St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-02

market to-day was again dull, and aftor
a temporary depression develOpeda ma
terially stronger tone than II has seen
In some days. There was q drive at
the list as usual IN the early trading,
but it's results were not of special i'm
portance, and as during the week the
persistent pressure of the bears
to force down prices has met
with but partial success the
depression to-day was only temporary.
The attack this morning was made upon
the expectation that the bank reserves
would show falling off of about So, $780,
600, but the statement Of the loss fell
8, O00. 900 short of that amount and as
there had been good buying all along
the line at the concessions. the rush TO
cover after the result was known made
a sharp and material rally. OF course
the decline in sterling exchange rates,
although the furry in money incident
to the disbursements OF the first OF the
month were partly responsible for the
lowering of these rates, gives promise
that there will lie receipts of gold from
the other side and a consequent
Improvement Of the tone of the
speculation. The bears were helped
in Union Pacific to-day by rumors of
an unfavOrable nature in regard to the
annual report. but the foreigners were
buyers, and heavy covering was done.
The bitumnOuS coal stocks we're
especially weak also ia the early deal
lngs, but the rally brought them up
again, and Tennessee finally scored a
handsome gain, though Colorado Coal
was sluggish. Sugar was the strongest
stock. and was put up by its friends to
catch some stop orders. The remainder
of the market was devoid'of feature, and
the market finally closed quiet, but
strong, generally dt shade better than
the opening prices. The final changes
are for slight fractions. as a rule, but
sugar Is up 81 and Tennessee Coal 23ss.
Railroad bonds are duller than usual of
late. and the transactions in the two
hours of business reached only
$372, 900. The tone of the market was
gene rally steady, but all the important
changes In quotations are in the direc-
ton of lower figures. The sales of bonds
for this week aggregated S4.265. 600.
against S., $4,000 for last week. Gov
eminent bonds have been dull and
steady. State bonds have been neg
lected. The exports of specie from the
port of New York last week amounted
to $7Sl,054, of which $367.072 was gold,
and $4l3,9S2 silver. The imports of
specie at the port of New York last
week amounted 10 $977,293. of which
1914, 047 was gold and S., PIG silver. The
Post ga, IS: OF course, the immedid
factor of the nest Importance in the
movement of prices is the rate of inter
est for money. because this not only
represents the absorption of the circu-
lating medium Of the country by the col
lection of nearly 81 ,00O, 900 IF excessive
revenue into the United States treas
ury, in the last month. but also reflects
the greater accommodations that banks
have been called upon to make to vari-
Gus classes of the mercantile and manu-
featuring community In consequence of
the unusually mid winter. Merchants
who have usually had a surplus to in
vest i'll securities at this season of the
year are not able to do SO tins year.
Consequently everybody waited for the
bank statement, and as they expected
bad one prices were generally lower.
When the statement was announced it
proved to be more favorable than was
expected. The decrease of 50. $4,000 in
the deposits. so far as they may have
any connection with the stock market,
showed that the stocks which had been
bought had been paid for with the buy
er's own money. and not that of
the banks. All of the more
active stocks were practically uD-
changed, except by small fractions as
compared with week ago, and though
the majority OF these fractional changes
are declines, they are the result of the
constant short selling and hammering
OF the market by the board room specu-
lators. There has been a general de-
cline of from to 10 points as compared
with Feb. l, but it Was nearly all prior
to Feb. 20, on which dale the bank of
England reduced its ate of discount to
5 per cent instead of 6. Up TO about
that time London had been constant
seller OF American railroad securities
for nearly two months, but since then
has been buyer. and is now the chief
support OF the prices of stocks. The
total sales of stocks to-day were liz, 029
shares. including: Delaware, Lacka-
wanna & Western, 7,24O; Louisville ~
Nashville. 6,400; Missouri Pacific, 300;
Reading, 12.2U0; st. Paul. 1000; Union
pa,.itic q 2hO