St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-28
BANK OF MINNESOTA.
Paid Up Capital, $6OV,Ou0.
Surplus, 800. 900
VIM. Dawson. Pres. Robt A. Smith, V, Pres
VIM Dawson. Jr.. Cashier.
FINANCIAL,
New York.

New YORK, Feb 81 Clearings, Sl2i ,53S
962; balances, $685., qua. Money on call
easy, ranging from 5 to 5la per cent; last
loan 3; closed offered at 3. Prime mercan-
tile paper, 4S4tG6l2. Sterling exchange dull
and weak at $4SlA for siXty-day bills, and
S4S5 for demand. The stock market was
still more quiet to-day, and the fluctuations in
most of the list reflect the general apathy of
operations. being confined TO the smallest
fractions, except in the few stocks which are
now objects of attention from the bears and
traders. The general opinion is that all the
trading, except the little buying from time to
time by the insiders when their favortes are
unduly depressed. is for the short account,
and the selling seems to be of the same char
acter; the outstanding short interest, i'll com
parlson with the dimensions OF the market,
is undulv large. The foreigners have shown
a disposition to buy of late. and to-day in
London the prices before the opening of the
board here were materially higher than those
of last evening, and the opening here,
while responsive to a limited extent,
TO the advance in London was only slightly
higher and under pressure from the bears
this advantage was soon wiped out. A des-
perate attempt was made during the day to
break New England, the opportunity being
taken to offer il down when no one was
trading in the stock. There was no bad news
to make a decline, and although bankers are
waiting anxlously for some action at Wash
ington which will make money more plenu-
full and easier in Wall street, of favorable
nature, there was no lack of funds and rates
were easy throughout the day. Besides New
ENGLAND the only weak point in the regu-
was sold down by the traders.
Sugar refineries were weak all the way
out however, the bears selling it down on
the story that the courts would interfere
with the payment of the next dividend. Ten
nessee Coal was rather weak again. notwilh-
standing the publication of a bull article
upon the property in an influential morning
paper. The grangers were less active, and
trad nd in "a a1luo Nx.ith Nt1f
exception. The market closed dull and
heavy generally at close the lowest figures.
The final changes are in most cases in the di.
rection of lower prices. but the only ones of
importance are losses of Us in Sugar
and per cent in Tennessee Coal. Railroad
bonds were again quiet to duh to-day
again displayed general dropping tendency
though the declines were for the most part
insignificant, and the only feature was the
selling of Reading third, incomes down be-
low the stock again. The sales of all issues
reached 81 1000 600, but this business was
very evenly diviked between a large number
of bonds. The principal losses were Central
Railroad of Georgia os, pa at 50; Reading
3ds, 2 at 3~l2. The few gains included
Louisville, New Albany and Chicago lists, 2
to 1l9. Government bonds have been duh
aud steady. State bonds entirely neglected.
The Post says: The early prices in London
were Il to l per cent higher for all stocks
than they closed here last night, and il was
mainly TO this fact that the higher prices
uST0 JUlS IOTtuOOu WeTt uuc Is HO
reason to doubt that with the easier money
market there, London has become a buyer Of
stocks, and thai one of the causes of the de-
cline in foreign exchange this week has
been the sales of bankers bills drawn in pay
ment for stocks and bonds. The closer
money market here this week has probably
been the most effectual obstacle TO an ad
vance in the stock market which would nat
urally follow London buying, and though
this may be relieved to some extent by the
payments of interest on United States bonds
on Saturday, March l, the continued absorb
ton Of the circulating medium of the eoun-
try by the treasury is likely to Keep the money
market working close until in April. But, SO
far as the stock market is concerned, it is
already SO much oversold. on the prospects
of tight money, that unless there should
come some severe pinch in the money market
a strong upward reaction in prices is prob
able before long The total sales OF to-day
were 10 ,O60 shares, including: Delaware,
Lackawanna & Western. 6. 100; Erie. J. 10 .;
Louisville d Nashville, S.2ol; Missouri Pa
cific. 1890; Reading, 1890; st. Paul,
1897; Union Pacific, %, 49J.