St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-08
FINANCIAL.
New York.

NEW YORK, Dec. 7-Clearings, 1923. sO5.-
46l; balances, S5.OO6.lS2. For the week,
clearings. SS55, 40; balances $50, 655.-
292. Money on call easy, ranging from to
per cent; last loan A. closed offered at 4.
Prime mercantile paper 60Tl2. sterling ex-
change quiet and steady at 81 80 for sixty
day bills and 81. 81 for demand. The stock
market was quite active by spells this mOrp-
ing, but there was a generally strong tone
and while all the improvement was not re-
tanned at the close. the great majority of the
list are materially higher than last euening
The temper of the room at the opening was
very bulliSh, and first prices as pared with
last evening figures were generally from "a
to IS per cent higher. The shorts were COW
ering in the trusts and coalers, and Sugar.
Lackawanna and Reading were the most
active stocks, though in the coal stocks the
movements were not equal to those in some
of the specialties. Sharp advances were
made in many stocks. and Sugar shot up to
20, followed by Manitoba, Michigan Central,
Chicago & East Illinois preferred and the
coalers. The bears were searching for vul
nerable spots. however, and for some time
after the first rise the market was given
all the stock it could take. and Sugar
rapidly lost nearly Of its early i'm
provement, and some stocks retired to
a shade below the opening figures The
pressure was soon discontinued, however,
and the buying again began to tell and while
the market became duller, prices again adj
vanced all over the room. / he Chesapeake
& Ohio stocks, Oregon improvement, Den
yer, Texas & Fort Worth, AMI some others
showed special strength in the last rise, and
the market closed active and strong geher-
ally at close to the best prices of the day.
Michigan Central was specially strong, but
there was realizing i'll C.. G. c. d st. Louis
upon the belief that there would be no
alter the declaration OF the dividends.
There were few small fractional
losses, but Sugar rose 2Ss; Chesapeake d
Ohio seconds preferred. 2: the first pre-
II -f1 OTarr
1, and Oregon Improvement 3l2. Railroad
bonds were active and generally strong; the
final changes are insignificant. There were
a few marked advances among the inactive
bonds, but the active issues were only slight
ly changed. The total days business reached
S1,O47, 900. with no specially active features.
Rock Island coupon Us rose ) to 1877. Peo-
ria, Decatur & Evansville division IS lost 3
past week were S7,9s7,0oo, against
| S6311 900 for last week The Posts
review says: 'Itwas remarked yesterday in
this column: That good many of the
daily spectators appeared disposed TO an
ticipate the advance which everybody con-
| cedes is likely to come in January. This dis
position developed an into important buying
movement this forenoon, not only by local
| spectators but by those in Chicago aud Lon-
don, and the advances Of yesterday were
| doubled in the short Saturday session to-day.
| The report of the net earnings of the Denver
| d Fort Worth for September at $95.4S3
| showing an increase of 17o per cent was so
| large that many were at first dis
| PISSED to think it was not on
| the same mileage, but It is, and. this
| fact advanced the stock l per cent. The
| buoyancy of the market held to the close,
| though it probably would not have done so
| if the bank statement had come out at the
| usual time instead af being delayed until
| II o'clock, just as the stock market had
| closed. Most people had expected that ow
| ing to the large purchases of bonds by the
| treasury. and to the fact that III Chicago
| exchange on New York is AZ a premium,
| there would be an increase in the surplus
| reserve of the banks. The purchase of
| bonds this weak have not brought out near
| so much money from the treasury as
many thought they would and as for the
| tendency of money to move from the West
| to New York, it is offset by the movement to
| the South and Southwest, where the activity
| of general business seems TO require more
| currency than ever before. The result was
| that the bank statement showed g decrease
| i'll deposits by the drawing out of specie and
| legal tenders, and making a reduction of
| ST, 1887 700 in the surplus reserve. 1t is not
! improbable that this disappointing bank
| statement may have some temporary effect
| OH the stock market Monday, though it can
! be only temporary. because there Is reason
| able certsinty of a comparatively easy money
market for the rext fouI months. Govern