St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-02
FINANCIAL.
New York.

NEW YORK. Nov. 1.--Clearings. sl34, 277::
7Sl; balances, S., S9l ,6s2; money on call
tight ranging from q TO IL per cent; last
loan at q, closed offered at q per cent.
exchange quiet and heavy ut Si.s1 for
sixty-day bills and S4.s5 for demand. In
the stock market to-day the trusts were again
the allabsorbing feature, and Cotton Oh IN
particular attracted an interest which threw
oil other stocks and especially the railroad
shares, into the shade. Out of total OF
372 466 shares Of stock traded in on the New
York stock exchange to-day, the unlisted de-
partment furnished 205, 206 and the regular
lis. only ss sho C sSsps. OF
business. This difference was especially
noticeable in the first hour when the sales Of
the unlisted stocks were in the PROPORTION OF
three TO one of the railroad stocks ana OF
Cotton oil, $4,000 shares changed hands IN
the first half hours business. The fact that
to-day was holiday in London accounted for
a portion OF this discrepancy, but the uncon-
tradieted rumors in regard to Cotton Oh Tor
more. The annual meeting OF the share
holders of Cotton OIL was held to-day, and
was well attended. and II developed the
truth of the story that the earning have fall
en- about a million short of the estimates
given out and has reached only 81 ,60O.OuO
The utterances of Gen. Thomas also to the
effect that the properties in ,ne trust o are
showing that the shares have been
selling far in excess of their worth gave an
impetus TO the further decline estao-
lished. The crowd in the stock at the
opening this morning was very large, ana
the announcement that the three gentlemen
selected to positions on the board had re-
fused to serve gave the impression that some
thing must be wrong with the trust, ano the
selling assumed extremely heavy proper
tons Immediately. The bears and traders
were on hand and pursued the usual tactics
OF offering the stock down in advance of the
regular sellers. and. various stop orders be-
ing reached, the downward movement did
not cease until 32l2 was touched, net loss
OF 5I9 per cent from last evenings figure:
for the time being at that point,
and a rally to 35a followed but
this was succeeded by a renewal OF the sell
ing in the last hour, and it closed at 3314c.
Lead trust was attacked in sympathy with
cotton oil. and forced off to below zoe,
which disiodged considerable long stock.
The trading in it was very large, also reach
ing 81. $50 shares, but 1t was overshadowed
by Cotton oil. and Its movements were COM
paratively small. Sugar was like the railroad
list, inclined 10 strength in the forenoon:
and actually improved nearly per cent, but
felt the pressure at the last, and all OF the
improvement was wiped out. Railroad
stocks as long as they were left 10 their nat
ural bent advanced slowly, though the gains
were generally confined to fractions. Ten
earIv squirt, gain of about per cent; this
however. was afterward wiped out, when the
traders and bears got time to turn their at
tention to the stocks Of the regular list, which
was about noon. Missouri Pacific was ralded
and its price was broken nearly per cent,
followed by Chicago Gas and the grangers.
The other groups II stock were almost neg
lected. though there was some animation IN
Lackawanna and Lake Shore. which were,
with the other Vanderhits, conspicuous for
Tat Do Go. oil ont iyyn q n
after an early fractional advance declined l
per cent, closing fraction lower than last
evening The news with bearing upon the
values of railroad stocks was generally OF
favorable tenor, but had no effect against
the raiding the list received. The close
was fairly active and heavy to
weak about the lowest prices Of the day:
The final changes show large majority OF
losses, and while Chicago d Eastern Illinois
preferred is up l per cent. Cotton Oil is
2ss EACH Lead Trust 70 and Burlington q
Quincy per cent. Railroad bonds were
quiet and without special feature beyond
the continuance of the upward movement IN
the Gulf. Colorado d. Santa Fe issues. the
firsts rising to 1GSl2, and the seconds to
70. TIE sales of all issues reached 81, 2O9.-
600. The Posts financial article says: The
excitement in the trust stocks overshadowed
everything else in the stock market this fore
noon. and this. together with the
London. and that consequently there was
no trading in American stocks there.
left railway stocks very much in the back
ground to-day. The statement made in this
column last evening that the heavy selling
was due to the discovery by a few that the
earnings of the trust for the year were only
about 81, 500, 600. instead Of $4,000. 600, as
had all along been given out by the officials,
of course caused more selling this morning,
but in addition to this there is struggle at
the annual election to-day to put Moses Goss
and Flagler out of the board because they
are opposed to the proposed change from
trust to regular corporate stock company.
II was the doubts about the accomplishment
of this desirable purpose of making it q
regular stock company, together with
the demoraliZing discovery in regard TO
the earnings, that caused heavy sell:
ing of the stock again this forenoon, and
caused the decline to 32l2 in the first hour.
1t was the general suspicion cast upon all
trusts by these facts rather than anything
special that carried Lead Trust down points
in the same time. Governments dull and
steady State bonds dull and firm. The
total sales of stocks today were 372, 1855
shares, including: Atchison, 4, 800; Canada
Southern. 4.O15; Delaware, Lackawana &
Western, 1892; Denver. Texas IL Fort
Worth, $50: Lake Shore. 8, 295; Louisville
& Nashville 1000; Missouri Pacific, o.
160; Northern Pacific preferred. 1921;
Reading. So o; st. Paul, 1885, Union
Pacific, 23,Z90.