St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-11
Merchants National Bank !
ST. PAUL, MIMI.
Capital, $1,000, 600
Surplus ( UndiVidedPrOftS, 600, 900
". r. MERRIAM. President.
{. II. BIGELOW, Vice Presiden.
+ "A. SEYMOUR, Cashier.
tEO. Z. POWER, Asst. Cashier
DIRECTORS.
FINANCIAL.


NEW York, July 1O-The stock market
still showed no change in its character to-
day but prices swung upward again under
the demand from the shorts, while the trad
ing was entirely professional, and the tluctu-
atoms in all but the few prominent stocks
insignificant. There was more than usual
bear manipulation, directed especially
against the granger stOckS-BurlingtOn and
ST Paul in particular-but covering de-
mand sprung up which reversed yesterday s
tendency i'll prices. The borrowing demand
for Burlington was especially urgent. 1t
was positively stated that no gold would go
, out tomorrow, and while exchange was
frmer and shade higher, the effect of
the assurance was seen in the higher
prices for stocks. The dizziness, how
ever, reflected the general apathy
and the narrowness of the local
interest in the market and during the day
the fluctuations i'll not over six stocks called
attention to the dealings in those shares.
In the early dealings London was a limited
buyer. ana the decline in the grain markets
was reflected by some buying orders from
Chicago. which strengthened the grangers
and probably headed off considerable pres
sure upon them. The final setting al rest of
the rumors in regard to the Louisville divi-
dend by the declaration of 2l2 per cent. had
only a quieting effect upon the stock and its
prominence in the market became less as the
day wore along, and the same may be said of
Chicago Gas and Atchison. OF the other in
dustrials, Sugar was the strong spot in the
market while Cordage barely held its own
Lake Shore developed some strength and &c
tivity, but the rest of the list was dull and
without special movement. except in
the grangers, Northern Pacific preferred
c., c., c. d st. Louis. and Louisville 4 Nash
vile. The opening was steady, but the pres
sure of the bears forced fractional losses dur
ing the early dealings, when the publication
of the St. Paul earnings and the other favor
able reports and items of news changed the
temper of the speculation: which remained
firm throughout the rest of the day, becom-
ing positively strong i'll the last hour. The
close, however. was only firm. but at the top
figures of the day. The final changes are in
almost all cases small fractional advances
but Sugar is up 1853, and Wheeling Il Lake
Erie preferred ia Railroad bonds failed to
respond to the strength in the share list
though firm tone prevailed as usual of late,
and the most OF the issues traded in show
slight gains for the day. The important ad-
vances are very few, however. Omaha cOnsols
rose 2. The trading reached only S651. 900.
Government bonds have been d ull ana
steady. State bonds have been dull and
featureless.
The Post says: The decline in Louisville
& Nashville stock during the last day or two,
and its continuance this morning in the face
of Yesterdays declaration of the cash divi-
dend. has occasioned more or less wonder
ment in Wall street. There is, however,
perfectly obvious explanation. Its natural
protectors are unwilling to steady the price
by new purchases on the market. not be-
cause they are now overloaded with long
stock. but because they are likely to be
called upon at an early date to take up some
of the new stock. OF this new issue of
1000 900, authoriZnd last Monday. 100000
is offered for subscription to the sharehold-
ers at 20. Inasmuch as the new stock is to be
the 2l2 per cent July dividend. there is
margin of only or 3 per cent under current
prices to induce such subscriptions. OF
course, shareholders in general may be will
n n
is that the inside holders will have TO look
out for the bulk of it. Consequently, they
are not in a position to be bidding up the
price to-day. This state of affairs gives the
bear traders for the time very inviting OPP
portunity. If the price were TO go point or
more lower, however, the insiders must come
into the market in self-defense; for it would
never do TO let the stock sell on the market
below the figure at which subscriptions for
new stock are being invited.