St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-27
FINA NCI4E..
New York.

New YORK, Feb. 26.-Bank clearings
to-day, S114.2 39, $50: balances. 81, 794, S52
Money on call closeIs ranging from 212
to per cent; last loan 1S2; closed Of
cred at 30. Prime mercantile paper,
$685.. Sterling exchange quiet and
steady at S4.S115 for siXty-day bills aud
$4.S515 for demand. The stock market
to-day was quiet, and left to itself
would have shown an improving ten
dency, as indicated by the early trading,
but the bears got in some pressure upon
Rock Island, Burlington, Laekawanna
st. Paul and some others, though with
small effect only. The general list
showed a strong undertone throughout,
and the efforts of the bears, whether
directed to the unloading of long stock
or the covering of their shorts
in a few shares, was without
marked success anywhere. The
only really weak spot in the list was
sugar refinerles, in which there were
rumors and points that the stock would
decline before the opening of the mar
ket. The Chicago people were sellers
of Rock Island and the other grangers to
a moderate txtent. but the bulk of the
pressure came from the bear contingent.
and the argument that the late reduc-
tons must result in smaller earnings
was sent forth in support of their posi-
ton. ST. Paul was depressed below 81
on a large business, and Rock Island
reached bel W SO for a time, but Bur-
lington was strong and failed to decline
to any extent. There was alittle foreign
buying of Louisville Il Nashville, bu
the trading for the interest was small
and the stock was dull in comparison
with the last few days, while it moved
over only narrow range and showed
little change at the close. The deal in
Tennessee Coal seems to be about over
and that stock was quieta and maintained
within narrow limits to-day, the other
bituminOuS stocks being almost ne
elected with the exception of Colorado
Coal. which developed considerable ami
nation and strength in the afternoon.
Sugar also stiIfened up when the regu-
lar list was weaker, but failed to hOld its
advantage and finally closed at about
the lowest of the day. There was some
selling also of New England aud Read
ing. but both met with good support and
the pressure was soon removed. The
market rallied slightly in the last hour,
but the close was 10 more than steady
at the Improvement and very dull. The
final changes are irregular, though the
declines are the more numerous to-
night, but with the exceptions of sugar
2 per cent, and Tennessee Coal l per
cent lower, the changes are confined to
fractions only. Railroad bonds showed
a broader marked to-day, and the
total sales reached s1,037, 900. The
market displayed no marked tone, how
ever. and considerable irregularity &C.
Cured. Cincinnati, Jackson d Mack
inaw 5s rose 8 to 70. Wabash deben-
lures B lost at As, and Ohio Southern
incomes 2 at 50. Government bonds
have been dull and steady. State bonds
have been dull and featureless. The
Post says: All of the most active stocks
on the list Q re now at about the lowest
prices since January having been:
Rock Island, $50. Feb. 10; st. Paul,
6114, Feb. 81; Louisville. $40. Feb. 81;
Union Pacific. SIS, Jan. 81; Burlington,
1918, Feb. 81; Lackawanna. 13415. Jan.
81. and Reading, 3515, Jan. ID. AS to
the character of the selling which has
produced these low prices, whether it
has been more largely of sales of long
or short stock, something may be estim-
ated from the effect it has had to cause
declines. The fact that Rock Island
had declined 10 points from its
high price on Jan. 4, Louisville 6
points from its high price Jan. 20, and
Burlington points from its high price
Jan. 81 shows that there has been a
good deal of long stock thrown over
board, which has enabled the bears to
cover short sales without causing any
important upward reaction in the prices
st. Paul has declined points from its
high price on Jan. %, and Union Pacific
points from its high price on the same
date, which reflects the greater tirmness
with which they are held, notwithstand-
Ing some short selling. Reading is now
only 3 points below its high price made
Feo. Z, but the bears got a severe twist
in 1t from 3511s, to which they had sold
it down Jan. Is. Lackawanna has
been sold short On the same
reasons as Reading, viz: The
bad outlook for the coal trade;
I>but Lackawanna is rapidly icreasing its