St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-07
FINANCIAL.
New York.

NEW York. req. O.-CIGaTlDRS. GlZI,-
so1 800; balances, 1868, 297. Money on
call easy, ranging from Sig to 5.per cent, last
loan 4, closed offered at 3. Prime mercan-
tile paper 4S4@6l2. Sterling exchange quiet
and steady at 81. S3l2 for sixty-day bills and
S4.S7l5 for demand. The stock market was
q little more active to-day, and displayed q
firm tone throughout most of the day, though
there was considerable feverishness espe-
cially in the forenoon, and some irregularlty
during the entire session. The bears were
not so aggressive as usual of late, and their
feeble attempts to depress prices were met by
such resistance that during the afternoon es-
pecially they were more inclined to endeavor
to cover their outstanding shorts than to ham
mer the list The disquieting rumors from
Chicago which have been SO marked Of late
were Conspicuous by their absence. and the
news from London was of the most encour
aging character. AS a result the coal stocks
especially Reading and Jersey Central were
much stronger, in the former especially large
blocks of shorts being covered. The short
interest lie still very large though to-day the
loaning rates were easier. The price again
crossed IL, and at that figure a large block of
stock was supposed to have been bought for
the short account, though the support was
evidently from the clique. Rock Island was
strong up to 93 at which figure there seemed
to be plenty of stock for sale, and 1t was not
until late in the afternoon that it got much
beyond it though IL came back again at the
close. The bears talk confidently of another
decline in it if the general market gets weak
again, but there was also good buying in the
stock today upon stories of a deal with an
elevated railroad party who wish to use the
tracks of the Rock Island in Chicago The
foreigners were again active in Louisville &
Nashville and 1t scored a rise of full point,
though there was no special activity in the
stock. In the trusts there was great strength
shown by sugar on comparatively small
volume of business and it rose from 56l2 to
80, retaining most of the improvement at the
close. Lead was pulled both ways to-day and
H. : 49,
fluctuations were small, and little or no pro-
gress was made as the result Of the day s
operations. Among the inactive stocks Man
haitian was again conspicuous tor its strength
being helped by the improved prospects of the
fair bill, and Louisville, New Albany d Chi
cago shot up suddenly in the last hour from
40 to 5 lip, closing at 81. The rest of the
list was dull and without q feature of i'm
portance, and the dealings reached to u
smaller number of stocks than for the past
confined principally to the operators for the
short account. but declines meet with such
resistance that the traders quickly take the
bull side an any appearance of a rally. The
final changes to-day are generally advances.
and while Chicago Il East Illinois lost per
cent, jersey Central rose per cent; Sugar,
l7s; Colorado Coal, 1Ss, and Louisville &
Nashville. per cent. Railroad bonds were
more active to-day, and the number of is
sues traded in were large and so well diStrib-
uted that no special activity was shown in
any one issue. The character of the deal
ings, however, was IN no way changed. and
a steady to firm tone, with small fluctuations,
still prevailed, and although advances are
the more numerous tonight, the important
changes in quotations are very few in num-
Der. Reading 3ds convertible rose 214 per
cent to 42S4. The Post says: The chief in
terest in the market is, of course, in Rock
Island and Reading. In regard TO the former
there is of course, the fact that it gives no
reports Of its earnings except in the
annual report and this secrecy is sus..
all sorts OF doubts, suspicious and rumors in
| regard to its affairs. But after careful in
| quiry in quarters where it is believed trus,.
worthy information is obtainable, there
seems no reason to doubt that the earnings
| of the Rock Island are quite as good as those
of the Burlington, which has just increased
It's dividends to per cent basis, and conse-
| quently there is reason to think that the de-
preston OF Rock Island in the last week
which at the extreme was only 2s4, was
brought about by very great effort which
has created a very considerable outstanding
short interest, and the covering of which
Will put the stock higher than it was before.
An explanation comes from Chicago
whether correct or not-had the effect. the
depression was made for the pur
pose of letting in q party OF
purchasers who are about to builo
q suburban elevated road over the tracks OF
| the Rock Island, from its depot on Van
Buren, street to Englewood, about five miles
Reading was another stock in which the
reasonable firmness is not SO easily xplained
| on any reasonable grounds except mere man
| ipulation. Yesterday and the day before
there was some wild talk Of party buying
the coutrol for the purpose Of going into a
| litigation TO break the voting trust To-day
| it is acknowledged by the Philadelphia legal
counsel for the anti-Corbin party that for the
| purpose OF this litigation ten shares are iusl
| as good as forty thousand. There was also
talk of the possibilities of a corner in the
| stock. Government bonds have been dull
| and steady. State bonds have been dull
and featureless. The total sales of stocks to-
day were Isl, 292 shares, including:. Atehi
ern, Is, 800: Louisville & Nashville, 1885
Missouri Pacific, $500; Reading, 81, 100;
Richmond d West Point 3,045i ST. Paul
$3.50.