St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-30
FITZGERALD & SMITH,
COMMISSION MERCHANTS.
324 Jackson Street, Gilfllan Block
GRAIN, PROVISIONS, STOCKS, COFFEE
AND COTTON.
wWIRES DIRECT.
FfNAN CEAL.
New York.

NEW YORK. Aug. IS Clearings, $685.
226, 437; balances, S5.640,S36. Money OH
cali easy, ranging from to per cent:
last loan 2, closed offered att Prime
mercantile paper, 4@7. Sterling eX-
change dull and heavy at $4.S2 for Sixty
day bills and S4.S519 for demand. The
stock market became exceedingly dull
again to-day and the expected closer
working of the money market caused a
dropping tendency in prices after the
first half hour. and this, with the lower
opening, resulted in leaving most stocks
a little lower for the day. A few spe-
cialties developed marked weakness, but
the heavineSS i'll the general list is not
to be traced to their influence, and Cot
ton Oil and Chicago Gas were the only
prominent example being subject to in
fiuences which did not touch
the remainder of the market.
There was no scarcity or
money, but the preparations for
the quarterly disbursements with the
inevitable shifting of loans incident to
that operation. together with the usual
withdrawal of funds over the holidays,
created a demand which was rather ur-
gent for the time being. The street in
general believes that with all the adj
verse elements out of the way there
must come better times both in business
and prices during the fall. The dull
ness was at times most intense, but
here and there were spots OF strength
and activity and LackaWanna, Hooking
Valley and Rock Island led the early
rises. while the trusts before mentioned
led the succeeding downward move
ment. There is considerable dissatiS-
faction with the issue of the debenture
bonds, together with the delay in the
long stock, While the selling of Chicago
opportune moment. The strength in
Lackawanpa and Hooking Valley is di-
rectly traceable to the improved out
look of the coal trade. The re-
mainder of the list moved only i'll
response to the general conditions
and dullneSS and practical stagnation
were the principal features OF the day.
While the money market is now COM
parativeIy easy, banks and trust com
panies are unwilling to make time
loans. The market after the declines
reacted slightly in the last hour, but the
close was rather heavy generally at
small fractions under the opening prices,
The only material changes of the day
were declines of 24 in Cotton Oil new
stock and IL in Chicago Gas, and an adj
vance of q in Wheeling and Lake Erie
preferred. Railroad bonds were again
very dull, the sales reaching only $751;
GOO, and while there was steady to
firm tone. Government bonds have
been dull and steady. State bonds have
been dull and featureless. The Post
says: The crippled condition of the
Rock Island was the result of over
building III 1857 and 1883, and the effect
of this was shown in the decline in the
stock from 1858 in June, 1887, to 9455s III
December, 1883, and afterwards to $50
in March. and So in August of this year
The decline from 1865 to S9l5
was unquestionably due to large out
pouring of stock by investors, but the
decline in the last three months has
been largely due to persistent hammer
ing and the circulation of bearish re-
ports. Chicago Gas is another stock
which has been persistently assailed
with rumors of all sorts of mis- fortunes
that are going to happen to it. This
forenoon the stock was sold down two
points in half an hour to 525s, in con
nection with the report by telegraph
from Chicago that the "gas trust, its
constitution and operations, are to be
made the subject of an inquiry by the
grand jury in the immediate future,