St. Paul daily globe., 1885-06-06
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, June 5.-The Northwestern
dividend yesterday did not help the market
much to-day. Everything opened about us
it closed, but then followed a little break.
People who began to buy New Jersey Cen
tral on the theory that the proposition of
the Baltimore & Ohio would help it are dis
appointed. The failure of the crops. which
is helping the price Of grain, is now acting
the other way i'll the price OF stocks. The
market opened %@M lower. the latter for
Delaware II Hudson. The feeling at first
was weak and values slowly declined, then
rallied trifie and then went down a second
time The particular feature Of the mar
ketS was the weakness in the Grangers. and
Northwestern during the forenoon
went down 10 90 and St. Paul to 63ll.
Whether the report is false Or true, the
official statement OF yesterdays proceedings.
declaring that a quarterly dividend OF 4
per cent. on the common stock and per
cent. on the preferred was voted instead of
a Semi-annual dividend Of 81 per cent.
This statement gave
WEAK TONE
to the market. but later came telegram
from the Northwestern officials correcting
the error and stating that the error was
purely clerical, and that 81 per cent.
''semi. annual instead Of quarterly" is the
correct statement. Union Pacific was left
to itself. apparently. and sold off with the
rest of the list. Lackawanna was down to
1O1 and New York Central to S219. The
whole line, in. fact. looked feeble and Kansas
& Texas was off to 1879. All the
famboyant bull promises and prophecies. so
freely distributed of late by the Could
White-Morgan party, have passed by like
the signing of the wind. People have come
TO lcok upon any statements sent ont from
Wall street by these sources as so much pre-
tense deliberately put forth to deceive. The
earnings Of the Omaha for the fourth week
of May decreased S21, 600. Slight rallies
occurred at the finish. but the market closed
considerably demora!ized and appears to be
inding a level from day TO day. The clique
leaders are evidently reducing their load and
getting from under their fayoriteS as best
they car.
NEW YORK, June 5.-Governmens bonds
have been quiet but strong final Guotations
showing Slight advance in most cas- :, but a
decline OF % per cent in tile currency skies
State bonds have been strdng on Il moderate
business Quotations for Some of Missouri
and ether Southern issues show an advance
the price UlU OF l. TO per ccHU. ne Fali-
way bond market has been much less active
to-day the total sales being only 81, ,296.000, a
decrease from yesterday of over 0O0,
bat the safes OF Erie second were only
S46l Gt0. and the West Shd IRE frsts, SlIS.Ge1
INC rest Of the business Was well distributed
Prices this evening. fss compared with
LAST previous sales, hre irregt lar. rhe
.nurlsct having been weak duging the
caliy part Of the Gay, but recovering por-
tionsof She loss in the last two ours. 4
steady drive. accompanied by some realizing,
has been made to-day against sou of the
leading active stocks, notably Lacliawaniia.
Union Pacific and New York Central. result
i2gin decline in the price OF the first men
toned of nearly per cent. The market
opened weak and dull, without any important
re actions during the day and slowly but
steadily yielded on limited transactions until
after O'Clock, when there was more de-
cided break in the more active stocks. which
was checked only Il few minutes before the
close OF the board. In the
FINAL TRANSACTIONS
there was a rally of 1Q% per cent, with
Lackawanna gaining a. and the market gen
orally closed barely steady 1T the improved
quotations. While the extreme declines were
therefore in q number OF Instances consider
ably over per cent. the net result Of the
days operations is 4 loss of l5@f4 per cent.
except Union Pacific. which is down l per
cent. ana Lackawauna Il per cent. st. Paul
is, however, only "a and Lake Shore 4 per
cent. lower. The street was comparatively
free of news of Il character TO iniinence the
market and weakness is ascribable only on
the attacks of leading bears, accompanied by
q willingness on the part of bear cliques 10
permit reaction. With the present extreme
condition of the money market and the alb
normal amount OF surplus capital awaiting
investment. even at the 1Gl2 per cent.
per annum, there is not bear
operator on the street who does
not admit the power OF the bulls TO sustain
the prices. whenever they are SO inclined.
The question i'll dispute would be rs TO the
ability of the Clique TO sell their stocks ut
present quotations. The announcement that
the Union Pacific earnings for the month of
April would show decrease Of S2l t.000 as
compared with last year, is met by the coun-
reinstatement, made by friends OF the COM
pany, that the real decrease was only $1O5.-
eco, the new management having adopted a
plan of distributing
THE CHARGES FOR TAXES
and other payments throughout each month
of the YEAR thus making the difference The