St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-10-17
FINANCIAL.
New York.

New YORK. Oct. I6-Clearings, S133, 1922
7o2; balances, S7,S75,71 Money on call
easy at 2@3; last loan at 3 closed offered at
6. Prime mercantile paper 4S4@6I2. Ster-
ling exchange quiet and steady at 81 S4I2
for siXty-day bills and 81. S734 for demand.
The stock market was somewhat more active
to-day and on the whole showed more Ge-
cided strength than has been seen for many
days, Notwithstanding period of weakness
i'll the forenoon. London was seller and
the buyers and traders hammered the list,
especially Lackawanna and Chicago, Bur.
lington IL Quincy, but there was covering
of shorts of the decline and this gave the
market its first impulse in the upward
direction and more confident buying
for the long account following q de-
cided strong tone was developed and mat
erial advances all over the list were estab-
lished. The dealings for the day. however,
were still almost entirely for the profess
SIGNALS, the outside public holding off, while
many of the leading spectators have closed
out their lines or are waiting developments.
The bears attached Lackawenna on the
theory that the coal stocks had had a rise out
of proportion to the rest of the list and that,
being based on an unusually favorable con-
dition of the trade, which is now over, they
mustyield readily to any pressure. Lacka-
wanna, however, notwithstanding the heavy
pressure brought against 1t, recovered fully
later III the day, as did also Chicago, Bur
lington & Quincy, when the story that
it had been depressed only TO cover
shorts was started. The Richmond Ter
minal stocks were the strong features of the
Short Line and Oregon improvement were
most conspicuous for strength. st. Paul and
Union Pacific were the features of the after
noon rise however the latter being taken
freely by Boston. The opening was weak,
with declines extending to IS per cent and
further losses ranging up to u per cent in the
general list were established, while Lacka-
wanna and Burlington Il Quincy were spe-
l. n
lively. After the raid was finished, which
was after the half-hour was over.
the animation disappeared from the
market, though the list then showed
more strength and by noon the early losses
were recovered, except in the few stocks
mentioned The rise continued to make
slow but steady progress, with Richmond
and West Point preferred. and few special
ties as leaders, until the last hour when st.
Paul and Union Pacific took the lead and
moved up rapidly on large business. The
market finally closed quiet, but strong, at
the best prices of the day. The final changes
are generally for fractional amounts with adj
vances in majority. but Oregon Improve
ment Is up 2l6 Richmond d West Point,
preferred, 1s4. Oregon short line lis and st.
Paul ] per cent. The railroad bond market
also displayed a little more animation,
though the increased bushes was entirely
due to the activity in the Reading issues, of
which the 2ds furnished Sl66,000, the 3ds
SI52, 900 and the is Sl23,OO0 out of a total
DAVIS business of 1925. 900. There was
very little feature outside of this in the mar
ket, though there was a generally firm tone,
while the movements in prices were in most
instances for slight fractions only. The i'm
portant advance was Louisville e. Nashville,
Pensacola division, 3 to 1O6. Government
bonds were dull and weak. State bonds were
dull and steady. The sales of the day ag-
gregated 1ss. 692 shares, including
D.. L. & W....13. 62OlNew England II, 1O1
Lake Shore -. $500 Richmond -. Is, % 5
Missouri Pac... 6, l00lSt. Paul.. ...22, 100
Northwestern. 4,635 Union Pac. .1S. US
Nor. & w. pref 5, 120I Reading lie, 700