St. Paul daily globe., 1889-05-24
FINANCIAL.
New York.

NEW YORK, May 23.-Money on call easy at
2@2la per cent; last loan. closed Of
fered at 2 Prime mercantile paper, $40
51s. Sterling exchange dull, but steady, at
mand. The total sales Of stocks to-day were
402. 920 shares, including: .Atchison, 49,
1856; Canada Southern, 4,Os2; Delaware,
Lackawanna q Western, 29,516; Delaware
4 Hudson, 1868; Lake shore. 1858;
1850; Northern Pacific preferred, $3.50;
4,5uO; St. Paul, 12l $50; Union Pacific, 49,
232; Western Union, Il, 29a. The trans
actions in the stock market to-day were the
largest for any day for long time, and the
strength of the market was in keeping with
the amount Of trading. There was feeling
that a reaction was due among the local
traders, and to the efforts Of that class Of
operators to bring about decline some hesi-
tatlOn in the forenoon was DUE but the general
bullish feeling was so strong and the advance
made by the leading shares SO material that
all opposition to the upward movement was
overcome and the entire list moved up in
unison after II o'clock. st. Paul was by
it furnished nearly one-third of the entire
transactions in the listed stocks. The buy
ing, which has been SO conspicuous in the
stock for the past week, was continued this
morning, and while the rest OF the list heSi-
tated, and even went back small fractions, it
steadily and rapidly advanced, and before
noon had gained 2l2 per cent. After that it
reacted somewhat, but again gathered
strength in the last hour and moved up W
per cent further, closing at its best price aud
the highest for the stock in many months.
There were several stories to account for the
heavy trading and large advance in the
stock, but the general impression is that the
Chicago party is accumulating the stock on
inside information of future developments
in the property. There was an urgent de-
mand for the stock in the loan crowd this
morning, and it commanded premium for
use at one time of 3-64 per cent per diem,
though this rate was
AFTERwARD REDUCED.
There was talk of a corner in the stock,
similar to that in Transcontinental, and the
foreigners were sellers of the stock on sellers
options almost all day long, though the ag-
gregate Of such sales was not proportlonately
large. The general list after IL o'clock began
to move upward, and AtchisOn, Burlington
Rock Island, Union Pacific and the Wander
bi1ts in turn came to the front and were ma
terially advanced. In the forenoon, how
ever, beside st. Paul, the trust shares in the
unlisted department were very heavily traded
in, and sugar trusts rose Pig and lead trusts
1ss, and the latter continued active up to the
close. The rest of the shares in the unlisted
department were quite neglected. but after
Cotton Oil, Brunswick was most prominent
and closed at 227s. The news of the day was
almost invariably of a favorable nature,
and the utteranees attributed to Mr..
Armour were particularly calculated to en-
courage the bull element. Some gold was
engaged for shipment on Saturday. but it
had no effect upon the list whatever. Among
the coal stocks Delaware & Hudson and
Lackawan1la were quite prominent, and both
were strong at the best prices of the day.
The active list is almost invariably higher,
and St. Paul is up 27s. Lackawanna 1ss. St.
Paul preferred W., Rock Island IA, Atchi-
son 1ls and Lake Shore l. Railroad bonds
maintained their animation and pronounced
strong tone today, and almost everything
traded in is higher this evening The sales
of all issues were So, OBS, 900, Of which Den
yer q Rio Grande Western certificates con-
tributed 100000 and the Fort Worth &
Denver lists SI01. 200. The most marked
gains are Keokuk g. Des Moines lists, 2la to
1054s; st. Paul Mineral Point 5s, 3A to
1U5, and Spokane lists, ga to 10Sa4. Gov
ernment bonds have been dull and steady.
State bonds have boen dull and firm. Pc
troleum opened steady at e3c, and after a
slight decline became strong and advanced
to SAC Oh covering by nervous shorts. A
slight reaction followed. OH which the mar
ket closed steady at S3s4c. Sales, 692.O
bbls.