St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-07
FINANCIAL.
New York.

New YORK, March 6.-Clearlngs.
1925, 491 ,450; balances, So, 1854. Money
on call easy. ranging from 3 to AZ per
cent: last loan, closed offered at 3. Prime
mercantile paper, 5(@7. Sterling ex-
change quiet and steady at S4.S2I for
siXty-day bills, and 1886 for demand.
The stock market to-day was little
more active, but this was entirely ow-
ing to the increased business in Read
ing, and that stock again furnished
about one-half of the entire business in
listed shares. The speculation showed
no changes as far as the general list is
concerned, and dizziness and stagnatiOp
continued to be the only features. Four
stocks to-day mOnOpOiZed all the atten-
ton and interest taken in the market,
and with but one exception all the
movements were in those few. The
early dealings were strengthened by
the announcement of further reduc-
ton in the Bank of England minimum
rate of discount to AZ per cent, and the
time to come were frightened. Later
in the day when the large offer
ings of bonds were made the weak
feeling Increased. Reading was the
greatteatures of the days operations,
but it was evident that the stock was
receiving support, and there was none
of the weakness of yesterday shown in
the early trading. In fact a fractional
improvement took place, and it was not
until the afternoon that the pressure
to bear upon the stock and the decline
from size to 355Sc was brought about.
The final dealings, however, again de-
veloped marked strength in it, and al
most all of the loss was recovered, the
stock closing unchanged from last even
ing's figures. The general opinion is
that SOMEONE has unl0aded block of
the stock but it has been absorbed, and
some covering of shorts done upon the
decline. The weak point in the list in
the forenoon was Chicago Gas trust,
which dropped away sharply upon the
receipt of the news that an application
had been made to place the property in
the hands of receiver on the ground
that it was an illegal corporation.
The result of the accompanying
raid was drop of 215 per cent to
4215, and only a small portion of this
was afterward regained. Louisville 81
Nashville was pressed for sale. though
there was no news of character to af-
feet the price received. The sellers
were principally the traders who found
the stock unprotected for the time
being and organized a raid upon it,
with the result of dropping it down II
per cent after small advance. But
even this loss was neutraliZed by the
late advance in Reading. Tennessee
Coal again moved in its usual erratic
way, and after opening down * at
81 it dropped to 5513, but in the late
trading recovered to 80, closing 4
lower. Sugar was also quite erratic
but showed marked strength on the
whole, and the declaration of the divi-
dend in the afternoon sent the stock up
to69, close to which figure it closed.
The fluctuations among the rest of the
list call for no comment whatever, and
the market closed dull and steady to
firm at insignificant changes for the
day. The advances are more numerous
tonight, but the only one Of Importance
was sugar ~ per cent, while Chicago
Gas is down ~. Railroad bonds were
more active. and the sales aggregated
Sl,51S,00 though the only feature Of in
terest was the weakness in the Reading
issues, the tours furnishing S479,U 900 to
the total. The general list was dull and
stagnant. Government bonds have
been dull and steady. State
bonds have been dull and steady.
The Post says: Thus far the improve
ment In foreign affairs has had but
slight effect on the stock market, be-
cause it has, for the time being, Offset
the dubious condition of affairs among
the granger roads, the unfaYorable con-