St. Paul daily globe., 1889-07-04
FINANCIAL.
New York.

New York, July 3.-Clearings, 8. $143.s47,-
100; balances, 50, 236, 404. Money Oh call
easy at 2@l312 per cent; last loan at 2l2;
closed offered at DIP. Prime mercantile pa
per, 4@524. Sterling exchange dull but
steady at SO for sixty day bills and 81 SO
for demand The stock market today was
feverish and weak, especially in the first
hour, and although there were material raj
lies, the losses were in few instances recov-
cred and the result Of the days operations is
to leave prices for the majority of the list ma
terially lower than last evening The news
from the West this morning was decidedly
bearish. the st. Paul roads having
all resolved to put in force the low
commodity tariff of the Chicago, Bur
hngton q Northern, while it was reported
Missouri river points and other directions, by
the Western roads, were reported. This nat
urally created very bearish feeling, espe-
cially upon the grangers, and at the opening
of business Chicago was heavy seller of
those stocks, while first prices over the en-
tire list were lower than last nights closing
figures. Liquidation of long accounts was in
order, and the beariSh feeling extended to
the entire list, although the grangers were
the central point of attack, and Rock Island.
Burlington and st. Paul bore the brunt of
the selling. The greatest impression was
made upon Rock Island. which dropped
per cent in the first few minutes with Bur
lington and Northwestern following, each Of
winch lOSI over L per cent Ill tnat
time. Several stop orders were reached and
the long selling kept pace with the sNles for
the short account, and the liquidation was
heavier than has been seen In long time.
The general decentralization was increased in
the first few minutes by drop or over per
cent in sugar refinerie3 to 1l2, on the story
that the properties had been mortgaged for
S5U,000,0O0, and, although the story was
officially denied, only portion of the loss
was recovered. The first squirt lasted about
half hour, when the reaction came, but the
recovery did not bring prices near the open
ing figures. Prices crawled up, however,
until Atchison, which had been held firm
during the break of the forenoon,
suddenly gave way and dropped about l "A
per cent. The rest then dropped, but when
Atchison recovered, which it did about de-
livery hour, a firmer tone was shown, and
the best prices since the first decline were
established Lead Trust moved up sharply
in the last hour, but toward the close every
thing yielded again, and the close was qniet
and weak. Among the low priced shares
there were some marked movements, and
Erie preferred dropped 1l2 and Distillers'
Trust 2c. Railroad bonds were quiet, the
sales aggregating only ST., 154, 900, and only
Chesapeake & Ohio 5s, which furnished
S1S0,00O to the grand total. The mar
ket was rather heavy, with slight
fluctuations. and important changes are
few in number with declines rather the more
numerous. Reading thirds lost 24@54Ac,
Government bonds have been dull and
steady State bonds have been dull and
featureless. The total sales of stocks to-day
were 26S,0l shares including Atchison,
$4,000 shares; Delaware, Lackawanna d
Western, 1900; Erie, 8, 800; Missouri Pacific.
7,61O; Northwestern, 1885; Northern Pa
Paul, 33. 100: Union Pacific, 19, S57; West
ern Union, 1891.