St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-11
FINANCIAL.
New York.

/. New YORK, April 1O.-Bank clearings to-
day. Slo7,979,573; balances, S4,942,555.
last loan 6, closed at 5. Prime mercantile
paper to ZIP. Sterling exchange quiet, but
strong at 81 5l2 for sixty-day bills and .S8
for demand. The stock market was dull
again to-day, and while it presented firm
front up to the last hour, bear raid then
completely changed the complexion of the
dealings, and all the fractional gains were
wiped out. The trading on the whole was
but slightly in excess of that of yesterday,
but the transactions extended to an
in the unlisted department where deal
ings resigned because of the &C ton
of governors in making commissions upon
those stocks the same as in the regular list
Union Pacific was the great feature of the
day, and it's marked activity was in strong
contrast to the dizziness and apathy which
existed in the other stocks. There were sew
eral theories advanced to account for its ami
nation in dull MARKET, but the one WHICH
seemed to meet with most favor was that the
Vanderbilts. having bought largely into the
stock, were to be given a representation at
the next annual meeting. Rumors Of favor
able action at Washington upon the funding
bill were also prominent, but after ell taking
or q positive nature was put forth. The
movements of the stock were. in comparison
with the amount of business done, extremely
narrow, and it's full range for the
day was only per cent, while up
%. There were many favorable items of
news this morning to affect values in the
market, chief among which was the further
reduction of the Bank of Englands mini
mum rate of discount to 3l2 per cent while
money in the open market was lending at 2.
The report of the earnings OF the st. Paul for
the first week of April showing a gain of
nearly S36, 900, and the preliminary report
of the Rock Island was more favorable than
expected, although the traders affected to
ID Z lose q
the dealings, which lasted until the last hour.
when the bears made drive at Missouri
Pacific, and incidentally at the whole mar
ket Missouri Pacihc is affected by the
action of the company in giving notice that
it would not send representative TO the
meeting of the association gave the bears a
handle upon which to freak its price. 1t de-
cfined from 71ss to 7Ol2, and all the others
sympathized to limited extent, the market
! closing dull and heavy generally at 1nsignif-
cant changes for the day. The bears were
large sellers in the last raid, and materially
: increased the outstanding short interest.
the inactive stocks from their last reported
sales. Railroad bonds showed the usual
modest business with a firm tone. but the
final changes as in stocks are not OF special
I'M portance. The Atchison issues retained
their leadership in point OF activity, and the
incomes retained their leadership in point
of activity, and the incomes contributed
S165, 900 and the as $4,000 to the total
of S1,5O4, 900. Northwestern extension
tours rose to 100, while Peoria, Decatur d
Evansville seconds declined 2 at n. Gov
eminent bonds dull and steady. State bonds
neglected The Post says: "a variety of
reasons are given for the exceptional activity
and strength of Union Pacific, but the most
plausible one is that at the next election of
directors. in the latter part of this month.
the Vanderbilt interests, as represented by
the Northwestern directors. will be repre-
sented also in the Union Pacific board There
are also still movements of variable legis-
lation on the Union Pacific funding bill by
Atchison plainly shows fattering prospect
OF paying the full amount of interest
due on the $4,000, 900 of per cent income
bonds on Oct. /. 1890. When these bonds
were authorized under the reorganization it
was stipulated that they did not be entitled
to any interest for the first three months
July, August and September. 1899. This re-
duces the obligation for interest on the in
comes is 3a4 per cent for the first year. and
on this easis the statement OF surplus apph-