St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-19
FINANCIAL.
New York.

NEW Y ORK. May H.-BanK clearlngS
to-day were SlS9,6S6, 500: balances. 81
2S6, l05; clearings for the week, $685.
$685. SOL; balances, S3S, 3d. 1913. Money
on call easy, with no loans, closing Of
fered at 3 per cent; prime mercantile
paper, 5(D7 per cent. Sterling exchange
quiet and steady for S4.S4 for sixty
day bills, and 1886 for demand. The
stock market even, although this was a
half holiday, managed to maintain the
large volume of business of the past
week and, while the movements of
prices were somewhat irregular, there
the close. swept everything before it,
and further advances resulted, while
many stocks reached their highest
prices for the week. The founda-
ton of the bull movement,
the railroad earnings, con-
tinue to show the same material in
crease over those of last year. The
bulls also continue to fight shy of the
stocks of the warning roads that are cut
ting rates in the West. The market to-
day was unusually plentifully supplied
with rumors for a short session, and
among them may be noted a story that
a deal favorable to the Willard stocks is
to be cOnSummated next week, which
served as the basis for most marked
advance in the Northern Pacifics and
Oregon Transcontinental, which be-
came the features of the market after
10 O'clock. Reading was the most active
stock, its transaction twice as many as
those of any full day of the week
inc rumors relating to merger
or agreement with other powerful
companies. and there was ma
terlal gain was made in
its price. The market started off with
slight advances, but there was some
selling OF Reading and the grangers.
apparently for foreign account. and
Chicago Gas and Sugar were weak and
retarded the further improvement until
the strength in Reading had been fully
developed. The Wizards afterward
joined in the upward movement and
later the advancing tendency extended
to all portions of tie list and even the
trusts felt the stimulus. The bank
statement. which had promised to be
unfavorable, showed a small increase
in the surplus reserve and helped to
give the market Il buoyant tone toward
the close, which was active and strong,
in most cases at the best prices OF
the day. The final changes are
generally small advances, the declines
Ueing few in number, while Northern
Pacific preferred Is up ~; Oregon
Transcontinental. 2; Northern Pacific,
common, ~; Reading, 1aas. and Michi-
gan Central. l per cent. The transac-
tons in railroad bonds were also large,
and full up to the average of the week,
aggregating Sl.574, 900. out of which
Reading Is had S302, 900, the Sd incomes
$4,000; Atlantic & Pacific incomes,
SlSO,OOO. and the Atchison incomes
| Sl07,0 The market was firm with
few marked changes in quotations.
Ohio Southern lists rose 24@ll1&.
The sales of bonds for the week aggre-
gated s16,513.000. Government bonds
have been dull and steady. State bonds
have been neglected. The exports of
specie from the port of New York
during the past week amounted
to 1920, $3.50, of which $1,000 was
in gold and 1913, $50 silver. The imports
of specie during the week amounted to
$94S, 731. of which SCI, PSI was in gold
and 1851, 500 silver. The Post says:
The advance III prices was continuous
up to Wednesday, after which there
was considerable realization of profits.
with a concurrent decline in prices, but
the net result for the week was an adj
pdllCc Vi -4QIO14 pei CCllG OECl tllC ClOS-
ing prices of last Saturday. The re-
ports from the West have been of dis
couraging character. but there is rea-
son to believe that there has been con-
siderable eXaggeration and that affairs
there are much less worse than
daily reports indicate. The gross and
net earnings now coming to hand show a
very prosperous condition of general
trade, and if rates at the West were
being cut. as reported, the result would
be less favorable. London has been a
heavy buyer in this market during the
past week, ard the strength of the
market was due largely to such pur.
chases. The general feeling continues
| bullish, and while reactions are expect
ed. higher range of values is regarded
as inevitable. The total sales of stocks
to-day were sos, 1856 shares. including
| Atchison, 1890; Delaware, Lacka
wanna & Western. 1907; Louisville s
Nashville, $500; Missouri Pacific, 4,GS3
Northern Pacific, 1883; preferred
$50; Oregon Transcontinental, 32,640
Reading. 1880; Richmond & Yves
Point, 1886; st. Paul. 6.7OO; Union Pa
, o,Go ON