St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-17
TOLD IN FRACTIONS
STOCKS GAIN A FEW POINTS,
LOSE A LITTLE, THEN
RECOVER.
MONEY LENDERS CAREFUL.
DEMAND GILT-EDGED SECURITY,
THOUGH LOAN RATES ARE
Low.
SUGAR AND LEATHER FAILURES.
Firm Close of the Market on a Good
Volume of Business Bonds
Higher.
MONEY LENDERS CAREFUL.
SUGAR AND LEATHER FAILURES.

NEW YORK, Jan. 16-The principal topic
OF discussion in Wall street today the
treasury circular announcing a modification Of
the terms of payment for the impending issue
OF government bonds. The change admits of
the payment of the so per cent remaining
after the 20 per cent required to be deposited
on the acceptance of the bid, in installments
OF 10 per cent, at intervals of thirteen days.
instead OF ten days, as previously called for
ms spreads the entire payment over a pc
rlod OF 12O days instead of 40 days, and great
ly lessons the danger of a critical disturb
ance OF the money market. Ever since the
open call for subscriptions to the new loan
Tested by conservative financers. AS bearing
upon this point some apprehension is begin
ming to be felt over the increasing number
of assignments of commercial houses in vari-
GUS sections of the country.
Although money on call is quoted at or
below the legal rate, the transactions are
based on what is termed gilt-edged, that is
unexceptionable stock exchange collateral On
the other hand, there is practically no market
1or commercial paper, except of the very
choicest character. This condition has oh
tanned ever since the semi-panic, occasioned
by the temporary wholesale throwing over of
our railway securities by London, Incidental
To the war scare. Subsequent to that IN
certainty in regard to the general financial
outlook in this country has prevented i'm
provement. Today's stock market was quiet
throughout and the movement of prices unin-
teresting, aside from the vagaries of some of
the industrial shares. The opening, though
dull, was at general advances partly in
splreo by Improvement in the prices of the
so-called international American shares.
In the early dealings advances of about a.
point were scored by Sugar, Chicago Gas and
Leather preferred, mainly on covering of
shorts. The market soon developed sagging
tendency, partly on apprehension of extensive
shipments of gold by Saturdays steamers and
partly on moderate selling, traced to repre-
sentative foreign banking houses. The fail
ure of old established and highly reputed
sugar concern had some unfavorable effects
Sugar stock slumped y per cent and Tobacco
broke 212 per cent to IT'S. The later depres-
sion was variously ascribed to a reported i'm
portant failure in the trade in this city and
to the news of a combination of Southern to-
bacco manufacturers. The last development
was considered TO foreshadow trouble for the
American Tobacco company. Late in the day
the declining tendency of the market was
checked by sharp advance of 3A per cent
for Leather preferred, carrying the price up
to GAN. The common gained l per cent. The
movement was heavy on buying for both ac-
counts on reports alluded to last evening in
strength in sympathy. Tobacco recovered ~
per cent of the early decline and Manhattan
rose per cent. The upward movement in
Metropolitan Traction, recently noted, re-
per cent to 1882. The loss recovered to
within a slight fraction later, on reports that
the annual statement of earnings, to be issued
shortly, would be favorable. The market
closed firm on an increased volume of bust
ness.
Bonds ruled higher on moderate dealings.
The Hooking Valley issues were the features,
the 5s rising 8, and the 6s, s per cent. The
sales were 81 1896, 000. Governments were
slightly lower on transactions of $1,000. State
issues figured for SS1 900, mainly Virginia
centuries.
The total sales of stocks today were 161 1876
shares, including: American Sugar, 1850;
American Tobacco, 30 100; Chicago Gas, $500;
Louisville & Nashville. $500; Manhattan, $500;
st. Paul, 500; United States Leather, $780,
United States Leather preferred, 80, 500; West
ern Union, 5000.
The following table shows the fluctuations
Of the leading railway and industrial stocks
Yesterday