St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-07
FINANCIAL.
New York.

NEW YORK, Dec. 6.-Money on call easy
at 2@2l2 per cent: closed offered at 2.
exchange quiet but steady at Sd. S44 for
sixty-day bills and 81 1914 for demand.
The action of the Missouri Pacific directors,
which became known generally after the
close of the board last evening, was the main
cause of a complete change in the temper of
the local spectators, and to-day's stock
market was in marked contrast to that of
yesterday, being strong almost throughout
the entire day, although the greatest advance
was made in the afternoon when the shorts
ran to cover very freely. There was more
confidence all around displayed than has
been seen in weeks, and buying for the long
account was renewed after long inter-
ruption, the feeling in favor OF a
higher range of values becoming very
pronounced. The early London cables
came higher, and the foreigners were
purchasers of their specalties to a limited
extent, which helped to swell the volume OF
domestic buying. The news OF the day was
generally of an encouraging character, and
the reports which came to the street late in
the afternoon that the representatives OF the
trunk lines were in session and an advance
III rates was expected as result, with the
advices from Chicago of the heavy grain
movement on the lines entering that city
gave an impulse to the bullish feeling toward
the close. The professional element resisted
the advance for some time with considerable
yigo1 and the COW stocks were selected as
ing them comparatively weak throughout the
day. Reports of secret cutting of rates and
@ telegram from Chicago stated that all the
houses with New. York connections had
flooded that city with bear dispatches on the
coalers Those stocks, however, rallied with
the rest of the list whenever the pressure
against them was lifted. Missouri Pacific
and Atchison, as might have been expected,
were the leaders of the market, but were fol
lowed closely by New England, in which
81 t1n 1o&0 hos hnn Nrnr
marked. The Changers came next in
point Of strength. and Burlington d ROCK
Island, Northwestern G. st. Paul, all became
remarkably strong. The trunk line shares
were quiet and quite sluggish, their move
ments being made within comparatively
narrow range, and while the announcement
that the Union and Northern Pacifics had
adjusted their differences made those stocks
more active it failed to stimulate any marked
advance in them. Several of the speclaltles
exhibited more than usual strength, and
Wheeling & Lake Erie and Cotton Oil were
prominent among them. The market was
subject to several reactions upon raids by
the bears. but there was quiet absorption
by the leading operators which developed
strong recuperative power in the list, and
Notwithstanding the fact that the Pacific
stocks were sold by the insiders on the adj
vance, the rise met with no real check. The
opening figures were from IA to rs per
cent above last nights prices, but
these figures were not maintained, as heavy
onslaught by the bear element forced them
off from a to "a per cent in the early deal
ings. A rally followed shortly, however, and
the losses were quickly regained, after
which the market became quieter and steady
with u firm undertone until noon, when an
other attack by the bears upon the coalers
marked prices off fractionally. This inter
ruptiOn was also of short duration, and the
southwestern stocks then came to the front
in earnest followed by New England and
LackaWanna. There was lull In the up
ward movement toward delivery hour, but
the market was well held, and toward the
end of the session prices again took
start and rapidly advanced, the rise ceasing
only with the close of business, which was
active and decidedly strong at the highest
prices of the day. The entire list is mate
rally higher, and Atchison rose 3ss, Mis-
souri, Pacific 3A, New England 2ss
St. Paa Is, f kouisville esla9a Nash
vile 1Is, Northwest and Richmond &,
West Point each la, Western Union and
Texas Pacific, 115 each. and Norfolk and
Western preferred, l per cent. Railroad
bonds were still quiet. and again tailed to re-
spond to the animation and strength in the
share list, being quite heavy i'll the forenoon,
although the rallied later i'll they day. There
were more marked movements in the list
but they are about equally divided between
gains and losses, the market possessing no
decided character at any time. The sales of
all issues were 81 ,O66, 600, which was very
evenly divided, with no special animation.
Utah Southern extension rs lost at l0o;
Government and state bonds were dull and
steady. The total sales Of stocks to-day We're
35S.579 shares. including:
D., L. d W.. 81, 900IOregon Trans. II, 103
Erie .... 1850 Reading. Ills, 02G
Lake Shore. -. IA, $50 Rich. 4 W. Pho. 945
Louisville d n. 3,450ISt. Paul. lie, 240
Northwestern. Is. $50 Westn Union. .2O,s64
N p, pfd ,.. .17,I2Ol