St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-07
FINANCIAL.
New York.

New YORK, April 6.-Money on call easy.
ranging from 2l2 10 3l2 per cent, last loan 3;
closing offered at 36312. Prime mercantile
paper COS. Sterling exchange quiet but
firm at S4.S6l4 for sixty day bills, and 81 SSla
for demand. The total sales of stocks to-day
were 3d. 97 shares. The stock market un-
derWent sudden change in its character
and from the dizziness and liStleSSness of the
past two weeks there was a jump into activ-
ity and decided strength which was most
welcome after the long stagnatiOn. AS
result of the operations of the day, almost
everything traded in shows material Improve
ment over last weeks figures. The feeling
on the street this morning was prOnOuncedly
upon the bull SIDE. The stimulating infill-
ence undoubtedly came from Chicago and
the stocks in which that center is interested
took the lead in the early rise while outstrip-
ping everything else in the amount OF bust
ness recorded. Chicago Gas was the prime IA
vorte, but Burlington and Rock Island were
behind, and st. Paul, Atchison Il Union Pa
citic followed closely. The only stocks
other than these which attained any prom
inence during the day were Sugar, New Eng
land and Cordage. The new movement on
the part of the Chicago people may indicate
that the time has come in their opinion 10
bull stocks, owing principally to the ad-
Journment OF the Western legislatures and
the final defeat of the anti-railroad legisla-
ton. or 1t may mean that the specu-
latlon In cereals has culmin-
ated and the capital which has
has been so long locked up in those deals is
now free to seek other channels Of profit.
However this may be, there is no question
but that the advance to-day was due TO buy
ing for the long account, and the market
having resisted so strenuously all the de.
pressing influences of the past two months. a
following among the local operators will not
be hard to accumulate. The financial situa-
ton, on the other side is not all
that could be desired, but it has
ceased TO have any terrors for
Americans and the low state OF reserve of
the Bank OF England is no deterrent There
were only two really weak spots in the mar
ket to-day, Illinois Central and Great North
ern preferred. The latter made no recovery
while the former joined the other grangers
and recovered handsomely while Showing
no gain for the day. The Northern Pacifcs
were also rather sluggish aud failed 10 main
tain the level OF the opening figures though
their losses were insignificant except
as III contrast with the rest of the
market The general list however
after firm opening, followed the leaders
and showed small advances for the dav
There was evidence of heavy realizing sales
in the first and last hours, and the latter
caused some concession in many stocks from
the highest figures of the day, but the market
closed active and strong at or near the best
figures. The final advances of note include
Sugar, 54; Burlington, 234 Rock Island.
ia; Chicago Gas li2; G. c. C. d St
New England, 1Ss; st. Paul, 11s; Manhattan
lis. and Northwestern l per cent Railroad
bonds partook of the activity and strength of
the share list 10 only a limited extent and
while there were sales of SI,25S,OO0 the final
changes are i'll almost all cases insignificant.
though the great majority are in the upward
direction. Atchlson incomes were most act
i've, with $4,000, and the remainder
of the business was widely distribute
ed. The Post says: Somebody is irving
to work up speculation in Reading stock
by giving the impression that the stock will
be wanted for control at the expiration of
the voting trust by which the voting power is
vested in i've trustees until Aug /, 1892. 1t
was manipulation il this interest which sud
denly marked the price of Reading stock up
points on Friday afternoon. But it is ONLY
manipulation. Neither the public nor those
acquainted with the condition of the antl-
racite coal trade are buying it at 81.
while the third preference incomes, which
take precedence of the stock so far as divi-
dends are concerned, are selling at 81 and it
seems too long to wait yet to buy the stock
for control There seems no reason to doubt
thata traffic agreement has been made with
the Lake Shore which will benefit the Read
Ing company, but it will be of more benefit
to the income bonds than to the stock.