St. Paul daily globe., 1893-08-04
FINANCIAL.
New York.

WALL STREET. Aug. 3.-The traders
at the stock exchange played for re-
action today on the theory that veSter-
days sharp rise would bring long stocks
to market. They were assisted in their
operations by tue breaking out of fresh
troubles in banking circles III Chicago,
by the advance in the Bank of England
rate of discount, and higher rates for
sterling exchange here; and also by the
unprecedented scarcity of currency, for
which various premiums were paid to-
day. The large issue of clearing house
certificates was still another cause for
the decline. 1t was noticeable, how
ever, that despite the eff orts of the
bears the market was comparatively
free from excitement, and that the drop
in prices was brought about at the eX-
penSe of material increase in the short
interest. AT the start some stocks scored
sharp advance. General Electric
and Chicago Gas, moving up
the market yielded to 635 per cent, the
latter III Chicago Gas, which fell off
from 90 to 4656. General Electric de-
clined So, to 46; Sugar ~, to 6955;
Manhattan 3$l, to 10S14; Burlington Il
Quincy so, TO rs; Rock Island 33S, to
563S; Western Union 3, to rs; st. Paul
3, to 5l35; LackaWanna 3${, to 1876, and
the remainder OF the list 12(0213 per
cent
Just previous to the close there was
rally of 1902 per cent. the latter in Bur-
lingtOn * Quincy, and speculation left
off steady at the recovery. Taken alto
gether the market received more effec-
tive support when raided than for
many days past.
Railway and miscellaneous bonds
were firm and higher. The sales footed
up S1,2l6,00O, against S1,643,00 Yester-
day.
Hooking Valley 5s rose 2 to II; Inter
national & Great Northern DDS, ~ to
54%; Texas Pacific lists, TO G2, and Wa
bash 2ds, 2 to 65.
Colorado Coal q Iron 6s fell to 95;
Houston IL Texas Central general As,
2}4 to 60; Illinois Central As of 1851, ) TO
104; Morris IL Essex lists, 4 to
eral 5s, 245 to s71!; Oregon
Improvement 5S, 5 to 10; Oregon Short
Line and Utah Northern cOnsol 5s, So
10 go: Peoples Gas and Coke of Chi
cago 2dS, to 9S; st. Louis u San Fran
cisco general is, ? to 100: st. Louis X
San Francisco consOl As, to 50, and
Union Pacific gold IS, ) to So Chicago
~ Erie incomes brought % against 90,
the last reported sale. General Electric
debentureS 5S, after rising | to 72, fell
to 10. Northern Pacific c0nsOl 5s rose
% to 4455s and receded to 42l5. Denver
IL Gulf tirsts, after rising 2 to 80. fell TO
4S.
NEW YORK, Aug. 3.-The Post says:
In spite of the sharp advance in sterl-
ing exchange which carried demand
rates today more than l cent pboye yes
terday forehOOn'S prices, the Bank of
England continues to sell American
gold coin. Today g, 435, 900 more was
taken for export to New York. This
may be the last withdrawal for the pres
ent, but the advance in the banks min
imum discount rate today was less
than had been anticipated, and
the simultaneous rise in Paris
exchange on London opens the
possibility of a drain for our benefit on
the gold fund of the Bank of France.
1t Is not to be supposed that such a
movement will necessarily be immediate
and heavy. Lond On's gold shipments
OF the present week are largely antici-
patlVe, based as they are to a consider
able extent on sales of exchange against
grain purchases for future months. The
French importers may not choose thus
TO anticipate their bargains, but it is
certain nevertheless that sooner or later
the exceptional ing uiry for our fodder
crops will come less from England than
from the European contiDent. The
Bank OF France has S16,0OO.000 more
gold than it held year ago. and 500
UOO.UOO more than it held in 1891. 1t is,
therefore, In that quarter that the real
supply for our future accommodation
rests.