St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-03
FINANCIAL.
New York.

New YORK. April 2.-Clearings, $50, O64.-
O55; balances, S4,249.596. Money on call
easy at 2l2@5 per cent; last loan, 4; closed
at SOL; prime mercantile paper, 5@7. Ster-
ling exchange duh and weak, with actual
business at S4S5l2 for sixty-day bills and
81. S7l2 for demand. The stock market was
very active and weak throughout the day.
and, while extremely weak in the forenoon.
rallied later in the day, although the tone of
the dealings was unsettled throughout. The
Western ia ilroad troubles were still the great
disturbing factor, and the advices received
since Saturday night induced a heavy pres
sure to sell; At the opening, there being a
perfect rush to get out, the trading was at
tended by great excitement for some
time. A rumor which was circulated
last week about prominent house being
in trouble and compelled to throw over all
the stock it had been carrying, was again
made use of this morning with considerable
effect. The pressure was specially severe
against the grangers, and St. Paul in par
ticular. but the stock fluctuated only l per
cent all day and its final loss was entirely in
the others, however, and Burlington &
Quincy dropped over 3 per cent. After the
grangers. more attention was paid to the
Vanderbilts as being liable to suffer most
from the prospective difficulties with en-
ployes and Canada Southern, Michigan Cen
trail and Lake Shore made marked declines.
The coalers exhibited considerable strength,
especially i'll the early portion of the day, but
were subjected TO heavy raids later, and the
trading i'll Reading and Lackawanna was
very large and the impression made upon
their prices was not all commensurate with
the efforts put forth There was ex-
tensive covering of shorts at the low
prices and renewed buying for the long
account when it became evident that the
situation had been exaggerated and the mar
ket had generally firm tone III roughout the
afternoon. Union Pacific suffered heavily in
the first attack but almost Immediately re-
covered aud was well held to the close, and
while Richmond & West Point was one of
the most active stocks; its fluctuations were
confined to a range of only 5s per cent The
first sales were made at concessions of from
" to "a per cent in most cases, but in excep-
tional instances the declines reached a.
weak for some time after the opening, and
most of the losses were established in the
first few minutes. Lowest prices were gen
orally made shortly after noon. however,
after which there was an irregular recovery
extending throughout the list and lasting all
the afternoon. The market was much
quieter after the first hour, and fin
ally closed quiet and about steady.
Most of the list are materially lower, and
Canada Southern is off 1S4, Burlington &
Quincy LA, Colorado Coal and Richmond d
Fort Worth L. Denver, Missouri Pacific, New
York Central, Omaha, Reading and Pacific
Mail per cent each. Railroad bonds were
q little more animated, but they sympatkized
to 10 limited extent with the depression in
shares, and while final changes are generally
for fractional amounts only, III most of the
list the differences are almost invariably in
the direction of lower figures The total
transactions were $9cS.00G. Stale bonds