St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-13

market there. with the high rates heer,
have caused weakening in sterling ex-
change rates, and, for the time being,
gold shipments are out of the question,
which also encouraged purchasers of
good stocks to-day. The buying, how
ever, was in great part to cover short
contracts. and, while there were heavy
purchases for foreign account, the de-
mand for home consumption was still
larger. The news of the day was in
a large degree favorable, and the
proposition that the secretary of the
treasury should purchase the 41Ss at
par and interest to maturity met with
much favor ana aided to keep the up
ward movement going. The most i'm
portant factor to that end, however,
was the lending of large sums by one
prominent bank, which gradually low
cred the rates for money and instituted
positive ease in place Of the tightness
prevailing in the forenoon. The up
ward movement continued, therefore,
without interruption until the close
and the advances were large and uni
form, the entire list sharing in it with
out distinction. The dealings. es-
pecially in the afternoon, presented
little or no special feature, and the
close was quiet but strong at the
best figures of the day. The principal
gains comprise Tennessee Coal, 8;
Oregon Transc6ntinental. 2s6; Reading,
az; St. Paul, Q; Union Pacific, ~;
Louisville & Nashville, ~; Lacka-
wanna and Wheeling 6 Lake Erie pre-
ferred. ~ each; c., G.. c. & St. Louis
and Lake Shore, ~ each; Burlington,
Colorado Coal, Rock Island, Missouri
Pacific and Wabash preferred, II each;
Norfbracforp Norfharn PooifSo nro-
ferred and New England, IL each, and
Chicago Gas, Erie and Wheeling & Lake
Erie, per cent each. Railroad bonds
were dull. the sales being only s761, 1000,
and the tone was still heavy, though
few marked gains were scored. The
important changes were very few,
however, and the final changes
generally are for Insignificant
amounts. Government bonds have
been dull and firm. State bonds
have been entirely neglected.
The Post says: While money remains
at 4.S414 per cent in London, it is
plain that the higher rates here, If con-
tinued, must soon reduce the rates of
exchange to point where the gold sent
over week or two ago would begin to
come back, and thus equalize the rates
for money. In connection with this.
also, III appears ULdG LOuuOu Sptculd-
tors have recovered from their South
American furry and were buying
American railroad stocks to-day. This
helps to weaken the exchange market as
well as to strengthen the stock market.
The parties who have manipulated the
money market here have also probably
realized to-day that they cannot control
it much longer, and there is reason to
believe that they were buyers of stocks
this forenoon. When they have bought
their stocks the money they have locked
up will come out in pay for them, and
it is to be expected that with the eXcep-
ton of few trifing spasms, the money
market will work easier from this time
on. Aside from this the secretary of
the treasury will probably also in some
way contrive to buy some large bonds
before long, which will help to make
money easier. The total sales Of stocks
to-day were 191,1s0 shares, including
Atchison, 1925; Lake Shore, $3.50:
Louisville & Nashville. 7,S4S; Missouri
Pacific 1920; Northern Pacific preferred,
3,S2l; Oregon Transcontinental, 10000;
Reading, $500; Richmond & West
Point, 6,206; st. Paul, 20,010; Union Pa
cific 6275.