St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-21
FINANCIAL.
New York.

NEW YORK, July 20.-The stock mar
ket, under the influence of a sharp rise
of quotations IN London and liberal
buying orders from that center, opened
strong and improved to the extent of %
@312 per cent. The rise was checked
by sudden break of 81 per cent in
General Electric to 5l15, but it was
noticeableithat the market was compare
lively free from those sudden relapses
which have occurred day after day for
some time past. Even when General
Electric broke another points to 4615
under heavy pressure and all sorts of
rumOrs were in circulation about the
financial condition of the company, the
reaction in the general list was by no
means large. Sugar yielded 2 points
from the highest, and other leading
stocks q to ~ per cent. The attack
upon General Electric was the over
shadoWing feature of the days tranSac-
tons. 1t was currently reported that a
decision in case OF great Importance
had been rendered against the company.
that the concern was in financial straits
and receivership imminent. Officials
of the company emphatically denied
the rumorS affecting the credit of
the concern and shortly before
the close it became known through
dispatches from Milwaukee that Judge
Seaman, in the United States district
court. had granted an injunction against
the OcOntO Manufacturing company,
thus upholding the validity of the Edi-
son patents in the incandescent lamp.
On this General Electric recovered 10
4919Q4954, and the general market raj
lied from the lowest. Final quotations
III majority of instances were above
those of yesterday. The net gains va
ried from q to PA per cent. London
was credited with purchases of over
$4,000 shares, and it was reported that
leading bear operator had covered an
extensive line of shorts. The ease
with money on call, the importa-
tons OF gold and the Increasing
exports of grain caused a favor
able influence on the market. The buy
Ing OF fractional lots of stocks for i'll
vestment continues, and the transfer
offices of leading railroad corporations
ale kept busy in breaking up bull lots
into certificates for odd lots. There was
brisk borrowing demand for Rock
Island, Burlington, Louisville IL Nash
vile and General Electric and other
active shares, some of which command
ed premium for nSe. Among the
specialties Pullman jumped 3$I, to
156, and American Tobacco 4, TO 50, but
the latter afterwards broke to 5315.
Manhattan rose 81, to 1867, and left
off at l 1872. The market closed firm in
tone.
Foreigners Are Bhying.
NEW YORK, July 29.-The Post says:
With all that has been fictitious in the
recent transactions in our stocks Tor
London account, there has been some
genuine investment trading, and singu-
larry, contrary to expectation, this has
toll ha oh %
tOreignS. A few days since such was
the cloud of dust stirred by interna-
national bear spectators, Wall street
had come to think that securities were
already OIL the way from London to New
York. The sterling exchange market
was advanced with this III view, but the
advance soon proved mistaken Specu-
lation. Today the truth of the situation
was disclosed by unmiStakable evidence,
the heavy selling of security bills in
our local sterling market. The Infer
ence from this is perfectly obvious.
Gloomy as London's own prevailing
sentiment mas become, there is price
at which its investors will buy our
stocks, just as we found, a month ago,
price at which its grain importers
would take our wheat. The one, equally
with the other, hastenS the time when
monetary relief must come through our
import of the Bank of England's GOLD.
At the present moment all the machin-
cry for a large shipment has been
arranged; DTt the conditions of our
money market and the rigid terms ex-
acted by the bank prevent the operation
until the quoted rates of sterling insure
a liberal margin of profit. These rates
were very nearly touched by today's
quotations.
The Total Sales or Stocks