St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-05

975: balances, Ss,26O6I1. Money on call
easy, ranging from to 6 per cent; last loan
a, closing offered at a; Prime mercantile
and steady at $4.s4 tor sixty day bills and
ST. 50 for demand The stock. market to-day
was again feverish and irregular, with the re-
suit of leaving the entire list irregularly
changed from last evenings figures, while
of material support from London because of
Derby day was one of the encouraging ele-
ments to the bears, and, although stocks give
evidence of having reached point where
the hammering has little effect, a few
stocks were found be partieu-
larly vulnerable, and great deal
was made of the opportunities thus offered.
One of these was in Rock Island, in which
there has been talk for some time of the
splendid showing to be made by the annual
report, but much comment of an unfavorable
nature and consider able disappointment was
shown, because after paying dividends OF
only per cent, surplus Of less than $3.50
600 is shown. The point is made that as its
rates are now lower than last year, the road
must be earning less than the amount re-
quired for dividends. The situation is made
more significant from the fact that nearly all
the roads outside of the Western fighting
lines are showing handsome increase in
both gross and net earnings, as in
dlcated by returns for May in to-day
from the Iowa Central, Chicago d East Hi
nois Wheeling d Lake Erie, st. Panl, Cana
dian Pacific, Norfolk d Western and others.
The largest increase is i'll Wheeling d
Lake Erie, 40 per cent higher than last year.
The rate-cutting with the roads is still dis
turbing element in Wall street, ana when the
stocks of those roads find their level an in
crlease in activity and an advance in prices
aed to be expected. The signs that the bear
rar ty was actively at work were most numer-
GUS to day, and they bought stocks early in
the day, but soon turned sellers again, and
Rock Island was the most prominent object
of attack. The trusts were feverish but late
in the day developed osd strong aa
some advance, the first in some time:
Among the strong features Mexican Central
was most conspicuous, and it furnished the
largest amount of business in the regular list
during the forenoon. The buying was by both
London and Boston, and was based upon the
news that the company had accepted $12.-
100000 from the Mexican government in
settlement of the subsidy claim against the
government. Laclede Gas was also strong on
the announcement that continuance of the
injunction against the city of ST. Louis had
been granted, which preserves the revenues
of the company at its present height. Late
in the day Tennessee Coal made
and Colorado Coal sympathized to linn
tied extent. The bears gave up the
fight in the last hour. however. and the market
closed active and strong in the midst OF a
substantial rally The final changes are in
uOSL cuSCS III lu0 QIIeCtlOll VI 1OWcT uSuICs.
but while Rock Island furnishes the only i'm
portant loss, being down l " per cent, Sugar
is up 3l2 Tennessee Coal 3l2. Mexican Cen
trail l "a, Laclede Gas 19s and Colorado Coal /
per cent. Railroad bonds were stronger than
yesterday, but failed to show any more ami
nation, and the sales reached only $685.
600, with Sill. 900 i'll Richmond West
Point fiveS. The advances include Kansas
City g. Omaha frsts, 2 to Sc. The losses
were generally insignificant Government
dc hoo 6,11l nd tpodU hnnHc
have been dull but firm The Post says:
1.-THE short interest was largely covered
yesterday and this forenoon, and is now
comparatively small, so that 1t is not unllkel
the market will be only dull and strong for y
day or two, but all the features of the raj a
road situation are so favorable, that as soon
as money becomes abundant in this city, as
it probably will this month, the demand for
investment will put stocks again as high as
they have been at any time in the last six
weeks The statement of the operations of
the Rock Island for the year to March 81
was received by telegraph from Chicago this
afternoon and i'll the disappointing charac-
ter OF the result, sheds some light on the re-
cent short selling OF that stock by people
who had opportunities for knowing what
the report would be. For months past 1t has
been given out by persons Intimately con-
nected with the Rock Island that the property
representations many persons have held the
stock. But now the annual report shows
that the company has earned only Its per
cent dividend and surplus of $4,000,
which surplus is only tenth of per cent
on the stock. On this showing Rock Island
declined this afternoon, and, measured by
other dividend-paying stocks is not worth
above 80, instead of from SO to "a. 1t Rock
Island can be taken as an index of the recent
earnings of the Burlington that stock is also
too high, Notwithstanding that it earned
nearly per cent in 1889. The total sales Of
stocks to-day were 30S. 700 shares includ-
wanna q Western, 12.200; Lake Shore,
$3.50; Louisville & Nashville. 1880; Mis-
souri, Pacific, 1900; Northern Pacific.
$3.50; Northern Pacific preferred. 5,l25;
8, 500; Richmond & West Point, $3.50; St.
Paul, IL 1856 Texas Pacific, 400; Union