St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-19
FINANCIAL.
New York.

NEW YORK, June Chickering's, s104,-
1893, 172; balances. S6,1O7,523. Money on
call easy at 4@4H per cent; last loan,
A, closing offered at 4. Prime mercan-
tile paper, 1906. Sterling exchange
quiet but steady at $4.85I for siXty-day
bills, and $4.S7$ for demand. The
action of the senate upon the matter of
silver legislation yesterday was factor
in the stock market this morning for
Short time only. and it's influence after
the first few sales recorded was diSSi-
pated entirely, The talk of the day
was almost all about the rate cuttings
and disturbances III the West, and con-
siderable pressure was brought to bear
upon the market to accompany the
rumorS and stories circulated. The
granger stocks by this means felt the
full brunt of the pressure, however,
as Reading, Oregon Transcontin-
entail, sugar refneries. and some
off materially. The local disturbing
factor, however, which undoubtedly had
marked influence in creating distrust,
was the further engagement of about
$750,000 gold for shipment to Europe,
and it was not until this fact was an
nounced that the larger operators began
to sell the market short. Outside lnffu-
ences came in to help the bearish feel
ing prevalent among the traders, and
chief among them were the continuation
of the strike at Cleveland, the apathy Of
the public and other labor troubles.
The feeling over the passage of silver
bill underwent considerable discourage
ment as the day wore along, and opera
tors were encouraged to throw their
holdings over to larger extent, which
in many cases reached stop orders and
special last hour. Favorable items of
news made seemingly no impression at
all, and the fact that the freight COM
mittee of the trunk lines will hold
meeting tomorrow with view to settling
differences met with no response. Des-
pite the fall in values, however. the re-
turns of railroad earnings continue to
be extremely favorable, as shown in the
reports for the second week in June re-
ceived to-day. Some of the most nOta
cent; Toledo, Ann ArbOr q North Mich
igan, 81 per cent; Wheeling and Lake
Erie, 81 per cent, and Western New
York & Pennsylvania, IA per cent.
The early London prices, stimulated by
the senate action on the silver bill, were
fractionally higher this morning, and
our opening was made with advances
extending to u per cent over last
evenings figures. The buoyancy, how
ever, disappeared Immediately, and
prices were quickly brought back those
of opening. though the only marked
declines at first were in Oregon Trans
continental and Sugar. Later the bears
got to work on the whole list, and all
the active stocks yielded readily, and i'll
the last hour the downward movement
was not only general but rapid, and the
losses ranged up to nearly per cent.
The close was active and weak at the
lowest points. The final changes all
declines, and Sugar is down 219. Oregon
Transcontinental 2, Rock Island ~.
and Big -Four ~ per cent each, Mis-
Wheeling and Lake Erie preferred and
Louisville & Nashville 11s each, and
Canada Southern l per cent.
Railroad bonds were more act
i've, but like the stocks the
Increased animation was had at the
opening of values, and most of the
issues traded in to-day are slightly
lower this evening. The sales reached
81, LIS, 900. Government bonds dull and
steady. State bonds dull and steady.
The Post saws: "The announcement
after O'Clock that 100000 more gold
had been engaged for export caused
further fractional decline in the market,
the lowest prices of the day having
been made near o'clock. But money
was easier in London, bankers balance
being down to and II per cent. and
with the exception of the reported
Selling Of Pennsylvania and Reading,
London was moderate buyer OF
stocks, which helped to strengthen
the market a little in the
last hour. The room traders
here, however, were bearish, partly on
the possibilities of trouble among the
trunk lines, and partly on the theory
that the senate voting on the silver bill
had gone to such an extreme as would
compel the president to veto the bill,
even if the house passed it. Just be-
fore the close also S255,000 more gold
was taken for export, making s625,000
for the day and s2,254,000 since last
Thursday. This weakened the market
still more, and some of the large oper-
ators Immediately began to sell Oregon
Transcontinental, Atchison and Read
ing short, and all these declined to II
per cent in the last hour. The close
was steady. The total sales of stocks
to-day we're 227, 7S0 shares, including:
Atchison, 29,070; Delaware, Lackawan-
ma q Western, $40; Erie, 3.405; Louis
vile 81 Nashville, IL, $50; Missouri Pa
H. ON. Norfbarn PaoIti0 r. SS0s