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

NEW YORK, June D. -CleeTIngS, Si40, 0S9.-
S33; balances, S5.5I7,716. Money on call
loan d, closing offered at 3l2. Prime mer-
camille Paper, 43406I2. Sterling exchange
more active and strong at 81 S4l2 tor sixty
day bills and 81. 9Gl2 for demand. The
stock market was less animated to-day, but
displayed firm undCrtone from opening to
close, and although there was considerable
irregularity shown, almost everything traded
in is higher tonight. There was marked
absence of pressure to sell, such as has MADE
the dealings of the past week so feverish and
weak ana while the demand was moderate,
it was sufficient even with the disposition of
the foreigners to sell their faVOriteS. The
discussion of the silver pll in the
house OF representatives to-day revived the
hopeful feeling, and the possibility OF early
action on the same showed in improved
prices and increased animation. The market,
outside of Sugar Refneries, showed no par
ticular activity, and that stock seemed to
have lost its power over the regular list, ana
when it declined there was no response, and
its subsequent advance met with no recog-
milton whatever. The money question to-
day was not a factor, and while the sub
treasury continues to draw funds from the
banks, the flow from the interior more than
makes up the drain, and funds were easy on
call to-day at from 4 to 5 per cent. Among
the features of the days trading, Sugar Re
fineries was the most prominent, and after
opening up per cent at 7613c, it reacted TO
76lsc, but later steadily. advanced
near the close. when its best price was
reached, 80Ac. 1t finally closed at soc.
There was no news of any kind with q bear
ing upon the stock, and The rise seems TO be
only natural reaction from the late depres-
sion In the regular list Rock Island was
strong on the explanation that the company
had charged $l,O00O00 betterments to oper-
ating expenses. The market made very little
progress in either direction until we'll into
the afternoon, when the influence OF the
prospects of a silver bill being passed had its
legitimate effect, and several stocks moved
up sharply ana among them were c. c. c. u
ST. t., Missouri Pacific, Chicago Gas, Wheel
ing d Lake Erie, Hooking Valley and Ohio
Southern. The Vanderbilts stocks were
agG'n prominent for strength throughout the
dayand served to give firm tone TO the
dealings, especially in the forenoon.
The close was quiet and strong
generally at about the best prices of the day:
The list is almost invariably higher and
Sugar rose dig. c., c., G. u st. L. and Chicago
Gas l "A EACH Missouri Pacific 118 and New
England l per cent. Railroad bonds were
more active to DAY, but while the general
tone was still firm, there was considerable
irregularity about the movements and little
special feature The dealings extended to
ST SOL 900, out of which Reading As which
we're the only active issues to-day, furnished
100000. The principal changes in
Guide Milwaukee. Lake Shore d West
ern Ashland dividend 412 to 1l9;
Helena q Red Mountain firsts, 242 TO 1882:
Southern Pacific of California lists pa to
INA. Among the losses was Peoria, Decatur
* Evansville IDS, 3, at 20. Government
bonds have been dull and steady State
bonds have been dull but firm. The Post
says: A partial explanation of the Rock ISL
and unfavorable annual report was tele-
graphed from Chicago this forenoon, saying
that the report would show 81, 103, QUO spent
for permanent improvements, this amount
being equivalent to per cent on The capital.
1t was upon this that the stock rallied from
93H in the first half hour, to 9458 just after
IL o'clock. But it is well known
that the terms permanent improve
ments" and "bettemenJs" too often
| mean only the necessary enlarge
ment of facilities to accommodate the exist
| ing traffic. though this expenditure may not
| have any effect to increase the earnings or
profits. A railroad must in fact be almost
| entirely reconstructed every fifteen or twenty
years-many experts say ten or Twelve years.
| The arguments. therefore, that the large
| sums expended for these betteTments and
| permanent improvements are an additional
| dividend-earning capital are generally re-
| ceiVed by the public with great deal OF al
| loWance, and in this case the sentiment OF
| the street appears to be i'll favor of making
| the allowance because Rock Island at pres
| ent prices is too high, compared with
other dividend-payers; for instance, with
| c. C. C. d ST. l.. common, which pays 4
| per cent, anu Is edfulIS uNcI y per C6lt
| though it sells at 1919, while Rock Island
| paying no more and not earning rs much
sells at 81. Many other instances also might
| be given, as Western Union. Richmond Ter
| minal preferred and some others, of which
| the arrangements are the least calculated tC
| inspire as much confidence as that of Rock
Island. The Rock Island figures are of the
more Importance, because they are to some
extent an index of the business of the othe1
granger roads west of Chicago. The total sale'
,r, 10, Ch in
GLIDING Atchison, $3.50; Canada Southern
3, 800; Delaware, Lackawanna u Western
$500; Lake Shore, 1000: Louisville & Nash
vile, $500; Missouri Pacific, II ,326; Ore
gon Transcontinental, 1890; Reading
1910; Richmond & West Point, $3.50; st
| Panl IL GOO: Union Pacific. S.455.