St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-14
FINANCIAL.
New York.

New York, Feb. 13.-Clearings, S114 2i5,-
$50; balances. SOL 1912. Money on call
easy. ranging from 3 TO per cent, last loan
3, closed offered at 3la. Prime mercantile
paper, 454@6l2. Sterling exchange quiet and
firm at S4.S234 for siXty-day bills and
S4.S7 for demand. The stock market TO-
day'was. except the first hall hour and the
last forty-iive minutes. intensely dull and
stagnant, without features or movement of
importance outside of q few specialies,
which, contrary to the usual rule. were more
active for the time being than the leaders of
speculation. ii was Il subject of remark that
the dealings in Reading had sunk to the
lowest ebb seen in months. There was con-
siderable disappointment this morning that
the Bank of England, which is now in
a very strong position did not reduce its
rate of discount but the activity and strength
in Louisville Il Nashville, which was largely
for foreign account, p owed that there was a
better feeling upon American stocks in Lon
don, and the strength of the market here
was remarkable considering the general
apathy which prevailed. Louisville & Nash
vile was the only stock in the regular list
showing any animation or movement at all
and seconded by the trusts, all of which were
strong. though only sugar was active, gave
the market what little character it possessed.
The impression that the Havemeyers were
buying sugar sent that stock up over per
cent farther, and it reached 66ss before
the upward movement was checked. Louis
vile Nashville crossed 8 again and
d St Louis and Wisconsin Central displayed
more animation than usual of late, the
bears hammering c. c. c. d St Louis be-
cause they thought that they detected inside
selling. After noon the dizziness again began
and the strong stocks of the forenoon went
back Tightly, but it was not until the action
of the sales agents of the coal roads, restrict
ing the output for the two months Of Feb
ruary and March to 100000 tons per
month was known, that any movement was
hears a Lacka-
wanna and Reading, and those two stocks
suddenly assumed the lead in the maIketthe
trading in the last hour being about three or
four times what it had been during the
remainder of the day. Each yielded q small
fraction, and the attack was sufficient to give
a heavy tone to the market for the time
being, but no impression of moment was
made upon prices. The opinion on the
street is much mixed this evening, and no
one seems inclined to offer any decided
views The close was fairly active and
heavy, but generally of about first figures. The
only important changes of the day were ad-
vances OF rs per cent IN sugar, ana Louis
vile d Nashville and decline of 1 per cent
in Chicago Gas. The dizziness and stagna-
ton extended to the railroad bonds. and the
dealings reached only 81, 152,000, while the
changes in values were on even more Inn
tied scale. a firm tone prevailed through
out Government bonds dull and steady.
State bonds have been dull and steady. The
Post says: 1.-The bank of England has now
maintained its rate of discount at D Der cent
for over six weeks. The rate has not been
as high a. 6 per cent since 1882, when it was
only maintained twenty-four days, from Jan.
80 to Feb. %. 1t Will be seen, therefore
that there had been such q continued and
stubborn stand taken by the bank of England
for ten hours that it is believed that this had
an effect to tide over the dangers that were
feared from the South American and other
financial troubles, SO that the financial pros
peet is now clearer than for a good many
months past. As for the Western rate
situation it is apparent that there
has been good deal Of buster
that was never intended to be anything but
buster. There is, of course, no certainty
that the Chicago roads viii not go to cutting
rates in order TO prevent freights between
the West and Northwest and the Atlantic
seaboaTd from making any other route than
through Chicago; nevertheless the Chicago
roads are all doing we'll now, and the stocks
of some OF them are low in view of their
earnings; Rock Island, for instance, is be-
lieved to be earning over per cent, as much
as Burlington, notwithstanding that it is
selling Ii points lower. Some other stocks
which are even extremely low, considering
the earnings OF the properties, are Wabash
preferred and East Tennessee second pre-
ferred. If there weS any speculation in the
market at all such stocks as these would be
active. The total sales of stocks to-day were
2o6, 467 shares, including Delaware, Lacka-
wanna Il Western, 1880; Louisville &
Nashville, 2S,922; Missouri Pacific, 3.425;
Reading, 1870; st. Paul, $500; Union
Pacific, 1925; Western Union, 3.490.