St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-07
BANK OF MINNESOTA.
Paid Up Capital, S6OJ,OU0.
Surplus. S1O0.o00
VIM. Dawson, Pres Robt A. Smith, Pres
VIM. Dawson. Jr.. Cashier.
FINANCIAL.
New York.

New YORK, Dec 6-Clearings. SI2S. s7a.-
o54; balances, 81, S71.u26. Money on call
easy, ranging from 10 q per cent; lastg lnan
6, closed offered at q. Prime mercantile
steady AT "a so for sixty-day bills and
81 81 for demand. The stock market was
both more active and decidedly stronger than
on any day for some time, and the strength
attained to the condition of buoyaney to-
ward the close of the day. The upward
movement met with no material setback,
though the progress made was comparatively
slow in the forenoon, and. while some stocks
advanced rapidly and suddenly, the general
list steadily appreciated without any sensa-
tional movements. The heavy bond purchases
of the past few days and the percepIible
easing up of money at this center did much
10 engender q bullish sentiment, and this
morning the temper was very pronounced
in favor of an upward turn. The fore
lgners were liberal buyers 5gain after send
ing higher figures from London. and the
number of new buyers in the market fright
ened The shorts into covering on an ex-
tended scale, and the last-named influence
was very marked. Dividends upon the G. c.
c. & st. Louis stocks and Sugar trusts aided
in giving an impetus to the advance, but the
buying Of operators SO recently prominent
upon the bear side vas specially Influential
among the trading element, and they were
all working on the bull side today. Even
the coal stocks showed marked strength. but
the Missouri Pacific, Union Pacific and New
England led in the general list, New England
was apparently advanced by the same party
who so recently has been enga"ed in de-
pressing the stoc K and the buying in Mis-
souri, Pacific was said to be for inside ac-
count. There was large demand for Sugar
in the loan crowd. Gad the short interest in
the stock is as large as in any other stock
traded in. c. G. C. & st. l.. after opening up
over per cent shot up lac further, but
failed TO move after that until the afternoon,
when it retired, losing all but the opening
gain. In the last hour Lackawanna and New
England were leaders, and the former
crossed no again. The market finally
closed active and strong at the best prices Of
the day. Almost everything on the active
list made an important gain, and there were
lie declines whatever. Railroad bonds also
felt the stimulus Of the change in
the temper of the speculation and kept pace
with stocks in the increase in activity as well
as strength. The sales of all issues were
81 982.0 600. of which the Gulf, Colorado d
Santa Ee lists contributed S256.OO0 The
tone was strong throughout and the declines
this evening are few in number, Reading
seconds rose 27s to SIS, the thirds Ola to 4S
and Shenandoah Valley lists, Pig to ll2l2.
The Posts review says: THE stock market
was stronger again this forenoon and though
still almost entirely what is called''a board
room trader market, good many of the
daily spectators were apparently disposed
to anticipate the advance which everybody
comedies is likely to come in January
The advance, however, was largely due
to the covering of shorts. and to
that extent is temporary cause. The bears
hammered the market all the first four DAYS
of this week. Monday they were successful
IN uncoyerlng stop orders and bringing out
good deal of long stock. but since then the
market has shown more resistance every day.
But aside from the squirt of prices caused by
the covering Of shorts, there is more sub.
stantlal advancing tendency. Under the
present circumstances of large railroad earn
lngs and the abundance of money in Europe
seeking investment in the United States it
would be strange il prices of securities did
not advance sooner or later. Unless there is
is some manipulation of the local money
market there can scarcely be any cause
for higher rates than the present any
time for the next four months, and as
for railroad earnings, they were as good for
November as the most sanguine SPECTATORS
could reasonably nave have hoped for. Up
to noon to-day thirty roads reported their
gross earnings for the month Of November
aggregating S15, 264, against 1881 6.-
1853 in 1883. an increase of IL $40 per
cent" Government bonds have been dull
and steady. State bonds have been quiet and
firm. The total sales of stocks today were
$40, 991 shares, including: Atchison, 1926 /;
Delaware, Lackawanna e. Western, 80 l57 /;
Denver, Texas q Fort Worth, 1910; Erie,
300; Lake Shore, 6,975; Louisville &
Nashville. 5,045; Missouri Pacific, 1850;
Northwestern, 8, $50: Northern Pacific pre-
ferred, $3.50; Reading. 4S,9n0; Rich
mOnd & West Point 4,773; st. Paul, 16. SO ID !;
Union Pacific. 1880; Western Union. 4, 14S.