St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-04
FINANCIAL.
New York.

New YORK, Feb. 3.-Clearings. S1O7,-
1882; balances, S9,716,33l. Money on
call easy, at 3 TO per cent: last loan, 3l2
per cent; closed offered at 3l3 per cent
exchange quiet but firm at 81. S4Ia for
sixty-day bills and S4.97I2 for demand.
The stock market was weak to-day almost
from the start, and while there was only a
scored in some stocks were large, and every
thing traded in With few unimportant ex-
cepuons Is lower this evening. The opening
was marked by a firm tone. though there was
no special feature outside of Pacific
Mail, which was advanced again by
the Rufus Hatch party to the best figures yet
attained; but Notwithstanding the repeated
assertions that the movement was based on
the merits of the property only and not upon
hopes of subsidy, the stock was unable to
hold Its advantage and sank away l2 per
cent from its best figure. The bears received
some announcement from the continued
stocks, and although the Flower party de-
MED having SOLD any of their stock and were
openly advising holders not to part with
their shares, there was marked lack of buy
ing orders brought out by the decline Two
stories were started to account for the weak
ness; one being that parties who have exam
lned the property, with view to purchasing
were dissatisfied with 1t and had started
liquidation, and one that the reports of the
passing OF the dividend had been started by
persons who waited to get the stock at a
lower figure. The subsequent weakness in
Rock Island gave color to this latter theory
as the same people who control chicago d
East Illinois are also prominent in Rock
Island. The weakness in Chicago d East
Illinois checked the improving tendency in
the general list but 1t was not until the bear
attacks upon Rock Island that the decline ex-
tended to the general list. The Chicago
party Joined forces with the bears and the
grangers were all attacked, but without spe-
cial effect until the issue Of The statement Of
cember, with its decrease in the
net of $1,000, when everything
gave way more freely, and in the
grangers material losses were sustained
this movement, but attracted little attention
The Chicago d East Illinois stocks rallied
partially, but the rally had noapparent effect
upon the rest of the market, aud the down
ward movement was continued right I'D to
the close, which was weak at the Lowest
prices. The coalers were active but we'll
held throughout. as was also New England
The final losses of Importance include: Chi
cago d East Illinois preferred, 4; for the
common, i a; Sugar, 2ss; Rock Island. 26s !;
Northwestern, les; Colorado Coal, Burling-
ton d Quincy st. Paul and Lead l per cent
each.
Railroad bonds were less active the
sales for the day reaching onlv
81, 100000, which was specially evenly
distributed, while the tone of the market was
weaker than usual of late and declines are
more numerous this evening though the i'm
portant changes in quotations are few in
number.
The Post says: There is no business con-
necuon between the Rock Island and the
East Illinois as corporations, except that the
same individuals have been prominent in the
management of and the manipulation of the
stocks of both properties for number of
days, and 1t was conceded that the East Hi
nois dividend Will be passed. This party ap-
pear to have prepared for and aided de-
cline. which they hoped would be large
enough to enable them to get their stocks
back at price low enough to make up the
losses they would have suffered by
the legitimate decline Chicago specu-
huenceo by the manipulations of Rock Island
and were sellers of the granger stocks. lou-
don was doing very little, except selling q
little Louisville & Nashville. The perennial
TumoFs aoout New England coming into New
York by connection with the Manhattan
Elevated or any other road, or being made
part of a short line to st. Johns. etc. etc.
were all denied again this morning by the
parties who were reported to be making the
arrangements. and so the speculation in New
has been all the time for half dozen years.
Considering all the disturbing events of last
week, winding up with a favorable
bank statement and the lack of any
support to speculation from London.
Chicago or anywhere else out of New
York. the stock market gave such evidences
Of strength as promise higher prices with the
first favorable developments in any connec-
ton with the money market. The fact that
the 6 per cent dividend on the Wisconsin
Central preferred stock sc, 900, OUO) was
made cumulative from July /, 1887, while
the per cent interest on the income bonds
5000, 900 outstandingl was made non
cumulative, has raised the question as to
would take precedence of the interest on the
incomes. The Wisconsin Central officials