St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-10
FIN ANCKAE4.
New York.

New YORK, March 6.-Money on
call easy, with no loans, and closed
offered at per cent. Prime mercantile
paper, 515(07. Sterling exchange quiet
and steady at S4.8219 for sixty-day bills,
and S4.S6 foH demand. The stock mar
ket was fairly active to-day, but de-
velOped reactionary tendency under
the effects Of the general expectation Of
a bad bank statement, Money, how
ever is much easier in all the financial
centers, and the money received by the
banks during the last few days Of this
week must have the effect OF making
next weeks statement of more
favorable complexion. The surplus
but the statement Is undoubt-
as there has been no stringency in
money even before the large purchases
of bonds, there is no fear of squeeze
on the part of the holders Of stocks.
Railroad earnings continue to show the
same proportion of increase as usual.
The impetus from last evenings rise
was still felt this morning, and the for
eignerS were liberal buyers of their
specialties, which made the first prices
from "a to q per cent better than last
nights figures. Further improvement
was made all over the list, notwith-
standing the fact that Sugar soon de-
Veloped weakness again and ran off
nearly per cent. The regular list soon
followed, and the early gains were in
almost every case wiped out. The final
losses, however, are insignificant.
Reading was the most prominent stock
again, and its rise III the early trading
nearly reached per cent, and it never
again got as low as the opening, and is
one of the few stocks showing a final
gain. The market steadily yielded after
the first squirt, and finally closed quiet
and heavy generally at close to the low
est prices reached. The one strong
point in the market was Chesapeake ~
Ohio first preferred, which rose rs,
clined IL. Railroad bonds were active,
the sales for the two hours aggregating
$722. 900, of which the Reading is figured
for $4,000. There was stronger tone
to the market than usual of late, and al
most all the important changes in quo
tationS were in the upward direction.
The Reading issues, however, failed to
advance. Among the gains were
Minneapolis 81 st. Louis Iowa rs, 2 to
90; New York Central debentures, 2 10
liz, and Green Bay incomes, 31a to %.
The sales of bonds for the week were
S7,61S, 900 against s., 265, 900 for last week.
Government bonds dull and steady.
State bonds neglected. The exports of
specie from New York last week
amounted to 1856, 100, of which S2l9,930
was in gold and $646.l99 silver. The
imports Of specie for the week amounted
to $473, 426. The Post says: The large
decrease of S7,S13,000 in the deposits,
concurrent with decrease OF So, 4S0.00O
in the loans, indicates that process of
liquidation of Indebtedness to the banks
has been in progress. Deposits have
been reduced in order to pay off loans,
and also by the INSCRIPTIONS of the treas
ury and the movements of currency
to the interior. These two latter
items are estimated to have reduced the
deposits about 100000 in the last
week, and this, together with the
liquidation of loans, about makes the
total reduction of deposits. These
changes do not indicate anything as the
result of operations in the stock market;
on the contrary, they seem to be strictly
and solely the effect Of legitimate mer-
camille operations. 1t will, however, be
seen that the treasury absorption, esti-
mated at over $2,000,000 cuts so large a
figure that it governs the monetary
situation and requires the constant pur-
chase of bonds to merely counterfeit it's
effects. But if, as reported, the secre-
tary of the treasury should call in about
100000 of the United States de-
posts in the national banks, this
would again neutralize the effect
of the bond purchases, and we should
again have tight money market unless
it could be relieved by European capt.
tai. The above was about the general
impression made by the bank statement,
and its effect on the stock market was
that in the last twenty inmates of bust
ness the early advances were lost on
nearly all stocks, Reading being the
firmest. The total sales of stocks to-
day were 5,705 shares, including
Atchison, 1,725; Delaware, Lacka-
wanna & Western, 5,132; Louisville &
Nashville. 4,571; Missouri Pacific, $3.50;
Northwestern, 3, 100; Oregon Transcon-
tinental, 3,ss5; Reading, so, 475; st. Paul,
n