St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-27
FINANCIAL.
New York.

NEW YORK, June 26.-Clearings,
s113.4l1, 107; balances, IS, 493, $50. Money
on call easy, ranging from AZ to s per
cent, last loan 5, closed offered at 8.
Prime mercantile paper, 5@7. Sterling
exchange quiet and barely steady at
S4 s4115 for sixty-day bills and S4.S7]5 for
demand. The expressions of opinion on
the street after the rejection of the SEN
ate amendments to the silver bill had
able, but as indicated by the quotations
to-day the feeling did not extend to the
buying of stocks. The dullness in the
market to-day was again extreme with a
general dropping tendency in prices.
That the dullnesS In the street is not
based upon the business of railroads is
sufficiently emphasized by the reports
of earnings received Of late for
the third week in June. St. Paul
roads in the country shows a
loss while the percentages Of gain In
many roads, principally those in the
West, are from II to 45 per cent. The
railroad situation is, in the opinion Of
most habitues of this street, immensely
improved. The market when let alone,
now always becomes dull and firm, and
the activity and weakness is only
caused by the hammering operations OF
the professionals. To-day there was
some pressure in the trusts and st. Paul,
the latter on the poor showing for the
third week in June, but the f1uctua-
tons were on strict parity with the
amount of business done and in
many of the leading shares, did
not extend to 4 per cent
Gas was sold for no apparent reason
and forced off from 56s6 to 53sl. but re-
covered most of the loss late in the day.
Sugar on the other hand was advanced
sharply in the early trading to u. but
fell away again to 10, with many and
sharp fluctuations in the meantime
The advance in the minimum rate of
discount of the Bank of England this
morning reflects the indisposition of
the governors to allow any further drain
OF gold from London, and the scarcity
of money in London made that center a
seller to a very limited extent at the
opening, which may account for the de-
clineS at that time. Later the effect OF
the preparations for the July disburse-
ments was shown in the selling of do
nestle operators, and while there was
no pressure in any one spot, the feeling
that there will be an unfavOrable bank
statement on Saturday aided in the
selling movement. The heaviness lasted
throughout the day. and the close was
duh but heavy, at about the lowest
prices Of the day. The final changes
show uniform line of declines, and,
l,whiie most are for small fractions, St.
Paul lost ~, Chicago Gas IN, Louis
sviIle & Nashville 1aS, Lake Shore N,
Reading ~ and Atchison 17S. The
railroad bond market was little more
active, and without special features.
other than the special activity and
strength in the Louisville, New Albany
and Chicago consols, which, on bust
mess of $l25.OO0. sold up to lO3T, a gain
of 2H per cent. The sales OF al issues
were 81, OILS, 600. Louisville and Missouri
River lists rose 8, to 1919. Government
bonds have been dull and steady. State
bonds have been quiet, but firm. The
Post says: .'Chicago Gas declined on
selling from that city. concurrent with
"a rumor from these that some
body was preparing to enioin
the payment of the divi-
hdend, though it recovered per cent in
Efthe next half hour in the absence OF in
\ formation as to who would Undertake
to do so. Reading declined, notwitl-
standing the endeavOr to bolster it up
by the report that somebody had said
that there was cause for the recent ad
vance in Reading railroad stock in the
fact that the net earnings of the Read
ing railroad and the Reading Coal and
Iron company together for the six
months to May 81 ''were very close to
81 900, 900, which would indicate net
earnings for the year of at least slO,OO0l,-
600, or enough to pay interest on the
first and second preferences in full
Even assuming that. the unauthorized
statement of 100000 of net earnings
in the siY months to May 81 is APP
proximately correct, this is not suf-
ficient for the presumption that
the net earnings of the next six months
will be 62115 per cent greater, and SO
amount to $6,500.000. The annual inter
est and rentals of the Reading railroad,
exclusive of any intsrest on the IN
comes. are Sc, 927, 45S, and the annual in.
] tefest of the Reading Coal and Iron COM