St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-09
FINANCIAL.
New York.

NEW YORK, Jan S-Clearings, SI16.O21.
1875; balances. $3.50 ',40S. Money on call
easy, ranging from 2 toys per cent: last loan
=; closed offered at per cent. Prime mercan-
tile paper, 584GD712. Sterling exchange more
active and strong at 81. Sl34 for siXty-day bills
and S4.S554 for demand. In the stock mar
ket to day the Coal stocks, and Reading in
particular, were the pivot upon which The
dealings turned, and in them large blocks of
stock changed hands, while the general mar
ket was quiet and moved within narrow lin
its as usual. Large selling orders were cabled
TO London last evening with the effect of
opening Reading stock off over per cent at
that center, and this decline was
partially reflected in the opening here
this morning. 1t soon became evident
that there was mighty effort being made
either to cover shorts or to compel them TO
cover; and, though the pressure in Reading
was sufficient TO cause the decline of "a per
cent at the opening, the calling in of alT
loaned stock, with the most pronounced sup
port given the stock, soon brought its price
up about 1l2 per cent. Tine stock loaned at
as high as l-32 premium and the dealings
for the first hour were running up to 40. 100
shares in the first 10 minutes and over co.
600 for the half hour and 10000 for the
hour. After opening at 3034 1t touched 37Ss
but this advance was not all held. The other
coal stocks did even better than this. and
Delaware u Hudson was up TO $50. against
14!I2 last evening, and Jersey Cen
trail to 1879 against 1855. Lacka-
wanna was also extremely active though the
dealings did not reach snch high figures as
in Reading and the stock DISPLAYED more
positive strength, rising from 1854 to 80 in
the first hour. a rise of SIP per cent from its
lowest point of Yesterday. AT noon there was
a change in the temper of the market and
the bears returned to the attack putting out
large blocks of Reading, which finally de-
pressed it to fraction below its lowest price
of yesterday. Lake Shore, Union Pacific,
Atchison and Missouri Pacific were paid at
tention to, though III Atchison the ONLY
marked success was met with. Sugar Rein
cries. however, felt the full force of the
bear strength, and numerous stories
were circulated about dissensions in
the trust, and outside competition. which
precipitated large blocks of the stock upon
the market with the result of depressing the
price from Dole to 53Ss, with sales at seller
sixty at %. Lackawanna and the rest of the
general list were held firm, and late in the
day limited covering movement sent prices
up somewhat, the market finally closing quiet
and firm, generally AZ fractions better than
the opening figures. The final changes are
quite irregular, though declines are rather
the more numerous; and while Delaware d
Hudson is up DIE, Lackqwanna II2, and Jer-
sey Central ! per cent, Tennessee Coal was
particularly weak in the last hour closed
down Us. Sugar 2I4, and others generally
less than > per cent. Railroad bonds as q rule
were quiet and firm. but the activity in the
Reading issues ran the total tor the day
up to S2.4ll 600; Reading frsts contributed
Wabash seconds $l32.0J0. The incomes
were again pressed for sale. and the firsts re-
tired from 1912, last night, to 6975, but raj
lied to II at the close. q loss of 2l5 per cent
the others losing only small fractions. La
clede Gas lost 214 at S412; Richmond 4 West
Point TrnSt fiVes rose 81. to 1912 The Post
says: THAT the sudden activity and advance
of the coal stocks were the results of at
tampts to cover shorts. or attempts to make
them cover was shown by the sudden cessa-
ton of activity at ! O'clock The coal
stocks are, of course, all depressed by the uu-
fortunate condition Of the coal trade; but
for the last two days they have been
also depressed by the general belief
that the Reading would default in the pay
ment of any interest on any of the three
classes of the total value of $3.50 900 of
| income bonds which come ahead of the
$50, 400, 600 of the stock. This question was
TO be settled to-day Mt the meeting of Read
ing directors. and though there was nothing
known about itup to l o'clock, it is quite
well understood that whether the company
pays any interest on any Of the incomes or
not the Reading railroad has not earned
much, if anything ut all, towards interest on
the incomes, and that if the losses of the
Reading Coal and Iron company are taken
into the account it will not have
ahead of the incomes. Aside from the coal
stocks there was very strong tone 10 the
stock market. and il was so significant that
Western Union suddenly advanced SH to So
on sales of 1000 shares. Government bonds
have been dull and steady. State bonds have
been dull and firm. The total sales of stocks
to-day were 430, T6G shares, including: At
Gibson, TO, $40; Delaware, Lackawanna &
Western, 1880; Lake Shore, 500: Lonis-
vile & Nashville, 5000; Missouri Pacific,
1851: Reading, I95. go; ST. Paul. 6. 80
Union Pacific $500; Western Union, 1885.