St. Paul daily globe., 1890-01-08
FINANCIAL.
New York,

NEW YORK, Jan. 7.-Clearings, $40. 95s.-
956; balances S7.744,5 ,595. Money on call
easy, ranging from 3l2 to 6 per cent, last
loan 4, closed offered at 4. Prime mercan-
tile paper, 58407r2. sterling exchange quiet
but lirm at S4.SUl2 for sixty-day bills and
S4.S4l2 for demand. The stock market was
extremely narrow to day, but it was more
active than for many days past owing to the
dead set made by the bears at the coal stocks
and especially at the Reading stocks and in
come bonds. In these properties. with the
addition of Missouri Pacific, st. Paul
Chicago Gas and Sugar refner-
les, about three-quarters of the en-
tire business of the day was
transacted. The rest of the market was dull
and without feature, though generally heavy
i'll sympathy with the leaders. Early this
morning advlces of rumor aflOat in London
that no interest would be paid upon the
Reading incomes was received, and the Lon
don quotation for the lists and the stock
were materially lower than last evening
With the opening of business here the bears
pounced upon the coal stocks, and during
the first hour Lackawanna was sold down
from 1888 to 1912. Reading from 80 TO
3T1S. and the first incomes from 1875 to 74Is
Lackawanna at the low figure re
ceived some support, and it rallied
close to the best price, but the others re-
manned heavy to weak, and Res ding closed
al its lowest figure after q further decline
The incomes rallied somewhat on a rumor
I1ldb tlIS lLteISsb tlG lIslS was 10 QC SlltQGQ
to prevent suits on the part of the holders Of
the other incomes, but later the bonds went
still lower. Missouri Pacific. after the first
decline, was held firm by the covering of
shorts and lost only fraction, but st. Paul
was less lucky and steadily declined through
out the day. Sugar reineries was adversely
affected by the decision in San Francisco
in the case of the American reifpery, de-
claring its charter forfeited. and il also
showed no recuperative power and closed at
but shade better than its lower figure. The
other trusts were comparatively steady. The
one strong spot in the market was Chicago
Gas tIust, which on reports of bull pool in
the stock rose nearly per cent though all of
the improvement was not retained at the
close. Among the specialties there were
some upward movements. chief among
which was that in Tennessee Coal, but after
some wide and sudden fluctuations 1t left off
only fractionally higher than last evening
In the afternoon the covering in Lackawanna
gave decidedly better tone to the mar
ket, but later the decline WAS resumed
and the market closed quite heavy at frac-
tional losses in most cases. The entire list
with but few exceptions. is lower tonight,
and, while Chicago Gas is up and Tennes-
see Coal fs. Sugar Is down Dig, Reading a
like amount Jersey Central 1i2 and Norfolk
western preferred and ST. Paul each l per
cent. Out of the total unlisted shares of
35,607, Sugar furnished 22,ll5. The rail-
road bond market. outside of the Reading
interests, presented a firm 'front.' and almost
everything traded in shows a small advance
The business done amounted to ST. $4,000
but of that amount the Reading lists fur
nished $4lS.0U0. the 2ds SI62, 900 and
the Kansas & Texas rs SI12,OOO. The
Reading lists are down SIS per cent at 1SIa.
the DDS at 5lL2 and the 3ds 2Ia at 45
The Post says: The conspicuous feature of
the day was the weakness of the coal stocks
due primarily to the continued remarka blv
mild winter weather, which is depriving the
coa[producing companies of another win
ters coal profits. just as it did last winter.
Reading was the doubts as to what if any
interest the directors would or could decide
to pay on The first preference income bonds
at their meeting TO be held Tomorrow The
decline of the first preferred income bonds
which closed yesterday at 1913 and dropped
to 74l3 in the first hour this forenoon, gave
the start TO all the coal stocks. The market
is still SO narrow and so devoid of any
support from any outside specializing
public, that the daily SPECTATORS
find it easy to depress prices by short sales.
this being the character of the majority of
the business this forenoon. Sterling ex-
change advanced again day owing partly
partly to the easier condition of the money
market here, which make less inducement to
move capital 10 New York for the interest
partly also on account of sales of stocks by
tance of interest and dividends due to for
e gn holders of American securities Gov
ernment bonds have been duh and steady.
State bonds have been dull and feature
less. The total sales of stocks to-day were
3l9,l66 shares, including: Delaware, Lack
awanns Il Western, 80, 1873: Lake Shore,
5,575; Missouri Pacific, 1880; Pacific
Mail, S,6s5; Reading, 126, 900; ST. Paul,
1000; Texas Pacific, 3,9U6; Union Pacific,
36lO