St. Paul daily globe., 1890-03-31
New York.

New YORK, March 29.--Clearings to-day,
Slo1 ,463, 233; balances. $5s629s692. For
the week elk, &C Clearings; So72.s 1872; bal
with no loans; closed offered at 3ls per
cent. Prime mercantile paper, 5@7 per cent.
Sterling exchange quiet and steady at 81. 81
for sixty-day bills and S4.s7 for demand.
The stock market continues to show dimin-
ishing volume of business, and the trans
actions today were In all probability the
smallest on record, while the fluctuations in
prices and the interest taken in them were
strictly upon the same plan. The features
Of The market were confined to the selling OF
Erie In the early dealers and the efforts
Of the bears to get Rock Island &
Texas Pacific down, meeting with only
slight success IN either. Fhe bank state
ment was, II anything. more favorable than
expected, as some money was known to
have gone out of the banks, while the re-
ceipts from bouds purchased by the treasury
were limited, and the increase of nearly a
million dollars so close to the st of April is
regarded as favorable to better business: and
the general opinion on the street is that a
broader and better market may be expected
between the 1st and the 18th of next month.
The efforts of the bears gave the market,
which had been utterly stagnant, rather
the close was heavy, though the final changes
are in all cases insignificant Railroad
bonds were equally dull and feat
ureless, and displayed dropping
ongn naee NJ be nass NE bop9f
for the week aggregated S., ,967, 900. Govern
ment bonds have been dull and steady.
State bonds have been neglected. The Post
says: Altogether the bank statement did
not show quite so much gain of reserve as
was expected, though the payment of $6,OUO,-
900 of the United states interest on April l,
besides the large payments on railroad and
other bonds on the same date is pretty GER
tain to make a much more favorable state
ment next week. But, SO far as the stock
market is concerned, there is now no longer
any serious apprehension of tight money,
and if there was much disposition to specu-
late III stocks, 1t would not be checked by
the aspects Of the money market. But this
Is not a speculative time in stocks or bonds.
1t is merely a time when capital
lists are investigating. the condl-
perties, and investing in them for compare
lively permanent holding. Any speculative
rise such as the stock brokers are longing
for. would bring in a great lot more of the
every day speculating public, but it would
drive the capitalist and the investor out of
the market Prices would then advance
rapidly, only to experience decided reaction
in few months. In the present condition
they will probably creep up. gradually from
month to month and remain more perma-
nently on higher level, un il some great
change i'll the demand for money advances
the rates of interest and consequently re-
duces the values of interests and dividends
paying investments, though nothing of the
kind can be foreseen in the present aspect
of affairs i'll this part Of the world The
total sales Of stocks to-day were 37.12l
shares, including: Delaware, Lackawanna
d Western, 1850; Erie, 6,400; Reading,
SO 10; st. Paul. J, 1853.
r. M. NEWPORT & SON.
Investment Bankers