St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-05
FINANCIAL.
New York,


NEW YoRK, Nov: 4:-Clearings, S91, 74s,.
easier. ranging from 2 to per cent; last
loan 2; closed offered at 2. Prime mercan-
tile paper, 5I20S. Sterling exchange quiet
but steady at ASl for sixty-dsy bills, and
$aS5 for demand. In the stock market
to-day there was a moderately active bust
ness in railroad stocks, while the trusts, In
comparison with their extreme activity. were
dun, with the single exception of Cotton
Oil There was little news to affect values,
but the bears started several rumors. which
until contradicted, bad considerable effect
upon the course of prices. Better buying for
the long account made its appearance, and
late in the day. wnen there was covering Of
shorts to some extent, the market which had
been irregular, developed q uniform strong
tone, though the dealings were reduced to
ordinary proportions. Cotton Oil was bought
to some extent by people who intend to hold
thinking that Its assets justify the prospects
of better prices in the future, but long stock
continues to come out, and little progress
was made in the upward direction beyond
recovering the drop OF the opening. The
coal stocks were the weak spot in the market
and the pressure upon Reading was such that
it became unusually active, and declined
which was recovered. Jersey Central also
showed marked weakness, and on a yery
limited business lost more than Reading.
The others were held comparatively steady
for the time being. The selling in those
stocks is attributed 10 the bear combination
which has teen so active i'm the market for
the past few weeks, but there was undoubt-
edlY considerable long stock parted with on
the decline. The grangers were inclined to
strength, ana Burlington advanced sharply
in the last few minutes. Missouri Pacific
bore its share of the pressure in the early deal
ingS, but the resistance was too great to
make much impression. and later the stock
became one of the leading strong stocks, as
well as one Of the most active ON the list, and
before the close had scored a handsome ad-
vance over Saturdays closing figure New
England was also attacked in the early
morning, but after yielding nearly per cent
il became dull and made full recovery. The
money market ruled easier. especially in the
afternoon, when rates on ali loans fell to 2
per cent which materially helped the upward
movement late in the day. The opening Of
the market was heavy at declines extending
to ss per cent, and in the first half hour there
were declines established in MissOuai Pacific,
New England, Reading and others of from y
to per cent The pressure was then lifted
from the list, but in the coal stocks the de-
cline continued until well into the forenoon,
and when the rest Of the list was strong
they were barely steady at the lowest
prices. There was considerable feverish-
ness In the market but the general
drift of prices was upward throughout the
afternoon and the close was quiet but firm al
fractional advances in most Of the list Ont.
side of Reading and Jersey Central. which
are down liz and 2 per cent respectively, the
declines were few in number and for insig-
nifcant fractions only, while Burlington d
Quincy is up ll2e: Missouri Pacific and Chi
| cago Gas l1b per cent each, and Sugar /.
Railroad bonds were dull and the market
| was marked by weakness in the Reading and
Kansas Texas issues, though outside of
| those the list was quiet and abont steady
throughout the day. The ssles were only