The sun., 1893-06-30

| funds obtained in tho manner described were
| offered TO borrowers, the stock market had
| been weak and demoralized. Bear operators
were In control. and they were not slow in
| taking advantage Of the high rates for
money and the further decline In the price OF
| silver to 62 cents an ounce. That price was
recorded for the silver bullion certificates
dealt In on the Stock Exchange. and, as IL was
below the London price. and was brought
about by sales by an interest that has been
active on the short side Of the market, there
was q suspicion that the movement was to an
extent part Of the bear cam mpaign. The price
subseoue emily rallied to 65. which was more
nearly on a parity with the London market.
After the rate for money had fallen to
cent. the stock market rallied. chiefly on the
covering OF shorts. The more important deal
ings we're In st. Paul. which at the close had
recovered to the final price OF yesterday: Sugar
Refining and General Electric. which were
equally active and ecored netladvances OF 1H
q cent: c.. b. and Quincy, Western Union.
and Rock Island. These last closed frac-
tionally higher than yesterday. The only
two stocks that made noteworthy con-
tributions to the total transactions and
closed lower were Atchison and Chicago
Gas. or less active shares Denver and Rio
Grande preferred was most conspicuous. The
first price for It was four points below the final
figures Of yesterday. This. however. proved
to be tho bottom figure for the day. and more
than half OF the loss overnight was eventually
recovered. Lackawanna on light transactions
lost point and Jersey Central sold under par
for the first time in many montha The re-
mainder Of the list moved In unison with the
leaders, and at the close had made no par
ticular progress In either direction.
The July disbursements mag now be consid-
eree as fairly under way. since the Govern
meht half dozen Of the largest railroad cor
porations. and number Of smaller ones have
begun to anticipate the payments required OF
them on Saturday. The Union Pacific Railway
Company Is the last important addition to this
list. These payments and the action OF the
Clearing House Loan Committee will in all
probability prevent recurrence OF tho strin-
gency in the money market that was so
pronounced this morning. The market for
sterling exchange is weak and lower. and
importations Of gold would doubtless be made
but for the fact that the Bank Of England
declined to-day to name q price for double
eagles. and there are no fine gold bars in the
London market. However. II sterling drops q
point lower. English gold coin can be Imported
at q profit.
Bearing upon this last point 1t may be noted
that the price Of wheat in the New York mar
ket declined to-day to COX cents q bushel. the |
is certain to stimulate exports Of the cereal. |
Wall street read with good deal Of satisfac- |
ton to-day OF the closing Of many silver mines.
some that produce the richest |
ore. The decline in the price Of silver |
has also driven . number Of the largest |
smelters out Of the ore market. 1t looks as II |
there would be material decrease In the pro-
duction OF silver In the near future. q circum-
stance that will logically result in a recovery
in tho price Of tho metal In view ofthe exten-
sive use the United States is making Of silver
as basis for circulation, such a recovery
would be helpful in restoring confidence.
Tho absence Of news Of fresh commercial
disasters contributed to moro cheerful feel
ing in Wall street during the last half Of the
day. The inability of Philadelphia banks to
remit to their New York correspondents on
collections and other items is. how
ever. q serious matter. for it indicates ten
sion at that centre that cannot but cause
anxiety. The closing Of the stock market was
very steady at fractional reaction from the
best prices.
Final sales compare with those OF yesterday
n folloWR.