St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-06

Money easy at 1GI1h per cent, close offered
1. Prime mercantile paper 5A06h per cent.
Sterling exchange, bankers bills weaker at
S4.s3; do. OK. demand, Sl.95.
Governmen ts-Easier.
Bonds-Railroad bonds firm.
State Securties-Dull
Stocks-Speculation at the stock market is
characterized by great strength to-day. At the
opening the market was irregular and declined
Bm% per cent, the latter for New York Central,
which fell off to 1915, reports that the direc-
tors have reduced the dividend to u per cent.
for the quarter. Later the market gathered
strength on favorable reports from the corn belt,
and a general advance in prices took place.
Business was more active and leading shares
We're taken in round amounts for out of town ac
count The confidence with which buying was
conducted alarmed the bears, who experienced
considerable difficulty in covering as the floating
supply of stocks continues light. The advance
ranged from y to 25 per cent, Union Pacific
making the greatest advance. New Jersey
Central, however, was exceptionally weak, de-
cliuing from 5794 to 56s, but later returned to
574. In the afternoon there a disposition
to realize profits and prices ran of 1a@1 per
cent, but this was followed by brisk buying
movement, and at the close the market was
buoyant at tile highest figures of the day, with
Chicago, Milwaukee 6 St. Paul up to S61a,
Chicago, Burlington s. Quincy to 1874, Lake Shore
10 S2ss, Missouri, Kansas & Texas to 1875, New
York Central to 1O3a. Northern Pacific preferred
to 493 and Union Pacific to 51H. The borrow
ing demand for active shares was brisk
Michigan Central Lake Shore, Central Pacific
and Northern Pacific preferred lent at 1-64. New
York Central at 1-32, and Chicago, Burlington u
Quincy at one dollar per hundred. Compared
with last nights closing prices are H@3S per
cent. higher, except for Louisville u Nashville,
which is q per cent lower.
The transactions aggregated $4,000 shares {:
Delaware, Lackawanna ~ Western $4,000
Lake Shore $4,000; Missouri Pacific $4,000 !;
Chicago 81 Northwestern 81, 900; Chicago, Mil
waukee 81 st. Paul 7l,O0O; Union Pacific $4,000 !;
Western Union Telegraph Il, 600.
The Boston Post says: 1.-THE weakness in
New York Central was due to selling from Lon
don, where it was announced yesterday evening
that the company had declared a dividend of Il
per cent. for quarter to June 30, instead of the
usual per cent. The official announcement to
that effect was not made here until to-day, but
in view Of these facts it is stated the company
did not earn even 1 per cent. net over the in
terest OF rentals and taxes last quarter to June
30, and that the total net earning for the year
and September in excess of these can scarcely
exceed per cent Reduction of divividends TO
even less than per cent. would cause no sur
prise, with West Shore continually cutting into
its business and fixing ruinous rates for it. New
York Central will not earn per cent and will
probably never pay even that rate of dividends
again The price of stock, however, is well sus-
tanned, Notwithstanding the hammering APP
parent the market is still in control of the
bulls"
MINING STOCKS.
Mining shares are very dull. Caledonia II
sold at 40, California assessment unpaid 10, and
Sutro (buyer SOY IS.
BOsTON RAILROAD AND MINING.
Following are the closing prices at the Stock