St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-04
FINANCIAL.
New York.

NEW YORK, July 2.-Clearings,
S142, 81 .712; balances, 1921, S4S. Money
on call easy, ranging from 3 to per
cent; last loan Q; closed offered at
Prime mercantile paper 5(@7. Sterling
exchange quiet and steady at S4.64 for
sixty-day bills, and S4.S71a for demand.
In the stock market to-day, the dizziness
which has been the great feature of the
dealings for the week made further pro-
gress. and the days transactions were
even smaller than those Of yesterday,
while there was even less feature to the
trading. In the railroad list, dizziness
and stagnatiOn relgned supreme, and
nothing in the fluctuations of interest
took place. The only movement COM
handing attention was the sudden drop
in Cotton Oil certificates, which was
caused by the publication yester-
day of a story about a hitch in the
proceedings. changing the trust into a
corporation. Opening at 2915. it de-
clined to 2714, but rallied to 2S15. The
new stock sold at &c, and was afterward
offered at "a, but the best bid on the
floor at the time was 90. No sale was
effected at less than 24%, however, aud
the furry was soon over. Some trad
ing in New England marked the after
Moons dealings, and slight fractional
advance carried 1t above so, but no other
movement worthy of comment took
place during the entire session. The
attitude in the street is a waiting one
on both sides, and while the bulls are
inclined to feel confident that the July
disbursements will oil the wheels of
speculation, and higher and more
active market is predicted after the
holidays, the bears are watching the
railroad situation with more interest,
and will undoubtedly seek to make cap
ital of any failure to come to an agree
ment. The Central Traffic association
having failed to settle the dressed beef
question, referred it again back to the
Trunk line presidents. A case is eX-
pected to result from that action which
will afford them an opportunity to point
to the decentralization of railroad rates,
and by pressure of short sales get the
market down again. The silver legisla-
ton now plays no part in the course of
prices. and the rise which was caused
by tue first prospect of it has about been
lost. The buying of New England ex-
tended to Lackawanna, Atchison and
some others in the last hour, and
impaired some life to the market,
which had been practically dead during
the rest of the day, and the close. while
dull. was firm at about the best prices,
which, however, were generally insig
nificant fractions from those of the
opening. Among the specialties, the
last prices show marked improvement
in some cases, and Pullman is up 21a !:
Wheeling d Lake Erie preferred, 1$s;
New England, rs; and Lackawanna, 1
per cent. Railroad bonds were more
quiet than yesterday, the sales of all is
sues reaching only $726,000, and the
dealings were devoid of feature beyond
the rally on the San Antonio q Arkansas
Pass 1865. which recovered per cent.
to- rs. Government bonds have been
dull and steady. State bonds
have been dull and featureless.
The Post savs: There is prospect Of
a legal fight between the holders of the
certificates of stock OF the American
Cotton Oil company (Which was organ
lied for the purpose of absorbing the
Cotton Oil trust into a regular corpora
tion instead of trust) on the one hand
and the holders of about 10 per cent of
the old trust certificates on the other,
who not only refuse to go into the new
corporation, but are demanding that
suit be begun against the bankers and
brokers who did the buying and selling
last year in which the officers of the
trust lost some 100000 in trying to
sustain the prices of the trust
certificates IN the market. The old
trust certificates have ranged from to
4 points higher than the certificates of
the new stock for some weeks past, but
to-day they were both down, the old
certificates being 1a4c lower at o'clock
and the new certificates Sc. In the last
half hour silver certificates advanced
IL points on the rumored prospect of
the adoption Of a sure promise silver
bill, which would compel the purchase
of 81, 5OO,O00 per month. The total sales
of stocks to-day were 8S,043 shares, in
Guiding: Atchison. 1910: Delaware.
LackaWana & Western, $500; Louis
vile & Nashville, 1926; Reading, 2.45o;
st. Paul. $3.50.