St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-05
FINANCIAL.
New York.

New York, Feb. 4.-Clearings. S173,-
996, balances. S9,6S1. 1868. Money on
call easy. ranging from 3 to 4 per cent: tast
loan 8 per cent; closed offered at per
sterling exchange quiet but steady at
S3l2 for sixty-day bills and 81. S7la for
demand. The stock market to-day was ac-
tive, Irregular and for some time feverish
but the general drift of prices was down
ward i'll the forenoon and upward later in
the day, with the result of leaving the great
majority of the list fractionally higher than
last evening There was variety of news
values, but the most important at the
opening of business was the story
that large syndicate had pur-
chased controlling interest in Read
ing, and proposed to Dust the present man
agement This caused liberal buying BY the
shorts, and Reading showed some of It's old
time activity and strength in the iirSt hour
and its prices were forced above 40 and held
there fol the remainder of the day. The
same influence, however, was depressing
one in Jersey Central. as the arrangements
with that road. according to the story, were
to be aorogated, and that stock dropped 3l2
per cent. rallying only portion Of the loss.
Rock Island was another stock which was
sharply advanced III the forenoon, but the
effect OF the morning publication of the
rumors and yarns from Chicago. which in
GUIDED report that Chairmen Faithorn,
Midgely, Walker and Finley had been un-
q
and that other roads beside the Northwest
ern and the Union Pacific would withdraw
from the association ON Feb. II. This caused
the bears to put their machinery to work
again upon the grangers and Rock Island
soon lost its Improvement and the others fol-
lowed. The movement spread to the rest of
the list and before noon almost everything
was something below the opening price.
Later, however, an official denial by Presi-
dent Cable of certain rumors in regard to the
Rock Island and the denial of the morning
reports in regard to the deliberations or the
chalrmen mentioned above, started a cover
ing, of the shorts and sharp recovery
took place in the granger stocks and
some others. The short interest is
again very large and if the rumors
of combination to advance Reading and
Lackawanna to materially higher prices is
true, the shorts in those shares will be quick
-ly forced to the wall. The brokers generally
reported small offerings of stocks this after
noon and the advances were made up small
purchases, nothing like the animation of the
INST hour being seen at any subsequent
period. The trusts were inclined to weak
ness to-day and, though lead declined stub
bornly and rallied fully, sugar was weak in
the last part of the day, with indications of
inside selling. The announcement that the
burlington had increased its quarterly diyi-
dend from to "a per cent was also ma
terial factor in the late rise and Burlington
ekpt pace with Rock Island in the upward
movement. There was no set back and the
market Closed quiet put hrm and generally
at the hest prices. Railroad bonds were
again quiet to-day and followed the course
of stocks very closely, being heavy in the
forenoon but stronger toward the close OF
the day. There was well distributed bust
ness of 81, 33S, 900, but no feature of special
interest was developed during the day. The
market closed firm. Government bonds have
been dull but firm. State bonds have been
dull and steady The total sales of stocks
to-day were 265.475 shares, including:
Delaware. Lackawanna q Western so Q4o
Louisville & Nashville, 1880; Northwest
ern, ALTO; Missouri Pacific $500: New
Jersey Central. 4.425: Reading, 1880: st.
Paul, ID. $50; Union Pacific 1870.