St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-01
GERMANlA BANK
FINANCIAL.
New York.

New YORK, Jan. 3l-Cearings, sl22.911.-
3s7; balances. 1854, 497. Money on call
easy, ranging from 3I2 to 10 per cent; last
loan, per cent; closed offered at 3 per
cent. Prime mercantile paper. 5@6I2
Sterling exchange quiet but strong at
81. 1874 for sixty-day bills and Si.S7a4 for
demand. The stock market continues to
show i decreasing volume of business as the
result OF the recent occurrences, which have
had tendency to shake confidence some
what, but to-day it shows signs of a recovery
from these influences Notwithstanding the
fact that the bank troubles were still
the principal topic of conversation on
the street. They, however, have not
proved so serious as the bears would have
had people believe, and while the purchases
of The day, except In two or three stocks,
were tight, the market responded easily to
the demand. The demand for stocks in the
loan crowd shows that the short interest mas
been increased considerably during the past
two days and is now quite large, while with
the closeness with which stocks are held rem
ders it difficult for the bears to cover their
sales OF the past few days without loss. The
operations OF to-day were conclusive proof
of this, as after the first demand was over
and prices let off shade the beals went in
to make decline to cover upon, but except
in Rcck Island there was little
effect made upon the list The attempt
was $50 soon 4. given up and prices were
until the close. when little real buying was
the occasion of full recovery of the early
losses with something in addition in most of
the stocks traded in. The bears in their raid
were aided also by the fact that the day was
Friday, when there is always a scarcity of
money to loan, owing to the rule which
makes all loans run over till Monday. and
also by the fact that the calling in of loans
incident to the first Of the month and the
preparations for the payment of interest and
dividends. The most prominent feature of
the day was the buying of Pacific Mail, which
IS ibo eaSe ,heI primarily upon the expectation
will secure to this ana other com
panies better compensation for the
carrying or mails, etc., but the appearance of
Rufus Hatch, at one time president of the
company, and who has been regarded as one
who had lost his all i'll the street, as an active
buyer, led to the suspicion that there must be
combination behind him. The stock mount
ed to 4 ! y. against $685. last evening, but in
the raid of the bears lost almost all of the
improvement, closing with only fractional
gain. New England was also prominent for
the buying, both for Boston and inside &C.
count and the stock is one of the few show
ing material improvement for the day. In
the last rally the coal stocks were the leaders
after being held comparatively quiet all
day long, but like most of the
others their fluctuations and their
final gains, measured by small
fractions. The attack of the bears was most
felt i'll the grapgers ana Rock Island bore
the brunt, the pressure being accompanied
by rumors of another issue of bonds and an
a
tonic and Arkansas Pass for a through line to
gulf. The trusts were quiet and failed to
make any important movement, and, in fact.
the only decided movement of the day was
in Evansville & Terre Haute, which shot up
from lu3l2 to 1864, against IO2t4 last even
ing. The market closed fairly active and
firm to strong on the rally, generally at in
significant changes for the day. Railroad
bonds displayed the same quiet business as
for the past two days, but there was
less movement in the issues traded in
and fewer features of interest The
sales reached 81, 5y3. 90, out of which Sl1<.-
000-Was in. Texas d Pacific seconds. The
market displayed a firm to strong tone
throughout the day, but the final changes are
canoe. Metropolitan seconds rose . to l0Sl2:
Union Pacific collateral trust Us 2I2 to lO7.
The Post says: Considering all the circum-
stances which have combined in the last two
days to discourage the buying of stocks IL is
remarkable that the decline has not been
greater. First came the withdrawal of the
Union Pacific and Northwestern from the
Interstate association, followed by reports
that the Rock Island was cutting passenger
rates to Denver, and that it had formed an
alliance with the San Antonio &
Arkansas Pass for Connecting
through line from Chicago to the
gulf, etc., etc.; then the shock given to pub
lie confidence by the discovery that the at
tempt TO wreck the Sixth National bank had
to say the least, damaged the credit of one
man whose reputation had heretofore been
irreproachable; and this morning again the
rumor from Philadelphia that the Reading
had adopted its threatened more energetic
policy" and begun to cut the prices of coal
all OF these things were calculated TO check
speculation and depress the prices of stocks
but their effect was very slight. and indicates