St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-12
GERMANiA BANK.
Estate BANK.)
PAD UP CAPITAL. S<O0. 0O0.
Surplus and undivided profits. sos, $50.
ALEX. RAMSEY, WILLIAM B1cKEL
President. Cashier.
FINANCIAL.
New York.


New YORK, Feb. 11.-Clearings, S147, $751;
GA; balances. S7.7tS, 1886. Money on call
easy. ranging from 8 to per cent last loan
3, closed offered at 8. Prime mercantile
paper, 4s4@6l2. Sterling exchange quiet and
weak at $4S2s4 for sixty-day bills and
S4.S7 for demand. The stock market today,
owing to the lack of local sensations of any
sort, was dull. and left TO it's natural bent it
showed firm front with extremely narrow
fluctuations, though in q few eases there
were material advances made. This state of
affairs continued until near the era of the
afternoon, when word came from Chicago
that the presidents had agreed, after placing
the notices of the withdrawal of the
on file. The committee for the formu-
lation OF plan by which those roads
would be kept in the association made no re-
port and on the street this was variously in
terpTeted. Later. however. the report that
the freight agents had resolved 10 make q re
duction of 30 per cent in all rates between
the Missouri river and Chicago caused
heavy selling movement, which changed the
character OF the market completely, and
dizziness and stsgnation gave place to great
activity and decided weakness all over the
room. A false report of, he serious illness
OF j. Pierrepont Morgan also gave some i'm
petgs to the decline. The opinion that the
roads propose to force a speedy settlement of
the difficulty which caused the cut gained
many believers. The bears were heavy sell
lers on the break, and little long stock
came out except IN the stocks of the roads
Immediately affected by the cut Some of
the specialties, however, made marked de-
clines In the morning the announcement
that the Manhattan Elevated intended to pay
Its next quarterly dividend in cash instead
of in scrip was somewhat of a surprise to the
street, it being the first cash payment for
year. The opening of the market was dull
and firm, and some new buying putting things
up fractionally in the first hour, with Sugar
leading the upward movement which ex-
I ntIlln nd
stagnation was the only feature in the gen.
eral list after that, though some weakness in
Wisconsin Central brought that stock down
materially. Toward p. M. the Chicago dis
patches began to show effects and activity
and weakness became universal. Prices
moved off very rapidly, and the close was
active and weak at the lowest prices reached.
The final changes are almost all in the direc-
lost 2 per cent, c., c., C. & St. Louis ia,
Chesapeake L. Ohio first preferred ilh, Col
orado Coal a. Missouri Pacific and North
ern Pacific preferred each lis, and Reading
per cent. Railroad bonds were little more
animated. but the character of the dealings
underwent no change, and the market
showed rather heavy tone, with only slight
fluctuations. The sales of all issues were
ing thirds contributed $4,000. The i'm
portant final changes were very few,
but among those which are lower
tonight Galveston. Harrisburg and San
ANTONIO ZnQs IOSt Z TO SO, Minneapolis d
st. Louis Southwestern rs 2 at 70, Reading
converibles 4l2 at 41l2, Toledo, st Louis &
Kansas City list 2 at IS, and Wisconsin Cen
trail incomes DIS at 62s5. Government bonds
have been dull and heavy. State bonds have
been entirely neglected. The Post says not
withstanding the unpromisfng aspects of the
situation at the West just at present, the
granger stocks were the strongest group on
the list this forenoon, and Northwestern. st.
Paul, Rock Island, Union Pacific and Atch-
ison were all from 81 to a. higher at one time
or another in the forenoon than they closed
yesterday, and none of them were at any
time before IL O'Clock lower than last night
A report came from Chicago that all the
roads in the Northwestern association had
agreed to reduce rates between Chicago
and Missouri river points about 80
per cent. The probable purpose Of this
is to prevent the diversion of freight between
Minneapolis and the Atlantic seaboard to the
Manitowoc route of the Lackawanna. But
whatever the purpose, it gave the stock mar
ket a setback, and beforeI 2:45 about every
stock on the list was about sS0S4c lower
than at IL o'clock. Reading dropped lis to
4Ola before $3.50. The Reading third prefer
ence income bonds sold at4 I@4Os4; 81. &c.,.
362 OF these bonds. which according to the
terms of the plan of reorganization adopted,
were to be exchanged for an equal amount Of
the old convertible per cent bonds. and are
convertible into the common stock of the
company. These bonds sold to-day at 41l2.
The market closed active and weak for all
stocks. The total sales of stocks to-day were
291, 617 shares, including Atchisou. 6, "a;
Delaware. Lackawanna & Western, 81, 10S:
Lake Shore, 3.S14: Missouri Pacific, 16, 400;
NorthwesteTn 500; Northern the Pacific Pr, pre-
$500; Reading, 3O.s3O; Richmond & West
Point. S,S72; ST. Paul. 1890; Union Pa
cifc, $500.