St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-13
FINANCIAL.
New York.

NEW YORK, June 12.-Clear1ngs, Sl2S,-
579,O14; balances. 50, 76l .1S4. Money on
last loan at 3; closed offered at 2. Prime
mercantile paper, 5@6l2; sterling exchange
quiet, but strong at 4.S5l2 Tor slxty-day
bills and $4s7s4 for demand. The stock
market showed no improvement in It's vol
ume of business to-day but marked change
in the temper from weakness to strength oc-
CURED, and while the upward movement at
no time amounted to boom, there was.
after the first few minutes. steady ap-
probation of values. which, in spite of the
material opening declines, had the effect OF
leaving everything on the list fractionally
higher, with here and there a material ad-
; vance. The cables sent to London last
night were it seems, all of pessimistic
tenor as far as the prospects OF
finsl agreement ON the silver question was
concerned and that created bearlsh feeling
on American securities which, aug
mented by a failure of Spectator in Ameri
cans caused marked decline in the London
figures from ours of last evening. The bears
were prepared to take advantage of this state
of affairs and vigorous attack was made
upon certain stocks at the opening. which in
: sympathy with London was down from "a to
" per cent generally. Oregon Transconl..
mental was specially weak in the absence OF
its supporters, and it was further ham
mered down to 47l2 against 49Ss last
evening, The low prices brought IN
andthe recovery was rapid and complete.
6 Thenews from the West was of most reas-
surfing nature and leading Western railroad
officials gave it as their opinion that restor-
alton of rates was imminent. The report
about the detection of the Grand Trunk was
officially denied and Mr.. Gould was out with
a most bullish Interview. All this alded in
creating O more hopeful feeling and the
prospects of a final agreement on the silver
bill was deemed favorable. The upward
movement made steady the slow progress
throughout the day. with Chicago Gas and
other specialties leading. Richmond and
West Point. Reading and Jersey Central
were all higher and more be actge sne mrs.
preston that the recent Baltimore &
Ohio deal was in the interest OF
that road or of its control. The upward
movement became more pronounced toward
the close on the covering OF short contracts
put out earlier in the day and the close was
more active and decidedly strong at the best
prices of the day. The final changes, with
but few exceptions, are advances, and while
most of them are fractional Richmond d.
West Point and Jersey Central are up IA;
Chicago Gas 11a and sugar per cent. The
improved feeling in stocks was re-
fected in a better tone in the
railroad bond market and there was
renewed activity among the speculative is
sues. Jersey Central registered 5s furnish
ing 100000, and Atchison incomes and
Richmond and West Point collateral trusts
SIS ca ch, $4,000 to the total of 81, 300, 600.
Inc important CuduSeS are luOIG uuulcIOuS
and advances are in larger proportion to
the whole number than usual of late. Among
those which are higher, Mexican Central 4s
rose 25s to rs. The Post says: In connec-
ton with Norther Pacific preferred, it may be
said that the rumors about its retirement are
not likely to ever material1ze into any
thing more than rumors. There are, how.
ever, some plausible arguments in favor of
such q course in the facts that the Northern
Pacific preferred stock must get all of the
surplus earnings of each year up TO the
limit of 8 per cent on the preferred stock
before the common stock can participate in
the surplus at all, as is shown by the follow
ing extract from the plan of reorganization,
viz: 1.-THE preferred stock shall be entitledto
dividends, not exceeding per cent. as the
net earnings as hereinafter defined. in each
calendar year. shall suffice to pay and before
any dividends shall be paid on the common
stock" The preferred stock is therefore
cumulative to the extent Of the sur
plus earnings of each year, but
not exceeding eight per cent in any year.
1t is this feature of the preferred stock that
makes those interested in the common stock
DESTROYS of having the preferred stock retired
by 5 per cent bond. The preferred stock,
however, is now being gradually cancelled
by the sales of land, and is now S37. LIS, 600
market is now apparently waiting more on
the prospects of silver legislation than any
thing else. The total sales of stocks to-day
were PIG, 1872, shares, including: Atchison,
Is, 795: Delaware, Lackawana d Western,
g. $50: Louisville a. Nashville, 1900; Mis-
souri, Pacific, $500; Northern Pacific, 1850:
Oregon Transcontinental, 5,275; Reading,
g. 20; Richmond & West Point, 24,S90;
Union Pacific. $500.