St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-21
FINANCIAL.
New York.

New YORK, March 20.-Clearlngs,
500, S95, 81; balances. S5,O00.969. Money
Oh call easy, ranging from to per
cent; last loan, 3 per cent, closing Of
fered at per cent. Prime mercantile
paper, 5@71a. Sterling exchange quiet
but strong at $4.S31I for slxty-day bills
and S4.S5115 for demand. The stock mar
ket was intensely dull throughout the
day, the sales of listed stocks being the
smallest for full days business for
long time. while the fluctuations were
on strict. parity with the business
done. While there was no pressure of
long stock on the market, there was,
during the greater PARTON of the day, a
dropping tendency i'll the general list,
though no impression was made upon
prices except where the bears were
testing, and that to only very limited
extent. Both parties in the specula-
ton, if such it may be called, are hold
ing off for the present. pending
the april disbursements, and in
the meantime. although the bank
reserves are low, the absence of
demand for speculative purposes keeps
rates easy, and there is no indication Of
a money squeeze between this and the
1st of April. There was very little in
the general list to-day, but some selling
of Union Pacific was done. and it yielded
slightly. Missouri Pacific was also
pressed for sale, and shaded off to a
slight extent, while of the other Gould
shares Western Union alone show
ed any life and that was weak, los
ing nearly per cent after selling eX-
divided. Sugar refineries was the
special feature of the day, and it moved
up at first on the expectation that
the permission to declare the
dividend would be granted this
morning, but which the de-
cisiOn was reserved, it again fell
away. Later. however, there was an
i'm improvements, and the stock closed at
only Tennessee Coal and the Wheeling
~ Lake Erie stocks showed any zeal
strength, and the tirst-named moved up
from 81 to 5411a, the rumor being that the
Brice-ThomaS party had acquired
large block of the stock, and that the
late depression had been for the pur-
pose of accommodating the stock. Wheel
ing d Lake Erie preferred rose 215 per
cent and reacted 13s, but closed with
material improvement. The market
finally closed dull and steady at insig-
nificant changes for the great majority
of the list, the only important differ
enceS being advances of 215 in Tennes-
see Coal and 115 in Wheeling d Lake
Erie preferred, and loss of u in Col
orado Coal on very light business
The railroad bond market presented the
same dizziness and stagnation as stocks,
and the sales of all issues reached
only S937, 000 while the fluctuations
we're small and unimportant in ali but
few Instances. The dealings showed
ahsnIftnlxr M cnaniol faaft,r1a h, 70,
Government bonds have been dull and
steady. State bonds have been dull and
featureless. The Post says: For the
advance in Wheeling preferred there is
some reason in the facts that it presents
an improving property, with rapidly in
creaSing earnings, that the advance in
it's price has been moderate. being only
two points since March l, and that as a
4 per cent dividend payer it is still
good investment that pays 81 per cent.
But for the wild fluctuations OF Tennes-
see coal from so a month ago to 43 on
Tuesday, and back to 541 at noon to-
day, there are no causes in anything
connected with the business or pros
poets of the property itself. They have
been caused entirely by the crude
Speculations of number of people who
either knew nothing about the value of
the property or else must have ignored
the fact that stock on which the net
earnings in 1889 were scarcely equal to
8 per cent, was not worth over so at the
utmost. Even il it was regular divi-
dend payer of 3 per cent, it would not
be worth more. But as it is only a pos
sible dividend payer some time, year
or two hence, it would be much higher
at so than such other prospective divi-
dend payerS as Union Pacific or ST.
Paul are at their respective current
prices. Canada Southern not only
earned but paid last year 81 per cent.
and yet was selling at almost exactly
the same price this forenoon as Ten
nessee coal, on which per cent divi-
dend will certainly not be paid this
year, and possibly not next. The total
sales of stocks to-day were 12l, 942
shares, including: Atchison, 3,SO3; Del
aware. Lackawanna g. Western, 5000;
Louisville Il Nashville, 4,lOO: Missouri