St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-27
FINANCIAL.
New York,

NEW YORK, Sept. 26.-Clearings, $780,
44O, 9O3; balances, S4.594,S99. Money on
call easy at 1l2@2l2 per cent; last loan = per
cent; closing offering at 2. Prime mercan-
tile paper, 54@7l2 per cent: sterling. ex-
change quiet but steady at 81. S3s4 for sixty
day bills and S4.S734 for demand. The
stock market was more active to-day, as well
MS decidedly stronger, though the improve
ment resulting was coutined principally to a
few stocks which monopolized the interest
taken in the speculation. There were re-
ports of frOsts in the South which led to
better feeling on the Southern stocks, and
those Securitives were favorites in the rise,
with the exception OF Norfolk d Western, in
which the disappointment over the rate of the
dividend had weakening effect. There was
good foreign buying, and commission houses
had fair number of orders, which could not
be said of the past few days. The advices
from London that the st. Paul investigation
was TO be left 10 MessrS. DreXel, Morgan d
Co. here had a marked effect in restoring con-
fdence, while the news of the day was gen.
orally of an encouraging character. The
Willard stocks were very prominent through
out the day for activity and strength, while
the other stocks which became prominent
were spasmodic in their movements. The
great feature of the day, however, was New
England, which, while firm to strong all the
way out, made sharp squirt in the last hour
and scored the largest advance of the day.
There were no new developments on the prop
erty, except in the last hour when the advance
was udue T6pOIl WIS IeCelNSu lTO1u DOSlOl
that the company had voted TO issue, as
needed, $500 shares Of preferred stock to
pay for additional equipment. This was
not exactly a bull argument on the stock, but
it seemed to have no effect ii restricting the
upward movement Among the inactive
stocks there were marked advances in the
| Chesapeake IL Ohio certificates and the Big
| -Four, the latter being helped by reports OF
| an increase in the dividend rate in the near
| future, and the former by the prospects of
| better business from the union of interests
| with The Big Four. The opening was fairly
active and strong and under the lead of a
| few stocks advanced materially during the
forenoon, though the movement was
not steady. The Chesapeake L. Ohio
stocks first came TO the front and
were followed by Big -Four, but after
noon the Northern Pacific stocks and
! New England became the leaders, when the
market quoted down and little or no move
ment was noticed until the last hour. Then
| New England made a sharp squirt and the
| rest of the list followed on q largely in.
| creased business, and the close was active
and strong at the best prices of the day. The
| list is invariably higher this evening, and
| New England rose 2ss, Richmond d West
! Point preferred and East Tennessee pre-
| ferred 2 per cent each; Northern Pacific pre-
| ferred a, Louisville Il Nashville j ss, Chesa-
peake & Ohio first preferred 1l2, Hooking
| Valley and Oregon Transcontinental 1Ss
each, Manitoba IA and others smaller
| amounts. The railroad bond market was
| also more active and stronger and the
| dealings developed more feature than
| usual for some time past The Chesapeake
| q Ohio currency certificates and the Texas
Pacific incomes were most aenve and con
| TO the DAVIS total of 81, 100000. The first
named bonds rose per cent to %, Jersey
Central consols 3 TO 1884, Hooking Valley
! SIS to 79la, Erie funded 5s to SO. There