certificates. today and
yesterday, have or have not any con-
nection with the gold transaction, is
immaterial. The further strengthening
of bank resources was advisable for
numerous reasons, of which the accom-
notation of gold importers was unques-
tIOnably one. The collateral arrange
ment to import and carry blocks of
American securities in London against
this shipment of specie is perhaps some
what unusual, but in existing circum-
stances it is very wise.