Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-03-30
MONEY AND STOCKS.

Money Easy in st. Paul and Throughout
Mtnnesota-New York Stock Market IT.
regular-An Advance in Chicago, st. Paul
and Minneapolis, and IN St. Pull &
Sioux City Stocks Pretty Well Maintained
at the Close-An English Hoiiday-The
st. Paul g. Sioux City Stocks and Bonds
Added to the List.
ST. PAUL, March 30.
For small drafts Eastern excbangeis selling at u
and sterling 4.90. At the banks money is fairly
easy for the season and all the banks in condi-
ton to supply all legitimate applicants Outside the
banks money is even more abundant. We have here
no note brokers probably because the banks take
care Of all regular customers and we have such
class Of speculative borrowers make note broker
age an important business in Eastern cities. But
the making Of investment loans, mainly on real es
tate security is large business here. In the fail Of
1878 and up to less than year ago, the money
lenders had more applications for loans than they
could grant, although they then brought into the State
larger supply of money than had ever been needed
before. The applications were mostly from well-to-
do farmers-some borrowing on account of the par
a failure Of crops, but more to carry out purchases
and improvements Of Western lands they had bar
gained for during the season. Since then the de-
mand has not been so active-the abundant crops OF
last year and falling off in land buying probably
larger than ever; but still oaners farm mortgages
be content with the business Of the season
and pretty firm at SOLO per cent. net, according
to location. Occasional loans are made on iavoroDy
missions, and on city property money can be had
here at per cent net while strictly first class
st. Paul property loans have lately been placed by
Eastern lenders at per cent. net.
The State of Texas Is endeavoring to refund in
fves its S. 1877 of debt bearing and per cent
Nearly S20Oo,OOO of the debt is held by the Texas
We find the following in Chicago paper, credited
to that anonymous authority, Gan exchanged" SHOT
wthstanding the fact that the ST. Paul company Is
earning less per mile of road operated than 1t has
dcne for number Of years past, the profits from
the building Of additional railroads, upon which
bonds at the rate Of $4,000 per mile have been sold
at premium, undoubtedly have put this company
in funds, which may justify the expectation Of a
dividend at 81 per cent. on the common stock In
April next; but it seems more reasonable to expect
that 1t will not exceed per cent"
The following increases OF railroad earnings, as
compared with the corresponding time of last year,
| were posted at New York, Thursday: Chicago
Northwestern, first three weeks in March, 2l700O;
North Wisconsin, same period, $500; st. Paul
Sioux City, third week in March, $500.
The New York Heratd'S financial report of Thurs
day. speaking of new securities added to the stock
board list, says: 'By the terms Of the mortgage
deed of the ST. Paul Sioux City Railroad company,
dated July 1879, securing the bonds OF this COM
pany heretofore placed on the list, further issue of
bonds at the rate of $4,000 per mile was provided
| for upon such extensions of the road might be
made either by construction or purchase up to the
maximum Of 100000. The company has since
acquired the st. Paul, Saltwater Tayors Falls line
of twentyseven and threequarter miles for 500
the Hudson River Falls line of twelve miles, Sl20,
| 900; the Omaha l. Northern Nebraska, sixts-three
miles, $63 600, and the Covington Black Hills line,
twenty-six miles, $4,000 The company propose to
issue on account Of these lines of road to supercede
all existing stocks Of the original companies, O0
per mile Of preferred stock and $4,000 per mile of
| common stock. The committee resolved to recon-
1 hat additional of and
preferred stock and first mortgage bonds be added
| to tn ose now on the list"