St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-26
COMMERCIAL PAPER.
FINANCIAL.


NEW YORK, Oct Z5.-M0ney on call easy,
ranging from 4I2 to &; last loan at g. closed
offered at 5 per cent. Prime mercantile
paper. 5L217. Sterling exchange quiet nut
firm at 81. Sig for sixty-day bills and 4.9512
for demand. The total sales of stocks to-day
were 21S.474 shares, intending: Atchfson,
1880; Delaware, Lackawana & Western,
1856; Denver. Texas & Fort Worth,
14.56 J: Lake Shore, 4.1t5: Louisville q
Nashville. $780,; Missouri Pacific, l $3.50;
Northwestern, 5,l15: Northern Pacific pfd,
$500; Reading, 1890: Richmond d West
Point, 1870; st. Paul, 1860; Union Pacific,
47.330. The stock market was more active
and decidedly stronger to-day, and at the close
all the active stocks were materially
higher than they were last evening. The
news of the day was almost entirely
of favorable character. and the disposition
upon the street was to regard the new traffic
agreement between the Union Pacific and
the Northwestern in more favorable light,
which stimulated buying of bonds of those
stocks, and Union Pacific especially. The
buIlish feeling extended TO the other granger
stocks, and for the first time in some weeks
that group Of shares was strong throughout,
Rock Island being specially conspicuous in
the upward movement. The buying was
done by commission houses, who advised
buying for the first time since the monetary
Slringency became factor i'll the stock mar
ket, aided by Chicago and London in the
afternoon. The shorts covered freely OH the
easier condition of money, and helped
ondon was seller of Union Pacific to
limited extent in he early dealings, and this
had, as on yesterday. the effect of checking
the natural upward tendency of the market.
but the offerings were easily absorbed. and
rumOrs of Vanderbilt buying of the stocks
soon started it upon the up track. All the
Vanderbilt stocks were strong. and Lake
Shore in particular, though none OF them
made any marked advance. The coal stocks
were also strong, and Laekawanna late in the
day TOOK the lead of the market, scoring the
biggest rise Of the day, while Reading was
the only sluggard. The Gould stocks. with
the single exception of Missouri Pacific,
were rather backward. though many Of the
specialties made sharp gains, Denver, Texas
Il Fort Worth being the most promi-
nent example among them. The trusts were
again very prominent i'll the dealings and
Sugar was weak on rumors Of losses by the
trusts. with probable further fall in the
price of its product. together with the new
opposition. Cotton Oil, on the contrary, was
strong the point TO not to be short Of it be-
ing freely circulated, resulting in heavy GOV.
ering, and the expectation that the reduction
in the capital would result in scarcity Of
stock caused some buying. Sugar recovered
on the report that no decision in the North
river case would be handed down to-day.
ing success Of the Atchison plan aided in ere.
ating bullish feeling, and in the prevailing
ease in money the favorable general
situation was paid more attention to.
First prices this morning were quite irregular
aud the market met in the early dealings
some selling for London and Chicago &C.
count, which resulted in a slight depression,
which was helped along by the weakness in
Sugar retineries. The market was dun, but
soon developed both activity and strength.
and before the end of the first hour the list
was on the upward move. This became
more pronounced toward noon, when Sugar
recovered. and sharp advances in Union Pa
ci6c a nd Denver. Texas & Fort Worth took
hiab foil nv ir ilar
ments In Cotton Oil, Richmond & West Point,
the coal stocks and specialties. There was
some realizing toward the close. and trac-
tiOnal cessation was made from the best fig
uras, but the close, while quiet was firm to
strong. The final changes are IN the direc-
ton of higher prices, and Cotton Oil is up TO
214 Lackwanna, 3: Chicago Gas and Dem
yer, Texas d Fort Worth. rs; Rock Island,
Missouri Pacific, lI6c: Atchison, Jersey Cen.
tral, Northern Pacific preferred, st. Paul and
Union Pacific. each l per cent Railroad
bonds were both more active and stronger,
and firm tone existed throughout the day,
resulting in material advances among the
active issues The total sales Of the day
reached 81. 5O7 900. but to that amount Fort
Worth & Denver firsts contributed $l3S, 600,
Erie seconds $4,000, and Chesap eake d
Ohio fives $4,000. There was considerable
animation in the Kansas & Texas issues still.
and the sevens made marked advance.
The Posts financial articles says: Union
Pacific was again the conspicuous feature Of
the railroad stocks, and this time the effects
of the favorable view taken Of the traffic
agreement with the Northwestern were
shown not only in an advance In the pricest
OF both Union Pacific and Northwestern, bu
of all the grangers stocks. The more this ar
rangement IL considered, the more the i'm
preston shows that it will lead to other sim :
liar combinations, which will practically
amount to sort Of cooperative system Of
management and eventually accomplish
what has been tried in vain by pools and by
the interstate association. The granting OF
Unlimited traekage over their several lines
by the railroad companies to each
other is the leading idea, which Is fully
developed. may practically consolidate the
operation of the roads without interfering
with their identity az separate corporations
and without any other division of earnings
than the easily settled one of the payment OF
the trackage The idea Is as yet undevei-
oped, but ia possibilities LOOK so encouraging