St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-10
FINANCIAL.
New York.

NEW YORK, June 9.-Clearings, 1884,
8O4, 4SO; balances, S4.753, Ill. Money on
call easy. ranging from to 5 per cent,
last loan 4, closed offered at 4. Prime
mercantile ypaper 5@6A. Sterling eX-
change quiet. but firm at $4.84s4 for
sixty-day bills and S4.S6% for demand.
The stock market was comparatively
quiet to-day. and, while inclined to
weakness under the hammering of the
room contingent, later developed
strong tone, and all of the early losses
were regained. The passage of the
silver bill by the house of representa-
tives Saturday furnished the topic of
conversation for the street to-day,
and there was some expectation
that there would be little boom on the
strength of it. There was some buying
at the opening, which, with the limited
offerings, had the effect of opening the
market up from & to q per cent, but
the disposition among the majority of
the operators was to await the action OF
the senate upon the matter, and the adj
vance went but slight fractions further.
The trading element interpreted this as
an indication of weakness, and made
some attacks upon the list here and
there, but outside of the trusts the i'm
preston made was slight. although
some selling for London account de-
pressed Oregon Transcontinental,
Louisville 8 Nashville, Mexican Cen
trail, St. Paul, Union Pacific, Rock
Island, and one or two special
ties, large fractions. Toward noon
the announcement was made that
passenger rates had been restored all
around, and the Wizards were the first
to feel the stimulus, Oregon TranScOn-
tinental moving up nearly 2 per cent.
Richmond q West Point followed later
with similar gain, and the trusts rose
handsomely from their lowest points.
The talk of the street has it that Trans
continental is worth on the books about
55, but the prospects OF dividends after
the reorganization is said to be the chief
stimulating influence at present. Rich
mond & West Point rose sharply, and
the rise was accompanied by rumors
that the insiders would probably obtain
control of the Baltimore & Ohio. There
was evidence of inside buying also. The
general revival of confidence, however,
was shown in all portions of the list,
and in the last hour the traders
who had been sellers in the forenoon
took hold of one stock after the other
and aided materially in advancing
prices. The trusts were not so active,
but, while they showed some wide f1uc-
tuatiOnS, they were on smaller scale
than usual of late, and they fully re-
sponded to the late strength in the reg
ular list. The close was quiet and firm
at-only slight changes from first prices.
The final changes are quite irregular,
and usually insignificant, bnt Oregon
1ranscontinental is up ~ per cent,an
Sugar and Missouri Pacific 1 per cent
each. Railroad bonds were quiet
throughout and failed to develop any
special feature whatever. The market
displayed firm tone, but there was 10
urgent demand at any time. The trad
ing reached only 81. 251 900. Among the
advances Ohio, Indiana & Western sec
onds rose 2 to 60; st. Joe & Grand ISL
bonds have been dull and steady. State
bonds have been dull and without feat
ure. The Post says: "Wlth the recent
advance in the Northern Pacific stocks
the book value of the Oregon Transcon-
tinental stock is figured up by those in
terested in it to about 55 or Sc. But
the speculative feeling in regard to it
is based mainly upon the prospects OF
its becoming, after reorganization, an
important financial agent and power
full promoter of enterprises, somewhat
in the same way as it was of the North
ern Pacific. 1t is understood that the
stock of the present company will be ex-
changed share for share for that of the
new company, and the expectation
is that if speculation is active,
and many new enterprises are
brought out, the new %. IT,
stock should soon be dividend-paying
investment. A dispatch from Chicago
after one o'clock, to the effect that
passenger rates everywhere in the West
and Southwest had this morning been
restored to the full tariff figures, helped
to strengthen the general stock market
being it had no special effect on the
prices of the granger stocks. The con-
tinuance of encouraging reports in re-
gard to the improvement in the anthra-
cite coal trade, and in the iron and steel
trade, made stronger market ior the