St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-11
FINANCIAL.
New York.

New YORK. Oct 1O.-Clearings. 1874. 7GO.-
129; balances, $3.50 100. Money on call
easy, ranging from 3l2 to 4l2 per cent; last
loan 3i2, closing offered at 3l2 Prime mer-
camille paper. 5a40o7. sterling exchange
quiet and steady at $1.S1I2 for sixty day bills
and 81. Sc for demand. The stock market to-
day was somewhat less active than yester-
day, which was almost entirely due to the
absence of the pressure OF short sales, which
has been the great feature of the dealings of
late, and in consequence there was much
more steadlness, helped by the excellent buy
Ing of investment houses. The evidences
were stronger even than yesterday that in
sIders in a number of stocks have placed
themselves under the market. The Gould
party bought Missouri Pacific. Western Union
Manha,tan and the Texas Pacific securities.
There is feeling in Wall street to which
the Erie difficulty gIves point that railroads
will not have much more adverse legislation
TO contend with because many of the roads
have already reached point where it would
be necessary, should lower rates be emf ,rced,
to make a reduction in the pay of their men.
The market opened this morning at advances
extending to per cent with arbitrage bro
keIs buyers, and further slight gains were
scored III the early trading, but the room was
not particularly bullish and the traders began
to take profits on the rise of yesterday after
noon and this morning. and when the first
demand was satisfied prices under this
selling. shaded off again till most of
the list with Missouri Pacific and
Atchison and the trusts leading. The bears
claimed that the rise was only a squirt, and
that selling would begin for further liquida-
ton Immediately, but there was no sign that
the selling to-day was anything but profess
sional. There was an attack upon Ere. but
it never reached serious proportions and
while the stock is one of the few showing @
slight loss at the close of this fluctuations
were not specially important The selling
of the traders Stacked away after II o'clock,
and the usual dizziness with rising tendency
10 prices followed. In the last hour Lacka-
wanna led an upward movement, and it
reached higher prices than at any time since
the late depression began, the buying by
the insiders being most marked. Sew
eral other specialties responded with
material advances, but the general list slowly
appreciated to the close, which was fairly
active and firm at the best prices of the day
Reports of earnings for the week in October
are in and many show marked gains; Wheel
| ing & Lake Erie showing gain of 81 per
cent. Toledo & Ohio Central, %; Milwaukee,
| Lake Shore q Western, ga, and St Paul z.
The final changes are almost all in the d.
rectiOn of higher prices and LacKawanna
rose 1885, Big Four lis. and Chicago Gas,
Rock Island and Wheeling L. Lake Erie pre-
! were moderately active, the sales of all issues
reaching 1897, 900. ont of which Texas &
| Pacific seconds contributed $4,000, and
the htchison incomes, :SlGe,ooo. The
| but later in the day felt the stimulus of the
new buying, and in many of the active
| issues there was material Improvement
| from that time to the close and the number
| The Atchison As rose to 80. and the in
| comes y TO 81; Northern Pacific 5s, 2ls TO
| S7A Norfolk d Western 1O0-year 5s 2 TO
| SO; Reading lists. 3A to 65A, and the DDS
| ga to 1919: Wisconsin Central incomes. 3s4
| to 46Ia. Government bonds have been dull
| but firm for the As. State bonds have been
| entirely neglected. The Post says: Erie
was one of the few stocks that were at any
time in the forenoon lower than they were
at the close yesterday. The selling was
mainly shorts, and was i'll consequence
| of the company's refusal to grant
the demands of the employees, which it is
argued will bring on another strike like that
| on the New York Central. So tar as the com
| mon stock of the Erie is concerned it has nc
prospects of dividends anyhow, and has nc
| value except for voting purposes. The
! figures at which it has been held for the las
year are merely arbitrary, and if once estab
| 1ished al a lower level would probably stay
| there without having any influence upor
! the movement of prices in the general steck
| market. President King states that the wage.
paid by the Erie are generally in excess OF
those paid on the principal competing an6
| adjacent lines. Furthermore, to gran
the rates and allowances asked would
increase the pay rolls of the Erie sy'
the wages OF employees not connected will
train service. The increase of 81 ,034 OO(
would be greater than the average earning
of the company in excess Of fixed charges fo
the last five years; hence the company coul(
not graut the increase and maintain tn,
property. The total sales of stocks to-da,
were 295, 449 shares, including: Atchison
ID. $40; Delaware, Lackawanna & Western
4,3oG: Erie. 1i.540; Lake Shore. 4.31O
Louisville & Nashville, $40; Missouri Pa
cifc, 10.325: Northwestern, 3, $50; Nortl
American. Is. LOG: Northern Pacific pre-
ferred. 1925: Reading, $500; Richmond 4
4 A. Ct
Pacific. 3,19S; Union Pacific, 13, $50; West
ern Union, 4 500.