St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-21
FINANCIAL.
New York.

NEW YORK, Feb. chickering's, $780,
S75. l03; balances, S7.424, $50. Money on
call easy, ranging from 3 to 4 per cent;
last loan 8; closed offered at 3. Prime
mercantile paper. 5(@615. Sterling eX-
change dull and steady at $685. for
siXty-day bills and S4.S62 for demand.
There were no new developments in the
Western rate war to-day, and while the
bammering by the bears went Oh as
usual it was confined to few stocks
only. and had comparatively little effect.
The Bank of England at last reduced its
rate of discount from 10 per cent, but
as this action has been SO long expected
it failed to stimulate speculation either
in London or here. 1t did, however,
give a rather better tone to the market
in the early trading, but the impalse
was insufficient to stem the force of the
bear attack which was commenced soon
after the opening of business. Rock
Island. as usual, bore the brunt of the
pressure, but there was evidently con-
Siderable covering of shorts upon the
decline, and the influence of the move
ment in Rock Island was decidedly less
than it has been for the past few days.
The drive at Rock Island was
over by noon, after which time
that stock became quiet with
the remainder of the list and
fluctuated within narrow limits
like the others. For time the pressure
was directed against Louisville q
Nashville, and while that stock yielded,
1t was fractional break only, and was
soon given up. some of the specialties
also came in for attention, and Tennes-
see coal again made one of its sensa-
tional drops. declining from 7S4 to 20
ErrI, Sfn ord.
the principal causes of its bad break,
and afterward portion of the loss was
recovered, through it is still materially
lower this evening. Colorado coal fell
away III SYMPATHY with Tennessee and
recovered but slightly. G. G. G. q st.
Louis was also attacked and deciin-
ed fractionally. Missouri Pacific was
strong in the face OF the weakness Of
the general market, but Western Union
was heavy. Burlington was let alone
to-day and was quiet and steady
throughout. The trusts were less prom
inent and failed to make any movement
of Importance. The market relieved
from pressure in the afternoon slowly
crept up on light business, aud finally
closed dull and firm at but Slight
changes for the day in most of the list.
Tennessee Coal lost 81 and Colorado
tiunal advances at the close. Railroad
bonds were again dull and without
feature of Importance, the final changes
showing few which call for mention
The sales of all issues reached 1855, 00G,
but there was no animation anywhere
in the list. Government bonds have
been dull and steady. State bonds
have been dull aud featureless.
The Post says: There is still great
deal of speculation as to whether the
persistent attacks upon Rock Island
conceal any other object than the mere
raiding of prices in general bear CAIN
paign, or whether they may not he COLI
nected with some purpose of keeping
up the war on freights in order to force
the other granger roads, especially the
Burlington d Quincy and the Burling-
ton IL Northern, into some iron-clad
agreement to maintain rates. 1t is
quite certain that some large amounts
of long stock have come upon the mar
ket since the dividends were reduced to
per cent quarterly, as was paid on Feb,
l. 1t is also not improbable that some
of those on the inside can see that un-
less there is something stronger TO take
the place of the interstate association,
which is now no longer a controlling
power, rates will be SO reduced
by excessive competition west of
Chicago next summer that the
Rock Island, with no such alliance
as the Northwestern and Union Pacific
would be at great disadvantage and
not able to earn its dividends. There
has undoubtedly been an increase of
interest in the current year to March 81,
1890, but how much is not known to any
but the managers. If it should he as
much as it was in either of the two pre-
ceeding years it will be seen that it
would require an increase of 500, 900 in
the surplus earnings over those of the
year to March 81, 1889, to be equal to 4
per cent on the stock. 1t is probable
that there will be such an increase for
the current year, and that the Rock
Island will earn its per cent in the