St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-22
FINANCIAL.
New York.

New YORK. Jan. 21.-Clearings Sl32. 6o5.
923; balances, S4961. 434 Money on call
easy, ranging from TO 4Le per cent: last loan
3, closed offered at per cent. Prime mer-
camille paper, 5@7. Sterling exchange dull
and steady at S4.S2 for siXty-day bills and
81 S6A for demand. The upward movement
lnthe stock market inaugurated yesterday
made further progress today, while the mar
ket itself perceptibly broadened and the re-
cent persistent pressure by the bears uoon
The list was conspicuous by its absence. The
disposition or the latter was evidently to
cover their outstanding contracts and RI
mors OF coming resistance to further bear
pressure was in all probability an induce
ment to take that course. One of the chief
elements OF strength in the market to-day
however. was the growing ease in money
boih here and i'll London, time money bt ing
offered freely at per cent, while call loans
were made as low as 3 per cent to day. The
drives at values to-day were short and sharD
but the subjects were well chosen aud the
covering was quickly done. III the general
list Missouri Pacific was again the leader of
the dealings, and while no marked move
ment was made in the stock, the rise of YES
terday was fully maintained and slightly i'm
proved upon. Western Union was attacked
in the forenoon, but rallied quickly and fin
lshed with small advance. The strength in
these stocks of late is. regarded as an iud1ca-
ton by the friends of the management
that the Gould properties will in the
future be of assistance toward a bet
ter market. Reading was again act.
i've and the Sully party were reported as
steady buyers all day long, while assuring
their friends of their ability to smash the
voting trust. The stock was advanced
fracuonally, but fiuctuated over a COMPARE.
lively narrow range, as was the case with ALL
the leading shares. The wide fluctuations
were, as usual, made in the trusts, and the
speciallies and sugar refneries in the after
noon Tor no apparent reason was bid I'D
rapidly, touching 5J7s, though it fell aWay
later to 544 and closed at 54I2. Among the
speciaitles Louisville, New Albany Il Chi
cago was most prominent for its rapid rise
under light dealings from 40 to ii, against
3ess for its last sale. 1t closed at A. Chicago.
st. Louis & Pittsburg common and Hook
ing Valley were also specially strong
The beginning of dividends is the direct re-
suit of the improved business done by all the
established roads in Ohio. The general list
displayed firm tone throughout the day
and improved fractionally under small trans
actions all day long. The close was dull. but
firm, generally at or near the best figures
The great majority of the list is higher to-
night. though the advances are confined to
small fractions as q rule The railroad bond
market was moderately active to-day but it
displayed no pronounced tone. the majority
of the list being quiet and steady, while a
few issues showed marked strength and 9th
ers were equally sweak. The total transac-
tons were Sl.764,0 900, of which the
Chesapeake & Ohio os furnished SOY, 90.
and while the Wabash issues, the Mil
waukee, Lake Shore d Western IS
and some others were prominent in the deal
ings they tailed to reach an Important total.
ST. Louis, Alton & Terre Haute dividends
rose to SO; Burlington, Cedar Rapids q
Northern consols lost at go The Post
says: Yesterday it was mentioned in this
column that stocks exhibited symptoms OF a
strong upward reaction as the effect of the
oversold condition of the marget This fore
noon it was apparent that The upward turn
had begun, and though the market is still
marrow, there were more spectators in the
Gafd oil
standing that the early prices i'll London
were generally lower than the closing
figures here last night, this market was
strong and higher throughout the forenoon
The uufavorable aspects of the general
railroad situation as regards the improbable
condition of the coal trade, the apprehen-
sionS of a quarrel among the anthracite coal
companies, the possibilities Of a rupture in
the interstate railway association, the cutting
of freight rates. and the prevailing democrat.
ization in passenger rates on all the granger
roads; all these have had their effect on the
prices of stocks and. for the time being at
least have spent their force. A reaction was
due from the oversold condition of the mar
ketaIone, but there are some other causes
for better prices. Cold weather at the West
has improved the prospect OF the coal trade,
and latest earnings of the Granger roads show
the eff, Cts of the cutting Of rates have been
overestimated. Spectators have also Just
begun to realize that the roeds in the Middle
states. and especially in Ohio and Indiana,
were steadily increasing their business, both
by the increase of wealth and population,
and by the formation of new connections
and consultations into comprehensive sys-
TENS, instead of short fragmentary independ-
ent lines. Government bonds have been
dull and weak for the 4s. State bonds have
been dull and steady. The total sales of
stocks to-day were 212,SSS shares lnclud-
ing: Canada southern, 1923; Delaware
Lackawanna & Western, II.OU0; Hooking
Valley, 3.140; Missouri Pacific, 21.I93:
Reading. 40,200; st. Paul, j ,735; Union
Pacific, 5, 800.