St. Paul daily globe., 1893-03-14
FINANCIAL.
New York.

New YORK, March I3.-The week
opened with comparative quiet in the
Wall street markets. The only import
ant fluctuations were in the induStrlalS,
which still absorb the bulk of the specu-
lative interests. The market for rail-
way shares. especially the Western
stocks, was, on the whole, somewhat
firmer, chiefly because of advices from
Chicago from prominent railway Off
cials in that city that the backbone of
the strike had been broken. On dis
patches to this effect, and that the en-
ployes had signified their willing
ness to compromise, there was
a fair demand for the grang-
ers, which improved = to /
per cent. The rise was partially lost
near the close, when the rate for money
suddenly advanced to - per cent, and
Sugar broke badly on rumorS that the
payment of the extra dividend OH the
common stock would be eniOined by the
preferred stockholders on the ground
that it places future dividends on their
own stock in jeopardy. The coal shares
and New England also moved up 1Q1t4
per cent. but subsequently lost most of
the advance. New England sold down
from 114tO251%, and closed at 25$I against
26l5 Oh SATURDAY. The doubts surround
ing the result of the New England elec-
ton. which takes place tomorrow, and
about the character of the forth coming
report of the-feceiyerS of the Reading
cO-uperated against these stocks this
afternoon.
Among the industrials, Sugar and
General Electric were among the feat
ures. The former sold up from 1861 TO
1869, eX-diyidend of Is per cent, ana
ruled firm until about O'Clock, when it
gave way suddenly under a perfect
flood of sales in consequence of the ru-
mors already referred to. The price
declined to lO335 and, after rallying to
1915, gave way to 1925. General
Electric, on heavy purchases by lead
ing banking houses here and in BOS-
ton, sold up from 100 to 1915 and
ended with a net gain of II at 1927.
and later lent fat. The rise was due to
the denial of rumOrs which have gained
currency of late derogatory to the COM
pany. 1t is stated on excellent author
ity that the annual showing will be
favorable and that the regular quarterly
dividend of per cent will be paid. The
other industrialS. which had advanced
16002L per cent in the early trading,
gave way to the extent of 1z@14 pei
| cent in sym l.thy with the break i'll
! Sugar. The market closed weak, but
| with the railway list on slightly high
er range than OH Saturday.
! The Post snys: "JOday's money mar
! ket remained ina somewhat nervous
/ condition. reflected not by last weeks
| eXtrayagant bids for call loans, but by
much irregularity and an average rate
| of nearly 10 per cent. The compara-
lively small return of funds from the
interior by tOday's mail was partly a
| cause Of this, and Saturdays bank state.
and its influence. Stock market prices
/ did not reflect the course OF the money
market, but sterling exchange opened
! the week in state of complete demor-
aliZation. The TWO most striking illus
tratiOns of the present ultra-cOnserv-
atism among city banks are to be found
iii their course regarding commercial
paper and foreign bills. AT the mo-
ment, it is practically impossible TO ne
gotiate either, and in both branches GUS
toners are forced to wait for accOmmO-
dation untll the funds lately shipped to
the interior again pUt in an appearance.
The cessation of gold exports, nOtWith-
standing large shipments were ar
ranged for TWO weeks or more ago, has
been practically forced by the banks.
In the nature of things, therefore. this
interruption of the gold movement can
be only temporary. The fact that if
occrrred simultaneously with the ten