St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-27
FINANCIAL.
New York.

NEW YORK, May 26.-The stock mar
ket was far less active than yesterday.
The course of prices was irregular, but
the fluctuations, save in few instances.
were quite unimportant. The market
opened lower, in sympathy with Lon
don, but a rally ensued and later. under
fairly brisk demand, prices generally
went above last nights finals. Man.
haitian rose 8, to 1S41a; Sugar, ~, to 80;
General Electric, Us, TO 729s; Tennessee
Coal and Iron. g, to 20; American To-
'bacco, 3. to 90; Distillers, 214. to 1875,
and Consolidated Gas, 81, to 13419.
The last mentioned was favor
ably affected by the action OF the
directors in raising the rate of quar-
terly payments from . to 2 per cent.
The failure of the Foster Banking COM
pany, of Fostoria, o., of which eX-Sec-
rotary Foster was PRESIDENT and the
engagement of &, 100000 gold for export.
to Europe induced the bears to make
raid on the market during the after
noon. Manhattan dropped 5M to 1881
on reports that at the next meeting vi
the rapid transit commission it would
be decided to invite bids for the con-
struction Of new lines. Consolidated
Gas, General Electric. Sugar and Ten
nessee Coal and Iron reacted 1902
points. The leading shares like the
Changers, Atchison and New York
Central and Lake Shore closed with
merely fractional net changes. The
market closed rather weak in tone.
The Post says: 1.-Two millions in
gold will 90 out to England OH bankers
shipments tomorrow. raising the total
export thus far in the year to the UNI
paralleled sum of S60,000,00 The figure
is worth remembering, because the reg
ular gold exporters are pretty we'll
agreed that Saturdays shipment will
bring to an end the execution of the
European orders. There are possible,
i'll the international movement OF specie,
two quite distinct operations. and i'll the
recent sterling market both have played
their part. A banker may ship gold, and
cover his transaction by sale of his own
bill of exchange. He may. on the other
hand. sell exchange bills drawn by him
self or sold to him by other drawers, and
cover by gold shipments. The second
Of these transactions is usually known
as normal" yet it has figured rela-
lively little i'll the exports of the year.
What is now stated is that the ship
ments covered by sale of bills-in other
words. the outright purchases of Amer
lean gold-have practically reached an
end. Europe, probably Austria in par
ticular, has had its orders filled ard for
the present closed its books. Whether
the regular export of gold to cover for
eign debts will cease, may prove an
other question. AT the moment there is
fair commercial profit in the tranSac-
ton.
Bradstreet's Weekly Review of Wall
Street will tomorrow say: The exist
ence of an extensive short interest in
narrow market has sustained prices in
the face of the absence of a buying de-
mand. London has recovered from the
shock of the Australian crisis, and,
while Indifferent toward "AmericanS,"
no longer eXerts depressing influence.
Prices have in most instances fallen
to level which affords re-
sistance to further artificial de-
preston. and the bear party meet with
little success, save in a few isolated
stocks, which are for special reasons
susceptible to attack. On the other
hand. the market shows disposition 10
respond to any favorable turn in events,
and. though rallies in the general list
were badly sustained, they were of tre-
Quent occurrence on covering by the
shorts. The gold shipments aCgregat-
ing S4,000,000, the closing OF small
national bank here and similar occur
renceS elsewhere had no appreclaDle
influence, while such incidents as the
attempts to break Distillers' and Cen
era Electric, and the decline Of
Richmond Terminal on the announce
ment of the reorganization seemed 10
make no impression upon other values.
1t remains to add that the market was
entirely professional in character, and
the profound dizziness prevailed at in
tervals throughout the week, though at
the close on Friday a weaker tone APP
peared in the market, due TO the denial
of reports that the special session of
congress would be called as early as
Aug. l. and to the Discrimination OF
traders to remain long of stocks over
the holiday OH Tuesday next. The rail
road share list was not active, and pre-
sented no special features.
The IofnI Sales nr Efocks