St. Paul daily globe., 1890-05-30
r. M. NEWPORT & SON,
INVESTMENT BANKERS,
Loan money on improved property in st.
Paul and Minneapolis
AT 6 Per Cent s.On or Before.s'
New Pioneer Press Building, ST. Paul.
Bank of Minneapolis Build'g. Minneapolis.
FINANCIAL.
New York.

NEW YORK, May Z9.-ClearlngS. Sl36, J4/,-
794; balances S6,3lO, 344. Money close,
ranging from 5 to 10 per cent; last loan 6;
closed offered at ). Prime mercantile paper
5@7. Sterling exchange was more active
and firm, at 81. S4l2 for 60-day bills. and
S4S6I2 for demand. The stock market to-
day was active and feverish. with strong
tone in the forenoon which gave way TO de-
cided weakness in the afternoon, though
smart rally toward the close brought most of
the list up to within small fractions of last
again the demoralizing influence in the mar
ket, the bears using the declines i'll those
stocks to hammer the regular list, and in
some instances with marked success. Ore
gon Transcontinental, the Northern Pacifics,
Missouri Pacific, Rock Island, Delaware
q Lackawanna and New England, all
yielded readily to rapid selling. Mis-
souri, Pacific was one of the weakest
stocks and there was evidence of a dispos-
ton on the part of the insiders to let the
price off. fact which led to the impression
that its controllers were not opposed to de-
cline. Atchison, the Vanderbiits, Wheeling
& Lake Erie, and st. Paul were the strongest
stocks of the day, the declines i'll them being
small in comparison to those in most of the
list. The effect of restoration OF rates was
telt in the list this morning and the London
brokers were on hand with large buying or
ders in their specialties, which opened the
list from 1S to 75 per cent higher than last
evenings figures, but the buoyancy in the
railroad list was met by renewed demoraliZa-
ton in the trusts. and Chicago Gas in partic-
ular. The last named stock made a quick
drop OF Sac to 49a4c, but the news that the
appointment of the receiver had been put off
for week, and that the trust would fight the
appointment Ill the higher courts caused a
rally. which. however, was not fully main
tanned. TO this influence was adued
further liquidation in Sugar Refneries and
while that stock was stronger at the opening
than Chicago Gas, it failed to rally and
reached materially lower figures than before
The buying in the general list was checked,
and the tears turned their attention TO the
regular list, meeting with some aid, it is be-
lieved, from the bull leaders, who were de-
sirous of shaking out some of a too-numer-
GUS following. The pressure was most Sc
we're upon the Willard stocks. and Oregon
cline from 49le to 45, with the Northern Pa
citics following. Missouri Pacifics New
England, Rock Island, Lackawanna, St.
Paul. Reading and Richmond u West Point
all made marked decline, and weak holders
were shaken out all over the list, the
existence of numerous stop orders aiding
the decline when it was once started A
number of unsettling rumors were set afloat
to aid in the decline ami one of the most in
fluential was that the Wizards had demanded
a differential Money also became dearer,
and rates on call were run up to 10 per cent
which helped the liquidation The general
belief that stocks were passing into the
hands of strong men, however, soon in
material progress toward higher figures in
the remainder of the aftern oon, while the
business done was large throughout The
close was active and strong at the recovery
evening. but Chicago Gas is down
3s8; Sugar, 3; Cotton Oil receipts
and Transcontinental, ia each; New
England, 1Ss; Northern PACIFIC, preferred,
1Ss. and Lackawanna. a. Railroad bonds
were comparatively quiet and did not par
take of the activity or excitement which
marked the declines in stocks, while steady
to firm tone prevailed, with few important
movements. The sales reached only 81, 351,-
600, out of which Texas Pacific I'd, Atchison
incomes and Reading first incomes furnished
large proportion. Outside of the promin
ence of these issues, the dealings presented
no feature OF interest, and while Cleveland
ana Canton lists, Scioto Valley lists and
showed material gains at the close, Lake
Shore 2nds coupon. Milwaukee d. North
ern 6s of 1913. Richmond q West Point
trust d1l5so,S IS an9 Alton & sa,oad Terre Haute
were materially lower. Government bonds
have been dull and steady. State bonds have
been dull and featureless. The Post says: i
''The fact that S27, 600, 600 of new Atchison
was soon to come out i'll exchange for the
San Francisco stock caused selling of Atchi
son. Notwithstanding that the acquisition of
the San Francisco will ultimately be of i'm
mense advantage to the Atchison. 1t was
thought also, that the San Francisco stocks
had for long time been very inactive, and
with very little chance for the holders to
realize they had now taken the opportunity
of selling some of the Atchison they eX-
pected 10 receive, because the Atchson is
active and more marketable. 1t was noticed
that the regular commission business from
uptown and out of town had diminished
very much and that the trading was concen-
trated in Sugar Trust Gas Trust and few
others which the majority of stock spectators
were afraid to touch. The restoration of
passenger rates west of Chicago came just in
time to restore confidence in the grangers,
and as London usually gets information of
such events quite as soon as New York, there
was considerable buying of stocks for London
account this morning. which started the mar
ket OF IN much more sangu1ne temper this
forenoon than has been manifested for the
past week. The probability of any serious
reaction now seems to be over. The Trust
stocks will, of course, fiuctuate wildly yet,
but they will have less effect to demoralize
the rest of the stock market and
the, prevailing belief that there
regard to silver, which will stimulate specula-
ton generally, will sustain prices Tor rail-
way stocks and probably advance them. Al
most every commission house having a Bos-
ton connection was a seller of Oregon Trans
continental this afternoon. The total sales
OF stocks to-day were 590,654 shares, in
Guiding Atchison, 46, 220: Canada Southern,
1900; Delaware, Lackawanna& Western,
10, 160; Lake Shore, 10.11O; Louisville &
Nashville, $685. Michigan Central 3,205;
Missouri Pacific, 26,545; Northwestern,
5000; New York Central, 8, ,O4O; Northern
Pacific. S.270; Northern Pacific preferred,
$3.50; Oregon Transcontinental. 5l,569;
Reading, 31.700; Richmond & West Point
1885: st. Paul. 52506 Texas Pacific,
1875: Union Pacific 9t;lO: Western Union