St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-06
FINANCIAL.
New York.

New YORK, May 5.-Clearings. S91, $780,
1888; balances $4.27e,952. Money on call
easy, ranging from 4l2 to 6 per cent; last
loan, g.; closed offered at q. Prime mercan-
tile paper '617 per cent. Sterling exchange
quiet and steady at S4.SIA for sixty-day
bills and 81. SOFA for demand. The large
earnings of all the railroads. as recently re-
ported, are now having their legitimate ef-
feet in the stock market; and they, together
with the prospects of the passage of silver
bill, are the principal sustaining elements III
the situation The market Is now almost en-
tirely ignoring the fighting Western roads.
with several of the Western railroad
managers have not had an encouraging
effect upon the stocks of the various proper
ties which they represent, nor any dlscOur-
aging effect upon the rest OF the stock list.
The market to-day was unusually active
throughout the entire session, and commits
sion houses report that outsiders are taking
more and more interest IN the speculation.
The recent predictions that signs of return
ing strength Indicated that a revival was at
hand that would bring back business enough
in the street to make 1t equal TO that of ten
years ago were verified. Notwithstanding
the continued talk of reaction INDUCED in
last week, and the nature OF the market On
the last two days of the week, to-
days market was strong and even
buoyant, with very large volume of
business in the leading stocks. The leading
strong stocks of the day were Wheeling q
Oregon Transcontinental, Texas Pacific,
Louisville & Nashville, Chicago Gas and even
Missouri Pacific the latter becoming the
leader of the upward movement in the last
hour, when it became known that it was rep
resented at the presidents meeting at Chi
reago. The buying for outside concerns was
larger than for some time, Chicago buying
h the Western stocks. while Boston purchased
Atchison and others of its favorites, and the
same may be said of London. The opera
tiohs OF several new cllques md pools formed
lately were effective In giving the
bouyant tone to the transactions, White the
bears were left rapidly in the rear. Every
i thing shared in the improvement. and the
trusts showed much more life than usual of
late, and Lead and Cotton OIL especially. The
/ market continued to advance throughout the
day. with little but slight set-backs and the
aelOse was very active and strong at The top
i figures. st. Paul, Oregon Transcontinental,
Atchison, Lackawanna, Chicago Gas, Rich
Cmond & West Point, Sugar and Lead were
the most promptlnent and active figures.
Chicago Gas led the upward movement and
/ showed gain this evening of 3sa per cent,
! Atchison, Transcontinental, Lead and sew
eral of the specialtes following. The rail
road bond market was also more active, and
the sales reached 81, sos, 600, with the same
of late most prominent. such as
Atchison incomes. Texas Pacific seconds,
the Kansas Il Texas receipts and the Read
ing seconds. The market was strong all
ings was the strength shown by the Kansas
& Texas issues, the advance in the Texas re-
ceipts running to 4I2 per cent. while the
other changes were generally for fractional
amounts. Government bonds have been
dull and steady. State bonds have Eeen dull
and featureless. The Post says: las there
is considerable speculative talk about Oregon
Transcontinental, it may De said that at
the present prlces of the securities which
it holds the book value of the stock is about
80. The only obstacle to the liquidation of
the company and the subsequent realtza.
ton of this amount was the outstanding
5000 900 of 6 per cent bonds for the inter
est of which the Northern Pacific is respon-
,sible. Now that syndicate headed by
Drexel Morgan & Co. has been organized TO
take up these bonds, and take in their place
an equivalent amount OF the Northern Pa
cific consolidated u.s. this obstacle is removed.
But aside from this, it is not improbable that
the Oregon TranscOntinental company as
financial agent viii be Esorganized with Q