St. Paul daily globe., 1889-11-13
FINANCIAL.


New YORK. Nov 12.-Clearings. S174.-
015, ,735; balances. Sc, 470"6O Money on call
easy ranging from TO 6 per cent last loan D;
closed offered at 3 per cent Prime mercan-
tile paper, 5l2Q7l2. Sterling exchange
quiet but steady at 81. S0l4 for sixty-dsy bills
and 81. 1854 for demand. The stock market
was more quiet to-day except at intervals
and in spots, and the dealings as rule were
made within narrow limits, and presented
little feature of interest. There were several
items of news which should have had bear
ing upon values. but they seemed to falI nat
in almost every case, and Whlle tne market
for the greater portion of the day had an up
ward tendency, the movement lacked vim.
and outside of a few spec1altles
the final changes are generally con-
fined 10 small fractions. The most promi-
nent feature of the day was The. selling OF
Lead trust by ST. Louis. which became
alarmed at the threatened enforcement OF
the law which was passed last winter against
trusts and the stock was forced down about
per cent, though partial recovery TOOK
place. The bears of course helped the de-
cline and the recovery was in all probability
the result of the taking of profits on the short
side. With the exception OF London, when
bought freely at times of all nf its taVorites
st. Louis was the only outside center which
traded to any extent in this market to-day.
Next to Lead trust, Richmond & West Point
attracted most attention and both kinds
of the stock scored handsome advances.
The grangers were all stronger, though
SG6mtu uSSlOClCN Ad4ASN W
move with the Others. The long expected
dividend on Northern Pacific preferred was
declared today, but the announcement
failed to have any effect on the stocS, which
was steady throughout, with sllght upward
tendency. The specialties were III many
cases conspicuous fer strength, and Cana
dian Pacific, Ontario & Western and Louis
vile d Nashville all made material gains.
The markets reacted from the depression or
Yesterday afternoon and changed 1st0l2 per
hiObpr this morning tlOnpn the bears
soon made a drive at New England ana
forced it off over per cent. though after the
pressure was removed there was
full recovery The demons demonstration t6e naa n
ward movement in the general
list however, and some stocks went back
slightly for the time being. The depression
was of short duration and led by Richmond
and West Point the entire list moved up
slowly, Notwithstanding the weakness shown
in Lead. Stagnation was the feature OF the
list in the afternoon, but Ontario d western,
Hooking Valley and other low priced special
ties relieved the monotony by sharp, upward
movements, and late i'll the day the advance
became general, except that Chicago Gas
dropped 2A per cent On the grant TO other
company of the privilege of bringing gas
into Chicago. The greater portion OF this
loss was afterward made mp however. The
close was fairly active and strong, generally
at the best prices of the day. The final changes
are almost all advanced of fractions but
Ontario & Western rose l5S; Richmond d
West point pfd. 1I2; the common. lis; ST.
Paul and Canadian Pacific. ls: Jersey Cen
tIal Louisville d Nashville and NJ iSsouri Pa
cific l per cent each. while Lead trust is off
IA and Chicago Gas per cent. Railroad
bonds were more quiet to-day. the sales OF all
issues reaching only S1,22l 600. and the
really only active issue was Hooking Valley
5s. which contributed SlO3,uOU to the total.
The tone of the market was rather heavy If
anything, but the final changes are about
equally divided between gains and losses,
which are in but few cases for more than
fractional amounts. The Posts financial
article says: The selling of Erie and some
other stocks yesterday was presumed 10 be for
London account. this. with the fact that in
the last week the Bank of England has lost
945. 900 on balance, has led some people to
expect that the Bank of England rate OF dis
count would be raised on next Thursday,
and thus give the whole stock speculation
set hack. There is, however, nothing in the
London money market as yet to warrant this
speculation; money is easy at 37s to 4 per
cent discounts in the open markets. though
there are still some apprehensions of the
necessity of further shipments of gold to the
there was considerable Erie bought for Lon
don account, and the only prices in that
market for all American stocks were
ls@7s higher than the closing prices
here, last night 1t is the
railroad stocks that makes the dull market
and leaves all the active stocks lower to-day
than they were a week ago, or two weeks ago.
The decline in Lead Trust was due to heavy
selling of st. Louis holders who were
alarmed by the nouce of the secretary of the
state of Missouri to all corporations of that
state that they must comply with the law
passed last winter prohibiting any corpor-
ations from putting their stocks into trust
The penalty for Noncompliance is loss of
their charters. Some of the most profitable
concerns in the Lead Trust are in st. LOUIS,
| and il looks as though they would be COM
PEELED to withdraw from the trust Never
theless, the decline in trust certificates was
only liz per cent. Governments dull and
steady. State bonds dull and steady. The
total sales of stocks today were 269, ,235
| shares, including: Atchison. 1865: Union
Pacific, 5,5O6; Delaware, Lackawanna &
Western. $500; ID. It. & F. W., $500; Erie,
Az o: Hooking Valley, 1920; Louisville &
Nashville. IL AIS: Missouri Pacific, 1877:
Norfolk & Western pfd, 6,377; Northern
Pacific, pfd. 1860; Heading, l., 400; Rich
mond 4 West Point, q, ,90l; St. Paul, IT,