St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-08
FINANCIAL.
New York.

NEW YORK. July 1.-THE stock market con-
tinues to exhibit a strong lundertone, but de-
velops no activity, and the.interest III the late
speculative leaders of the market seems to be
declining. The interest in the stock specula-
ton is entirely local, and the late leading
speculative stock, are becoming quiet, and
with the rest of the list, though the grangers
still maintain their prominence in the deal
ings. London was apparently q seller or
stocks again this morning, but this selling
may be set down to arbitrage operations, sand
a demand of sufficient magnitude was met
to cause q moderate upward movement III
prices during the forenoon. All inter
est was taken out of the trading
later in the day, however, and dizziness again
became the most conspicuous feature of the
trading, but dullness now is accompanied by
q stubborn strength instead of the weakness
which marked all cessations OF the buying
some time ago. A slight increase in the dlvl-
dend rate in jersey Central had the same eff
feet as it did in Long Island, and advanced
the stock materially, q rise Of 5l2 per cent be-
ing the result. The day was barren of other
special feature, but the market displayed the
same strong undertone and q limited amount
of buying in the forenoon after a rather heavy
opening suficed to establish advances in
all the active stocks of lsrge frac-
tons. Silver certificates were again act
i've and strong, but failed TO- score
any material gain. The market, after the
movement had eliminated, remained with
out feature or movement of any kind until
the last hour, when realizing on the limited
advance caused a slight reaction, in which
st. Paul and Union Pacific were most con-
spicuous, the latter, which had not shared
in the early advance, losing "a per cent. The
market finally closed dull and barely steady,
generally at insignificant changes for the
day, advances being in a majority. Jersey
Central, however, is up 4s4 per cent. Rail
road bonds Continue to show increased in
quiry and more animation is seen in the
speculative issues, with larger sales of the
investment bonds. Atchison incomes fur
nished to-day S125,0M out of a total OF $685.
900 in all issues. which is largely in excess OF
the business lately done in the market. The
tone was again firm. and while the grains
established are in but few cases for more
than small fractions, the Improvement was
general. Government bonds. were dull and
steady. State bonds were neglected.
The Post says: North American and the
Northern Paciics received good support all
through the forenoon and advanced ma
terialiy in price. This movement has been
engineered by people in a position to be IA
miliar with the real condition OF the proper
ties, but it is nevertheless, in the main. a
speculative matter. North American has on
It's face offered inducements TO such opera
tors because its price has been go low tnat
the margin for profit in a rise was large, and
the chances of a heavy decline relatively
small. Louisville & Nashville improved dur
ing the afternoon, probably on cautious COW
ering of contracts by the shorts, and
the, general market showed nImuess WITHOUT
activity. The increase of $4,000 in Louis
ville's gross returns for the fourth week of
June was an encouraging BIT OF news, and
the conviction is growing that the cash div
idend Of PIP per cent, concerning which
there has been so much discussion, will be
duly declared at the directors meeting next
Thursday. The tendency of prices towards
the close was weaker. OH a very moderate
volume of business. There was a consider
able revival of activity in silver bullion GER
tifcates during the afternoon, with rumors
that the bull Combination which managed
the short-lived rally of last month was about
to com into the market again.