St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-23
FINANCIAL
New York.

New YORK, March %. - The tone
of the Wall street market for securities
showed a distinct improvement today,
owing to the smooth working of the
market and the fact that up to the pres
ent time no gold engagements have
been reported for this weeks steamers.
The professionals eyinced disposition
to take the bull side because OF belief
that the government Will shortly an
nounce the issue OF gold loan, and also
for the reason that an advance III rates
by the Western roads Is looked for.
The dealings, although comparatively
small, were well distributed, and the in
fiuences were also more general than of
late. The highest quotations as a rule
were made before l o'clock, ana showed
an advance on yesterdays closing fig
ure of LW2H per cent. with the indus
trials. the cualers, Manhattan and New
England in the lead. In many instances
a material Improvement took place on
comparatively light offerings. During
the afternoon Chicago Gas declined
from SS55 to 81. and Lackawanna from
l4l3{ to 1907. The former was in
huanced by advices from Chicago
that the committee on gas of
the Chicago common council had
reported favOrably two ordinances for
new gas companies and the latter by
an announcement that treighlS on
anthrG cite coal from the mines to tide
water had been reduced 10 cents per ton,
to take effect April l. The general
market sympathized with these stocks
to some extent, but the reaction was
short lived, and toward the close a rally
of 4 to q per cent occurred. The i'm
prOvement was partly due to a rise in
4 ~ o,.lx-
in the daV on purchases attributed TO
Austin Corbip and his friends. The
market closed firm IN tone, with prices
anywhere from & to ~ per cent above
last nights final figures.
The Post says: Positive action on
bond issue, Oh which London seems to
still be confident, need not be expected
until the Western banks cease 10 offer
gold to the government and until heavy
exports of specie are resumed, Both
of these events may be for some time
postponed. The readiness of interior
banks to exchange gold for currency,
like the hesitation of gold shippers to
make fresh contracts, arises from the
sharp demand for currency in the i'll
terror. Small notes, as is well known,
are always preferred where business is
stirring in the grain trade. 1t is worth
keeping in mind, however, that the
supply of gold in the hands of interior
national banks is at best exceed
ingly limited. All the national
banks in the country, in their
statements to the comptroller
i'll December, reported gold coin hold
| ings of S94, 754, 1928. Subsequent gold
exports, allowing for the proportion
| drawn from the treasury in exchange
for silver notes, must have apparently
| reduced this sum to $50, 00O. 900, and all
but SS,OO0.OOO or 100000 Of this is held
III New York city.
The Posts London financial special
says: Americans were higher today on
a telegram saying that Pierpont Morgan
had been charged with fresh negOtia-
ton of $50, 600, 600 in United States gov
| eminent bonds for gold. This report
was secuted in the best informed quar-
tiers on the ground that MIR. Morgan is
politically opposed to MI. Cleyeladd
but very little suffices to turn this mar
ket.