St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-16
FIN ANCIAL.
New York.

NEW YORK, July -Clearings, $685.
520,962; balances, Sc, 1861 1877. Money on
call easy, ranging from to AZ per
cent; last loan at 4; closed offered at f..
Prime mercantile paper, 5@7. Sterling
exchange dull and steady at $4.S41S for
sixty-day bills and $3.50 for demand
The faith of the bulls in the power of
the silver bill to revive the almost
moribund speculation was shown again
in the firm to strong front presented by
the stock market this morning, but the
conservative spirit cropped out in the
dizziness which continued without break
of the fear of further gold ship
ments this week. These factories
at present seem to control the course of
the market, both as to prices and activ-
ity. The raid upon Rock Island is
without explanation. The feeling upon
the grangers is improving, and is based
upon the expectation of increased earn
ings from the larger crops soon to come
to market over those lines. Those
stocks show all the feature there is in
the market at present, and continue to
show the most frmneSs, though subject
ed to some pressure. The general list
throughout the day failed to move, but
the opening gains were sufficient to
cause most stocks to close slightly
higher than last evening. The pressure
upon sugar was on the circulation of
rumors pointing to the further litigation
and possible disruption of the trust. 1t
is the only stock which shows a mate
rial decline, its loss being ~ per cent
Railroad bonds showed a little more an
imation, and the sale of all issues
reached S1,021, 600, which was distrib-
1rfn mn Of
than usual of late, while there was no
feature of interest. The tone remained
firm, but the final changes were gener-
ally for insignificant fractions. ST.
Louis & New Orleans IS rose 2 to 12O
Government bonds have been steady.
State bonds have been dull but firm.
The Post says: According to the
monthly statement of the treasurer of
the United States for June 80 the
amount of the fund held in the treasury
for the redemption of the notes of ma
tional banks which had either failed
or were in liquidation or were 'reduc-
ing circulation was $55,619,36O in
United States legal tenders. 1t
is this fund which is covered
into the treasury by the silver
bill signed by the president yesterday,
and thereby becomes part Of the gem
6Tdl treasury UdlduCt dVdlldDl0 lOr GU0
purchase of bonds instead of special
fund held exclusively for the purpose
above stated. The new law does not
touch the SO per cent redemption fund"
held for the redemption of mutilated
and soiled national bank notes. This
latter fund amounted on June 80 to
$685. 1913. But at the same date there
was 81, 203,261 in mutilated and soiled
national bank notes in the hands of the
treasury officials in process of redemp-
tion," so that under this 5 per cent re
demption process there were Sc, 1922. 759
of legal tenders and national bank notes
held out of circulation besides the $685.
$500 in the first mentioned redemp-
ton fund. So far as the s55, GIG, 800 may
have any effect on the money market, it
is of course no more available than any
of the other surplus of the treasury,
about which there has been so much
talk, and which can only be got out of
the treasury in the way Of its regular
disbursements. or for the purpose of
bonds. The total sales of stocks to-day
were 116.75O shares, including: Atchi-
son, $500; Delaware, Lackawanna &
Western. 81, $50; st. Paul, 1872; Read
| ing, 8, 500.