St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-08
FINANCIAL.
New York.

New YORK, Feb 7.-Clearings. S1c6.-
1881; balances, $40 1889. Money on
call easy, RANGING from to per cent; last
loan 2, closed offered at 2. Prime mercan-
tile paper 434@6l2. Sterling exchange quiet
and weaker at 81. 1914 fer siXty-day bills and
S4.S7s4 for demand. The stock market was
dull to-day outside of Reading, which fur
nished nsarlv one-half of the transactions in
listed stocks for the day, and fully that pro-
portion during the morning hours. The in
terest In Reading overshadowed completely
the remainder of the list, and while here
was a firm tone prevalent during most of the
day, it was not until the last hour that any
animation was shown, and all thu advances
were made at that time. Tie trad
ing in Reading, especially during the
forenoon, was enormous, and the price was
rapidly advanced from 4 a to 43A with
out break, The movement eliminated at
that figure and reaction occurred. There
are several opinions as to the cause of the
rise. and one theoryis that both The supporters
and the opponents of the Corbin manage
ment were buying, which incidentally
squeezed the shorts, but the general inn
preston was that the bull clique in the stock
was simply forcing the shorts TO cover. The
traders, OF course, helped along the rise, aud
rumors of the existence of large stop orders
at az helped the first advance to that figure.
When the movement eliminated the trad
ers quickly realized and the price went
back to 1914. At 1914 the stock was
for some time above the third incomes but
the latter soon rose to 44l4, while the stock
atterward went back. The theory that some
large operators had been caught short OBJ
tanned many believers, and the names of Mr..
Cammack. Mr.. White and Mr.. Gould were
mentioned as the unfortunate ones, but it
was conjecture only. In the last hour Lacka-
wanna, helped by the colder weather and
rumors of the prosperity among its Western
lines, with Missouri Pacific and Lake Shore,
moved up sharply, the movement being &C
companied by a marked increase in the ac-
uvity. The upward movement at this time,
however, extended to all the list, and the
close was strong generally at about the
highest prices. Among the specialties
which showed marked strength was Wheeling
Lake Erie preferred, which upon ad-
wees OF the successful placing of the extern
sion bonds of the company in London soon
recovered the dividend The bonds like
those of the Norfolk & Western were over
subscribed twice over. Outside of the ex-
traordinary sire Myth in Colorado Coal, tho
general list presented absolutely no feature
OF interest, and the trusts were quiet and
stagnant. The final changes are almost en-
urely In the upward direction, and Colorado
Coal is up 2, IacRawanna lie, ana others
fractions. Railroad bonds again showed a
modeTa volume of business, but there was
not SO many issues traded in to day, and sew
eral issues figured for large amounts The
Kansas d Texas SKIES contributed Sl5U,-
oOo; the Reading Is, Sl4s,ooo, and
total of 81, $50 600. The feature of the day
was the activity and strength in the Kansas
& Texas issues. but in The general list, while
firm tone still prevailed, it was less pro-
nounced than usual of late and important
changes in quotations tonight are few in
number. Among those which are higher
the Kansas Il Texas 6s rose ga to 7514, the
5s 2ss TO 60Ss and the Reading Dds 2 to 4414
The Post says: In regard to the holding of
Reading, we have reasons for believing that
therea re about 500, O0u shares III the hands
of brokers who presumably repre- sent half
q dozen prominent houses and individ-
uals in New York, Philadelphia and
London who have been acting in
concert thus far to advance the price and
900 shares to make up the total of nearly
S00,00O shares Of the whole of Reading
stock, there are possibly 10O.' 90 shares thai
could not be called out of the strong boxes
of some of the oId-time conservative holders
of the stock under any circumstances except
the winding up of their estates. The holders
of the 100000 shares frs. mentioned know
that they could not market their stock at
one-half of the present price, and therefore
are compelled to CONSIDER il a permanent in
vestment SO that IL leaves, say only 200, 00U
to deal with, at q nominal market value
OF say 8 100000 and it is by making this
quantity scarce that they have succeeded in
obliglng the shorts to cover, and can con-
tinue to do so every time there is a sufficient
short interest. as long as the controlling par
ties hold together and do not try TO unload on
of ten in such cases. Government bonds
have been dull and steady. State bonds
hive been entirely neglected. The total
sales of stocks to-day were go, 173 shares,
including: Atchison, 3, 270; Delaware, Lack.
awanna & Western, 30,465; Like Shore,
$3.50; Louisville 4 Nashville, $3.50: Mis-.
souri, Pacific, 10000; Reading, liz. 800; ST.