St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-04
FINANCIAL.
New Work..

NEW YORK, June 3. -Clearings, S269.507.-
O97: balances, SlO,679 234. Money on call
easy, ranging from 3l2 to 6 per cent; last
loan 3I5, closed offered at 3l2. Prime mer-
camille paper, 41S@6l2. Sterling exchange
quiet and barely steady at 81 "a for sixty day
bills and 81. SO for demand. The stock mar
ket to-day was comparatively quiet only
Sugar refneries showing activity equal to
that of the past few days; and W lille, owing
to false report OF decision of the court of
appeals against the trust. the market was
feverish and unsettled for the entire fore
noon, marked strong tone was developed
later and material advances were scored
right through the entire list, and the upward
movement ceased only with the close OF bus
mess. To this result considerable good news
contributed, and the money market failed to
show any OF the scarcity noticed just before
the close last evening. Among the most III
fluential factors in the rise were the news
that the Western roads had finally agreed
upon new passenger association, the state
ment that the Rock Island will show over
per cent earned on the stock after paying
large amount OF extraordinary expenses, one
that the Northwestern's report for the year
will be the best ever issued. and
the renewal of hopes OF asilver bill on
the expectation that discussion III
day. The feeling on this point was shown
by new advance in the price of silver, and
the feeling upon the money question was al
together more settled than for long time
past. The opening of the market under the
influence of higher London figures and
good London buying was strong, but 1t was
met at the outset by report that the court
of appeals had rendered decision declaring
the sugar trust illegal, which precipitated
further decline in Sugar after its opening
down LIP per cent at 71l2. There were fire.
quent and violent Quotations OH the subse-
quent denials of the report and a drop to
67l3c was followed by rally to over II.
but it afterwards got as low as 81, finally clos
yatE 20
stronger than sugar. but it sympathlzed
closely with its movements, and scored some
wide fluctuations. When the trust matter
had been cleared up, there was given room
for the legitimate influences to have their
effect and good demand from the commits
sion houses soon started the list on its up
ward march, the advances continuing
throughout the remainder OF the day. In
the early dealings both Lackawanna and
Richmond & West Point were specially weak.
but they recovered handsomely, ana both
show gain for the day. The Vanderbilts
grangers. and specalties led in the adj
vance, and many stocks are higher than
last evening. The covering became promi.
nent toward the close. which was active and
strong at the best prices of the day. Among
those which are higher tonight Chicago Gas
rose 31s; Missouri Pacific, Us; Manhattan,
ia; Mexican Central. 15s: Canada Southern
and Big Four, 1ls each; St Paul, lss; Atch.
ison, Lackawanna. Northern Pacific pre-
ferred and Union Pacific "A each, and Bur
lington q Quincy and T'ransconunental, ! 1S
each. while Sugar shows loss of per cent.
The dealings in the railroad bond market
were still upon the same moderate scale, with
no very pronounced tone, though most of the
list were steady to firm throughout the day.
The final changes are Insignificant. The
The advances include San Francisco
s srnment BONDS have 10 been no duh AND
steady. State bonds have been entirely
neglected. The Post says: Had it not been
for the heavy decline in Sugar Trust, coming
so quickly upon the heels of that in Chicago
Gas, there is reason to think the general
stock market would have shown much
higher prices to-day than yesterday. Even
as it was. all the Vanderbilt stocks and all
the grangers, together with Union Pacific,
Missouri Pacific, Louisville and Nashville,
and also the coal stocks, were MOLE per
cent higher in the forenoon than they closed
yesterday. The outstanding short interest in
good many of these, especially Union Pa
cific, Missouri Pacific, St Paul and Atchison
is so large that any attempt to cover IT must
result i'll an important advance In prices.
The liquidation that resulted from the furry
in the trust stocks has been pretty thorough,
the weakest holders of stocks have been
pretty well shaken out, and it is apparent
that the sudden eruption of bearish opinions
circulated through the news agencies, and
by other methods in the street, is intended
to depress the market for the purpose of
buying stocks, both for the long and short
account. London was evidently buyer of
stocks to-day, as was shown by the
higher prices for the Vanderbilt stocks
and the lower prices for ster-
ling exchange, in consequence Of the in
crease of bills to pay forthwith. Money is
abundant and cheap in London and also
everywhere in this country. and the bidding
up of the rates here just before the close of
business yesterday was only another devise
for depressing the stock market. The total
sales Of stocks to-day were 338. COZ shares,
including Atchson, 39.315: Delaware,
Lackawanna d Western, 13, 800; Erie, 4, 200;
Lake Shore, 4,763; Louisville & Nashville,
1880; Missouri Pacific, 500; New York
Central, 3,345; Northern Pacific 1905;
Northern Pacific preferred, 1850; Oregon
Transcontinental. II, 1850; Reading. Is 500;
Richmond d West Point, ID, 22O; st. Paul,
1855; Texas Pacific, 8. $50; Union Pacific,