St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-23
Capital, 81, 600, 600
Surplus { UndiVidedPrOftS, 800, 900
". R. MERRIAM. President.
c. Ii. BIGELOW, Vice Presiden.
Fla. SEYMOUR, Cashier.
&EO. c. POWER. Asst. Cashier
DIRECTORS.
FINANCIAL.
New York.

NEW YORK, July 22.-The dealings in
the stock market to-day were marked by even
less feature than those of the preceding days
though the general tendency of prices under
the influence of the covering of shorts by
the trading element was upward. There was
no real strength III the market however. and
the fluctuations were on the same limited
scale as usual of late and possessed little sig
niticance. At the highest prices few stocks
showed material gains over last evenings
figures, the one great exception being Sugar.
which was allowed TO drop away over 1 per
cent by the manipulators The course of
this stock had not the slightest influence
upon the railroad list, nor even
upon the other industrials. The market
to-day was helped by foreign purchases
and as usual when this is detected, there was
desire to cover shorts shown by the traders
and the buying by these two interests served
to keep prices firm to strong throughout the
greater portion of the day. Union Pacific and
ST. Paul were specially prominent for strength
but the advances on the others, including
burlington. were confined to fractional
amounts in all cases. A strong opening was
followed by further gains of large fractions
in the railroad list, though Burlington was
kept down by the rumors of further bond
issues and the industrials were rather heavy
with decided weakness in sugar after the
early advance. The stocks with an interna-
tional market, under the circumstances, nat
urally took the lead in the upward movement,
and Union Pacific and st. Paul scored
content with fractional changes only. The
downward movement in sugar was reversed
in the late trading, and nearly all the loss
was recovered. Cordage at the same time
showed more animation without material
change. The market held its upward ad-
vances well, though the upward movement
eliminated toward p m. and finally closed
dull but firm at about the best prices of the
day. The final changes are almost invariably
small fractional advances. but the Union
nfNr g Lr,,,
alone in that respect Railroad bonds were
dull as usual, and failed 10 respond to the
better feeling In the share list but displayed
steady to firm tone with only slight changes
among the active issues. There were few
important fluctuations, however and New
York elevated irsts lost 3Is. The business
done amounted to only 1894, with no
special animation In anything. Government
bonds have been dull and heavy. State
bonds have been entirely neglected.
The Post says: 1.-THE favorable change in
the temper Of the L ondoners was probably
due. i'll measure, to the large receipts of
gold in that city to-day and the consequent
strengthening of the Bank of England's po-
sitiOn. 1t was attributed generally here to
reaSsuring news from the suspended River
Plate bank particularly, curious lntimation
from the banks branch at MOntevideo that
1t was solvent and ready to pay all debts. No
doubt solvent branch in another Argentine
city would help matters to more ready set
Element in Buenos Ayres. but it is not stated
in the London advices that any change has
taken place in general in the institutions
plans for liquidation.'
No great significance has been attached to
the news. out of which the bears have endeav
ored TO make a sensation. that the st. Paul
company has been borrowing, on its treasury
assets, between one and two million dollars.
The transaction is simply plain illustration
of the embarrassments to which all the rail-
roads are being subjected by the present i'm
possibility of doing anything in the bond
market. The St. Paul is not the ouly company
which has had to meet expenditures for new
construction and other outlay by increasing
It's floating debt. At least two or three other
important companies have in the mar
ket either their own notes or the notes of
their officers and chief financial hackers All
of them are counting upon a heavy move
ment of produce later on to reimburse
them in full. AS for the dividend question:
on which the pessimlsts lay much stress it is
Sufficient to say that upwards of TWO mouths
will elapse before decision will be necessary
and it is at least possible that in the mean
time conditions will have changed materially.
Petroleum developed a sudden spasm of
activity to-day which was more noticeable in
Lima oil, which advanced to 15c in the early
trading, but later declined TO lac. The trad
ing was generally ascribed to manipulation
by heavy holders Pennsylvania oil opened
steady declined lac ana closed steady; spot
opening 67l2; highest, 6T3c; lowest, 6ll2c;