St. Paul daily globe., 1890-01-29
FINANCIAL.
New York.

New YORK, JAN 2S.-Clearings, Sf4l ,O3o.- :
S43; balances. So. 292. 246. Money on call
ranging from 2I2 TO 3I2 per cent; last loan
Dig, closed offered at 3. Prime mercantile
paper, 5@6l2: Sterling exchange quiet and
firm at 81. S314 for sixty-day bills. and 81 81
, for demand. The stock market to day devel-
/ oped reactionary spirit. and was much less
active than Yesterday. both IN the trusts and
the regular list, though the general tone of
the market was firm and the undertone
showed no change from that of the past few
days. The efforts of the sold-out bulls to
cause a reaction for the purpose of buying in
again for further rise, together with the
demonstrations of the bears againsC certain
stocks, made the market somewhat mixed for
the day. but temporary halt in the upward
movement was the best that could be done by
the advocates Of lower figures As usual
there was little doing either for London OF
Chicago, but symptoms of a better feeling in
the former center were noticeable after the
fortnightly settlements and the report that
9200,OrO had gone into the bank of Eng
land, helped to create more easy
later in renewed buying orders for stocks
and the strong closing of Americans in Lon
don. The great feature of the day was the
sudden activity and strength developed in
Louisville & Nashville. which early in the
day. on the report that the directors had re-
solved to secure control of one of their
leased lines. believed to be the Kentucky
Central, rose over per cent in spite of the
Ik-
the announcement that directors had decided
to issue the Sl3.0,O,00O new stock for the
purpose of redeeming certain obligations
bearing interest, and which is to be issued 10
stockholders at S5c, was the signal for a rush
to buy the stock. and on very large business
1t crossed 9Gc. Some sharp upward move
ments were made in New England and some
Of the specialties, but in no case was the i'm
provement held till the close. The trusts
made some rapid movements, but they were
as rule of narrow limits, and the final
changes were Insignificant. Sugar was
bought in the early trading on the rumor of
of an outside refinery, and the old Tumor of
an agreement between the refners was cir
culated, but as heretofore, could not be con-
frmed. The traders took the bear side in the
stock late in the day. and all the improve
ment was lost. the coal stocks were less
active, and rather heavy throughout the day,
but the Changers were firmer, and there was
considerable buying of st. Paul upon reports
that the company would begin quarterly div
dends of l per cent in the near future,
and of the bullish attitude of MIR. Armour
upon the stock. Union Pacific also showed
considerable strength, especially IN the fore
noon, but failed to make any marked ad-
vance. The general list was, as rule strong
in the forenoon, but sagged away later in the
day, and the market closed fairly active but
heavy under the realizations and hammer
ing of the bears. The final changes are
higher, but are slight fractions Only except
in Louisville & Nashville, which is up 3ss
and New England 1 per cent. Railroad
bonds also fe.t the reactionary feeling, but
still maintained strong tone throughout the
day in the general list, though there were
more declines at the close yesterday
The business done reached 81 ,96S. 900, of
which Texas & Pacific DDS contributed
$4,000 and the Wabash 2ds Sl2OuOO.
The Post says: The bouyant spec ulation in
Louisville IL Nashville was unqueslionaDly
due in large degree to the easy feeling in
London in regard to money. The large gain
of over g. 900, 600 by the Bank of England
in one day, and the concurrent decline in the
rates of interest for bankers balances in that
market are important factors in stimulating
speculation there, must have its effect here
Government bonds have been dull and heavy
for the fours. State bonds have been dull
and steady. The total sales of stock to-day
were 325. 495 shares. including: Delaware,
Laekawanna & Western, 1920; Louisville
d Nashville, 4S.99S; Missouri Pacific 6 500; /;
Norfolk & Western. preferred. 4,5UO; North
ern Pacific. 1900; Oregon Transcontinental.
5,295; Reading, 36, $50; Richmond & West
Point S.25S; st. Paul, 1911; Union Pa
cific, 19,050; Western Union, 9,s75.