St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-13
CERMANIA BANK.
FINANCIAL.
New York.

New YORK, March 12.-Clearings,
Sill. 599, 655; balances, S5,OS1 1863. Money
on call easy, ranging from 81 to AZ per
cent; last loan, 81; closed offered at
80. Prime mercantile paper. 515@7
per cent. Sterling exchange dull and
steady at S4.S1N for slXty-day bills and
S4.S43l for demand. The stock market
during the greater portion of today was
dull and stagnant for most OF the list.
and the few movements which took
place had little or no SignificatiOn. The
opening this morning was attended by
a stronger tone than usual Of late, and
especially in the grangerS there was
more life and positive strength. 1t was
reserved until the last hour to spring
upon the street the intelligence that the
Chicago, Burlington & Quincy had at
last secured the controlling interest
in the Chicago, Burlington IL Northern,
and there was rush to buy the gran
gers and the stocks of all the roads
which will be benefited by a cessation
of the rate-cutting in the West and
Northwest. Burlington d Quincy led
the upward movement, but Rock ISL
and, st. Paul, Union Pacific and Louis
vile and Nashville were close behind.
The prospect of a discontinuance of the
rate troubles IN the West already has
caused better feeling in the street and
an easier money market. There were
other items favorable to the improve
ment of values, chief among which was
the declaration of the dividend upon
the preferred stock of the st. Paul, and
a complete change in the manage
ment of the Louisville, New Albany
& Chicago railway, owing to the
fact that a controlling interest
having been bought quietly by some
large corporation. The general market
to-day was devoid of interest. The close
was active, excited and strong at the
best prices of the day. Burlington &
Quincy is up 215; Denver, Texas & Fort
Worth, 80; Rock Island, ~; Oregon
Improvement, u; Atchison and st.
Paul, 135: Colorado Coal, n; North
western, / per cent, and others frac-
tional amounts. The railroad bond
market was again more active to-day,
the sales of all issues reaching 81, $685.
900, out of which Atchison incomes con-
tributed 1881 900 and were the strong
points in the list, while the Louisville,
New Albany & Chicago cOnsOlS were
conspicuousIy weak. The rest of the
list, however, displayed the same steady
tone without tendency in either di-
rection. Louisville, New Albany 81
Chicago consOls lost 2 at 1902. Govern
ment bonds have been dull and steady.
State bonds have been entirely neglect
ed. The Post says: There are reports
which seem to have some foundation,
of new pool having been formed in
Rock Island, and aside from this it is
noticed that there has been pretty steady
buying IN the last two days of the other
grangcrs, especially Northwestern and
st. Paul, for Chicago account. While
the volume of trading in the more active
stocks has fallen Off because there has
been cessation of the efforts to depreSS
them. good many of the usually less
active stocks have had a larger business
Ill the last week and have advanced
considerably. Although the same indi
vldualS who are largely interested in
Burlington " Quincy were the builders
and operators of the Burlington u
Northern, the Burlington Il Quincy has
never been able TO dictate the policy of
the Burlington Il Northern, and as the
latter has been the greatest disturber of
rates. the matter has always had the as
The announcement that the Burlington
4 Quincy had bought the Burlington 81
Northern was therefore accepted as a
pledge that the rate cutting would be
stopped, and OH this supposition all the
granger stocks began at once to adj
vance. The total sales of stocks to day
were 24S,2l3 shares, including: Atchi-
son, 2S,775; Delaware, LackaWanna d
Western, 6,100: Lake Shore, 1000;
Louisville Il Nashville, lilo; Missouri
Pacific, LBS; Northwestern, 5,105;
Reading. 20,S00: st. Paul, 81, l56; Union