St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-03
New York.

New York. June 2.-Clearings, SIS,
6S5, 1878; balances, 81, $4,000 Money on
cali tight. ranging from to IL per cent,
last loan u; closed at IL per
cent bid. Prime mercantile paper, AZ
(0615. Sterling exchange quiet and
steady at S4.S4 for sixty-day bills, and
Sd. Sc for demand. The stock market to-
day when left to itself was quiet. with
steady to firm tone, but the bears were
again very aggressive, and, aided by
the temporary scarcity of money Incl
dent to the first of the month and the
transfer of large sums of money through
certain large financial operations, they
were enabled after the first hour
of business to keep the mar
ket in feverish and weak
State and bring about material losses
in many stocks. The trusts were again
responsible for most of the feeling of
insecurity among holders of railroad
stocks, and Chicago gas led off with a
drop of so per cent, from SO to AZ, on
the news that a receiver would be ap-
pointed to-day. A rally of about 8 per
cent followed the announcement OF the
appointment, the appointee being re-
garded as favorable to the trust. The
early London figures were lower than
our closing of Saturday. but pri-
yate cables reported that the
London market had been rugged
from this side, and the succeeding
purchases for foreign account, with the
strength developed in the early deal
ings, gave color to the assertions. The
pressure upon the trusts was Instituted
before the expiration of the first half
hour, however, land Sugar was sold down
on the rumor that the court of appeals
would soon hand down an adverse de-
cision, and although there was and
could be no verification OF the story, the
trust declined almost steadily during
the day. In the regular list the bears
gave particular attention to Missouri
Pacific, Atchson and Union Pacific,
the declines in the two former
leading to the impression that
the Gould party were not favorable to
restoration of rates, though this was in
probability the impression designed.
The rates for money ran up to IL per
cent at the close, and the steady harden
ing prevented any rally toward the end
of the session. At that time there were
| many rumors of reductions by the Lake
Shore and other roads started, and c.,
| c.. C. & st. l.. declined sharply, though
under severe pressure, and Louisville,
| New Albany 81 Chicago dropped per
| cent from its last recorded sale. Among
| other specialtieS those showing marked
weakness were Colorado Coal, Wheeling
& Lake Erie preferred and Lackawanna.
| Richmond & West Point sold eX-rlghts
| to-day, but as the rights were valued at
| only Il of per cent, that fact did not
| make much difference in its price, but
| the stock was weak all the way out, as
was also Lackawanna. The bears again
| succeeded in uncovering numerous
stop orders, and material declines were
thus brought about in many stocks.
| The close was active and weak at about
! the lowest prices of the day, although,
| except in the stocks mentioned. the
| movements were insignificant and the
business dull. Almost the entire list is
lower and Sugar is off AZ; Lackawanna,
| ~: Chicago Gas, 1%; Missouri Pacific,
| IL: Richmond & West Point, II;
| Union Pacific and Wheeling & Lake
Erie preferred. IL, and Colorado Coal
| 2N. Railroad bonds were quiet all the
| Way out, and while not sympa
thizing with stocks in the decline
failed to show any life Oh
strength whatever, and the final changes
are in almost all cases for insignificant
fractions only. The sales of all issues
were only 81, $4,000, out of which New
York Central frsts. registered, fur
nished 100000, and Texas Pacific firsts
SI55,O00. The only important change in
price was an advance of 2 per cent II
| Kansas & Texas general certificates tx
S8. Government bonds have been dull
and steady. State bonds have beer
entirely neglected. The Post says
Aside from the reports in regarC