St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-12
FINANCIAL.
New York.

New YORK, July 11.-Clearings, S101.-
1909: balances. "a gu sol. Money on
call easy, ranging from to per cent,
Last loan closed offered at 3 per cent.
Prime mercantile, SOY. Sterling ex-
change dull but firm at 4.84% for
sixty-day bills, and $3.50 for demand.
The selling movement of last evening,
induced by tine order OF S1,000,O00 gold
for export was OF extremely short dura-
ton, as it began and ended within the
half hour of business left out of the aft
ing to be seen of it, and prices at the
to % per cent, although London
figures were rather heavy. The
shipment of gold could only affect the
values of stocks and bonds by scarcity
of money here, and in view OF the re-
ceipts of funds from the interior and
the heavy expenditures of the govern
ment, which are stated at about Sc, 000,-
900 over its receipts for this month,
there is general expectation that the
bank statement of tomorrow will show
IAN entirely different state of affairs
from that of last week. The suspension
lof specie payments in the Argentine
Republic and in Uruguay is expected to
do away with the necessity for gold
there, and the feeling in London is re-
ported as much easier, to which the &C
7tioIrof the governors of the Bank of
England largely contributed. London
houses were not sellers of stocks
to-day, and some purchases even
were made for foreign account,
which, with the better outlook for the
passage of the silver bill. gave the bears
little to work upon this morning, and
<advices from the West also indicated
better state of affairs in that section as
regards the probability of a settlement
of the existing railroad differences.
Sterling exchange advanced, but sew
eral firms mentioned as likely to ship
gold said that they would not do so this
week, as no large remittances are called
for, and exchange is as yet cheaper than
gold, except OH large remittaDces. The
sellers of yesterday afternoon. there
fore, were looking for their stock again
this morning, and, while there were few
other buyers, the demand was quite
brisk, especially for Lackawanna, st.
Paul and Atchison. though the fur
ther gains over the opening prices
were generally slight. Toward noon
the trusts again doomed up, and be-
came the features of the trading. Sugar
displayed some of its Old-time ANNA
ton and strength, moving up about
per cent, followed by Chicago Gas.
Other stocks followed later. and Louis
vile q Nashville, New England. North
ern Pacific preferred and some others
were prominent for the advances made.
Another engagement of $4,000 gold for
export in the last hour failed to have
any appreciable effect, and the market
closed dull, bnt firm to strong, at the
best prices of the day. There were sew
eral sharp movements among the spe-
cialties, and the Chicago & East Illinois
stocks were conspicuous with Mobile u
Ohio. The list this evening is almost
invariably higher, and Chicago q
East Illinois preferred is up Q per
cent. the common rs; Louisville q
Nashville, "; Northern Pacific pre-
ferred, IL; Mobile & Ohio, N; and
Rock Island, Missouri Pacific, New
England and Lackawanna, l per cent
each. The railroad bond market was
more animated, and for the first timein
weeks the total sales extended to over
81, 0O0, OOO while the Mobile u Ohio IS
grants were active features, the former
furnishing $165, 900 and the latter $685.
600 to the total. The frst-named bonds
were also the strong feature of the day
and advanced with gain OF 2% per
cent to 81. The general list was only
steady to firm, but Kansas City q
Omaha lists rose to So and San AntO-
Mo & AranZas Pass 86s 2 to N.
There were few unimpOrtant
losses. Government bonds have
been dull and without feature.
State bonds have been entirely neg
lected. The Post says: "There are large
banking houses In London that are in
terested in the marketing of South
American loans, and especially those of
the Argentine Republic, and if specie
payments are suspended there, these
bonds will not only decline and bring
! losses to the people who have already
taken them upon the bankers recon-
inendations, but the further sale of the
bonds will be stopped. But if these
bankers attempt to sustain South Amer
ican-credlt by drawing the necessary
amount of gold from the Bank of Eng
land to send to Buenos Ayres
and MontevideO, the Bank of
England would at once raise
its rate of discount to or per cent.
aud this would cause decline not only
of IArgentineS but OF all other securi-
tiesJl 1t is probably in view of this al
tentative that the London bankers in
terested in the marketing of Argentines
and Brazilians have chosen to draw the
gold from New York, and stand the
Small loss shown on the shipment by
the rates of exchange" The total sales
of stocks to-day were 1886 shares, in
GLIDING: Atchison, 8,115; Delaware,
Lackawanna & Western, 22,252; Louis
vile 81 Nashville, 4,002; Northern Pacific
preferred. 5.s25; Oregon Transcontl-
Mental 900. Reading $500: ST. Paul.