St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-06
FIN ANCzAH.s
New Work..

New YORK, March 5.-Clearings.
s124,66 $40; balances, S4,343,S 1925. Money
on call easy. ranging from 3 to per
cent; last loan 3, closed offered at 3.
Prime mercantile paper, 5(@7. Ster-
ling exchange active and strong at
S4S2I for siXty-day bills, and S4.S6
fer demand. The stock market as far
as the general list was concerned was
Just as dull and staguant as during the
past week, but the heavy trading in
Reading and Sugar refineries brought
the total up to very respectable figure.
The list showed a tendency to advance,
but the hammering of the bears upon
certain spots gave feverish and irreg-
ular look to the market as
whole. The bears are accused
of manipulating the rates for
exchange and are said to have bought
sterling heavily in order to prevent the
decline to point which would permit
of the shipment of gold to this country
at a profit. This manipulation may de-
lay for time the coming of gold from
Europe, but as Berlin and London owe
us large amount for investment bonds
bought within the last sixty days. to say
nothing of the recent purchases of
stocks, the sending OF gold from the
other side cannot long be checked.
opening this morning, and first prices,
except for sugar, which was up per
cent, and Manhattan, which was up 2,
were only slightly changed from those
of last evening. The bears tried their
hands upon Western Union at first, being
still encouraged by the postal telegraph
scheme. Western Union yielded slowly,
and when the pressure was lifted almost
all of the decline was recovered Read
ing, however. was the great future of
the day, and was weak on food Of
short sales based primar ly upon the
dizziness of the anthracite c al trade,
though Philadelphia was credited with
diSpoSing of some large blocks of the
stock. 1t was found to be unprotected.
and was rapidly sold down from 9914 to
265l. closing at the lowest price. With
the decreased demand for anthracite
coal comes an increased one for bitumi-
nous, and on this Wheeling and Lake
Erie preferred has shown marked
strength of late. To-day it yielded
over per cent, but the decline
brought in support and it rallied
sharply. Sugar made further progress
in the afternoon, after hanging around
66 all the morning. 1t rose rapidly
2 p. N. and touched 6S4, reacted to
66$l, but closed at 67A. The report
accompanying the upward movement
was that the directors would declare
dividend of 215 per cent. The general
list was very little affected by the move
ments in the leaders, and the changes
were insignificant as rule. Louisville
& Nashville was also pressed for sale,
and scored a material loss for the day.
The market finally closed dull and
steady. The final changes of note in
clude only losses of ~ in Reading and
II in Louisville IL Nashville, with
rise of ~ in sugar refneries.
Pailroad bonds were somewhat more
active to-day. but there was no change
in the temper of the dealings and the
list as rule was steady, although some
important changes were made in both
directions. The sales of all Issues
reached S1,27l,000. Among those which
are higher Kansas Pacific, Denver di-
vision, lost AZ to 117%. Government
bonds have been dull and steady. State
bonds have been entirely neglected.
The Post says: IAN advance in the
rates of foreign exchange is usually UNI
favorable TO prices of stocks and securi-
ties, because under ordinary circum-
STAGES it indicates movement of capt.
tai from the United States to Europe,
and is usually accepted as evidence
either that foreigners are selling Amer
lean securities, or else that exports of
American products have fallen off. In
either of these cases it would also indi-
cate the probability Of tight money