St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-11
FINANCIAL.

NEW YORK, July 10.-Bank clearings,
S1165SO,u57; balances, S5,63l. 612. Money
on call easy at 212@3la per cent; last loan,
2l2, closed offered at 2l2. Prime mercantile
paper, 412@6l2c. Sterling exchange quiet
but steady at 81. sc for siXty-day bills and
81. 1874 for demand. The stock market to-
day reflected the growing confidence that
the presidents in session at Chicago will be
able to cope with all the difficulties which
may come up before them for adjustment,
and that harmony in the Northwest is only a
matter of time. The market was strong al
most all the way out, and not only was there
liberal covering of shorts, but the buying
for the long account was of the best
quality the foreigners responding hber-
ally to the encouraging advices cabled
over last evening and this morning. The
leading bear is reported to have bought a
line of stocks equaling %. 900 shares, though
this may be an exaggeration. The feeling
on the street that the harmony displayed at
the meeting of the presidents yesterday was
a valid bull argument was very strong this
morning. and the strength which character
lied the later dealings yesterday was still
prominent at the opening of business,
which, although London prices were not
quite up to ours last evening, was sufficient
to open most of the leading shares from 1s
to I2 per cent higher than they closed last
night. Rumors of an important scheme
to secure harmony in the future were
circulated and took the shape that
there was to be syndicate
which would purchase the control of
the Chicago, Burlington e. Northern and so
take it out of the way as disturber of rates
in the Northwest. This afterwards was
changed so that the Chicago, Burlington &
Quincy was to put in its 80 per cent of the
stock, and the other roads were to supply the
capital to purchase the remainder OF enough
stock to secure control. The story had a
stimulating effect upon the speculation, and
there was not only marked increase III the
amount of business done, but prices advanced
rapidly with Burlington, Atchison, st. Paul
and New England i'll the lead, Sugar Trust
also became quite feature and felt the slim
illus of the recent decision moving up 2A
per cent. New England was strong on the
lease of the Derby railroad to the Housa-
tonic. Chicago 4 Alton, however, began
to feel the effects of its policy and sold to-
day at 125, loss Of per cent from its last
recorded sale. After 'oon, the market again
settled down and realizing sagged the list off
materially from the best figures. but the close
was dull and steady with material gains for
most of the list. The active list is higher this
the common. rs; Wheeling d Lake Erie
preferred, 49, Chicago, Burlington &
Quincy, IA; Northwestern, lis. and others
smaller amounts Railroad bonds were dull,
the sales reaching 81 ,005, 900, while the only
feature of the dealings was Texas Pacific
900. The market was steady to firm,
but the fluctuations were made
within narrow limits, though there
were few marked changes among the in
active bonds. Chicago st. Paul d Minneap-
oils firsts rose 3I2 to 127. Government bonds
have been dull and without feature. The
total sales of stocks to-day were 237,029
shares, including: Atchison, 25,500: Della
ware, Lackawana & Western, $500; Lake
Shore. II 800; Louisville q Nashville, $500;
Missouri Pacific, 500; Northwestern. 16,-
900; New Jersey Central, 5000; Northern
Pacific pfd, 1850; Reading, 1880; st. Paul,
80. 100; Union Pacific. 10,700.