St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-04
DULL ON THE Street.
New York Stock Brokers Have
Succumbed to Apa-
thy.
Only a Few Manipulated
Stocks Gave Any Sign Of
Life.
No Significance Attached to
Any Of the Dealings Yes
terday.
Dun'S Review Denotes That
All Parties Wait on the
Harvest.

NEW YORK, July 3.-The day before holi-
day is never one of much activity at the New
York stock exchange, and yesterday was no
exception to the rule. The dizziness and
apathy which have become so marked of late
were rather intensified by the absence Of
large number of the regular attendants of the
board; and outside of a few stocks, which
were moved entirely by manipulation, there
was nothing in the market calling for COM
ment The bank statement showed the eff
fects of the outgo of gold for the last two
weeks, and the surplus reserve was reduced
over 81 900 600; but this and the further TAX
ing of S1,600,0O0 gold for export failed 10 have
and depressing influence upon the market,
as the manipulation was to-day the other
way. A bear attack from Boston on New
England Knocked that stock off over per
cent in the face of the strength OF the rest of
the list, but the loss was not held and the
final decline of the stock was insignificant.
The foreign houses were without orders, but
Louisville, whose fluctuations 1t has been
fashionable TO attribute to foreign influence,
was specially strong, while st. Paul kept
pace with it. The dissolution of the injunc-
ton restraining the Western National bank
from paying the dividend checks of the
American Sugar Refining company did act.
ually help that stock up. The strength dis
played may with truth be asc.ioed in part TO
the aDnouncement that the 4l2 per cents
would be extended. which was made public
late last night, but certainly more TO the de-
sire of the trading element TO even up its
contracts over the holiday. Except IN the
was entirely of hand to mouth
order, and the movements entirely
without significance. The opening
was made at slightly higher figures than The.
finals of last evening, which was. followed
by further small fractional gains in the en-
tire list during the early trading, the only
exception being the drop in New England.
The upward movement maoe steady progress
without a single setback throughout the
day. and the grangers, Missouri Pacific,
Sugar and specalties were prominent for the
advances made toward the close OF business.
The trading, however, was marked by no
special feature of interest, and the market
finally closed dull, but firm TO strong. at the
best prices of the day. The final changes
are all gains, and ST. Paul, Louisville and
Northern Pacific are up 1l2. Union Pacific
like amount, Southern Pacific 1ss Wheeling
4 Lake Erie and Missouri Pacific lis, and
Rock Island, Pacific Mail and Wabash pre-
ferred each per cent.
Railroad bonds displayed the usual dull
ness, and the tone of the trading was weak,
but toward the close some material advances
were scored among the active issues, Rich
mond u Albany firsts rose to 6S. and Fulton
Elevated frsts to %. Government bonds
have been dull and steady. State bonds have
been dull and without feature.
The Post says: IL seems TO be generally be-
lieved that yesterdays action of the cabinet
offering an extension of the 4l2s at 2 per cent
will result in an increase of bank circulation
this winter of fifteen or twenty millions. The
bank presidents did, in fact. assure Secretary
Foster at their recent New York conference,
tn at in case Of such an extension, the city
banks would come into the market and buy
the 4l2s as a basis for new circulation.
Probably the banks would be quite willing to
do this, provided the 4i2s were in the market
at a reasonable price But this is at least
doubtful. Something more than S6600b000
of these bonds are already i'll the hands of
the banks, all about S30O00O0 as security for
outstanding bank notes This leaves less
than S25, 000,00O of the 4l2s for possible mar
ket. Some of these are held by foreigners,
who are likely in the existing crisis of other
securities to be very willing to keep them.
The trust companies who hold part of the re-
mainder may not be i'll hurry to part with
their holding, and the supply i'll private
hands is relatively small. An active and
rising market for general investment securi-
ties would do more thar anything else to
force these bonds upon the market