St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-08
ANCKAE1.
New York;

NEW York, March 7.-Clearings,
soy. OSl, 16S; balances, S4,S12.074. Money
on call easy. ranging from 2 to 6 per
cent: last loans, closed offered at 3. Prime
mercantile paper, 5(07. Sterling eX-
change quiet and steady at S4.S2Z for
sixty-day bills, and 1886 fer demand.
The stock market was more active and
stronger in all it's departments to-day
than il has been for some time, and
uniform and material upward move
ment was the great feature of the trad
ing. The recent Improvement in the
monetary situation, both at home and
to good buying of stocks both for the
short and long account, The liberal
purchases of bonds by the treasury yes
terday, and the heavy offerings
again to-day, also had favor
able effect upon the street and
the bears found themselves no
longer able to take the aggressive and
the covering of shorts was large pro-
portion of the business of the day. The
operations in Reading again occupied
most of the attention, but they were not
either so large numerically nor so i'm
portant in comparison with the transac-
tons in the rest of the list. A firm
which has been loaning large amounts
OF the stock upon the street suddenly
called it in, and not only the shorts. but
those who are conducting arDitrage OPP
erations between this city and Philadel-
phia found themselves in tight place.
The leaning rate went up to 1-16th per
diem for use, and after 1t bad been ham
mered down to 3614 rise to 37M fol-
lowed. the close being within slight
fraction of the best figure. The other
coalers sympathized to limited ex-
tent, but the grangers became again
very prominent in the mai ket. AS
there were no disturbing reports
from the west they all made material
advances for the day. The report that
a dividend had been declared upon
sugar reiineries was proved to be false,
and this morning the stock opened off
over per cent, but the buying, for
time at least, was as good as usual of
late, and it was pushed up to fraction
ally higher figures than yesterday. This
was all lost later in the day, however,
and it closed with fractional loss.
Among the specialties, G. G. 9. & st.
L., and Wheeling IL Lake Erie, were
most prominent, but their gains, except
for the first named. were small. The
strong tone (which prevailed during the
day lasted up to the close. which was
dctlHS ut Vic uCoI pliNCo VI tiIO udy.
The principal gains are G. G. G.
& St. L., lIc; Rock Island
I5Sc; Missouri Pacific and Oregon
Transcontinental, u; Northwestern,
IL: Louisville d Nashville, Is. and st.
Paul per cent. Railroad bonds were
decidedly more active to-day. the sales
reaching 81, 147.0 900, but this was princi-
paly due to the activity in the Reading
issues, the tours furnishing $4,000 to
the grand total. The tours and the first
and second incomes were strong, but the
thirds went back. Among those which
are higher tonight are Reading frsts,
2M to 65. The losses include Ohio
Southern incomes, 2$l, at 40. Govern
ment bonds have been dali and steady.
State bonds have been dull and without
feature. The Post says: So far as can
he estimated to-day, the bank state
ment tomorrow Is likely to show
a further loss in reserve. and
used in the attempts to depreSs prices
this forenoon, but without much effect,
because it can now be foreseen that the
lower rates for money in London (Which
caused reduction in the rates Of for
eign exchange this forenoon). together
with the bond purchases of the treasury,
will prevent any pinch for money for
the next month. Approximations of
stringency in the money market have
for the last three weeks been the most
important aid to the short sellers of
stocks, but with this removed the large
outstanding short interest to be covered
can scarcely fail to result in higher
prices within week. The impression
of observers in the stock exchange
room to-day was that the bears were
the chief buyers to cover shorts. OF
course. this referred only to the active
stocks in which there is any considera-
BILE short interest, such as Rock Island,
st. Paul, Lackawanna, Union Pacific
and some others. The higher prices,