St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-03
FINANCIAL.
New York.

NEW YORK, Jan. 2.-Clearings today.
Sl93, 275.4S2; balances, S9,5l3, 1874. Money
on call was tight. ranging from 8 TO 10 per
cent; last loan 40 per cent; closed at 80 per
cent bid. Prime mercantile paper, 5341712
per cent. Sterling exchange quiet and
stronger at $3.50 for sixty-day bills and
Sis for demand. The monetary situation
was once more the most important factor i'll
the stock market, and although n marked ad-
vance was scored, the stiffening UP of rates
IN the afternoon wiped out most of the i'm
proYcment and in many cases carried prices
below those of Tuesday evening The con.
fident feeling which was so prominent on
Tuesday was still conspicuous this morning
and although opening prices were rather
Irregular, and, If anything, generally lower
the buying for the long account was
such that strong tone was Immediately de-
veloped, and Lead trust and the coalers and
Missouri Pacific leading Lead proved to be
the strong feature of the day. and many
storl IS were circulated to account for the
sudden rise, though the suppoSition that The
party which has been accommodating stock at
about 20 per cent were ready for q turn in
the upward direction. The price of white
lead was to be advanced Ice q pound it was
stated, and there was story that the forth
coming statement would show smaller
capital stock than is generally supposed. 1t
rose from 20 TO 2lss per cent, but reacted
with the remainder of the market, finally
closing only fraclionally higher than
Tuesday. The coalers among the active
stocks were especially strong In the
forenoon. but lost all of their gains later
while Jersey Central, which opened with
gain of a, was fraction lower at the close
Among the inactive shares Chicago, st.
Louis & Pittsburg preferred was the only
feature of note, and it continued its remark
able upward movement, rising 3l2 10 40, and
retained most OF the gain at the close. The
upward movement came 10 all end toward
noon, when the rates for money began to
rise and the traders who had been covering
shorts again turned over TO the bears. Money
rose to 45 and closed at 81, against to 10
in the forenoon. The pressure i'll the after
market finally closed dull, bnt heavy to
weak, generally ut something I'M
der the opening prices. The final
changes are generally in the direction
ional amounts. the only marked changes
being loss in Chicago Gas of ls and an ad-
vance in Chicago. st. Louis and Pittsburg
preferred Of 2l2. Railroad bonds were
little more active than usual of late, the total
sales of all issues being Sl.08S, 900, but the
only active features were the Wabash issues.
the firsts furnishing 5 5000 and the seconds
S92, 600. The market was iirmer than that
in stocks. and, although the final changes
are generally unimportant, they are princi-
Louis and Plttsburg fives rose 2s46DI :O14
The Post says: "All of last week the chief
cause OF the lower prices for stocks was the
apprehension of tight money, This culmi-
mated OH Monday in the advance in the bank
OF England rate of discount and the advance
in money rates here to 40 per cent per an
mum. The coal stocks were additionally de-
pressed by the bad outlook for the coal trade
and by enormous short selling. Stocks gem
orally have advanced in exact proportion to
the relaxation of the stringency in the money
market and the coal stocks especially have
recovered on the covering of shorts. This
forenoon money was still to 10 per cent,
and the street was not entirely relieved from
apprehensions of higher rates, but it was
plain that. except for that, the general mar
ket would go higher Government bonds
have been dull and steady. State bonds have
been dull but firm. The total sales of stocks
Delaware. Lackawauna d Western, -, 223;
Louisville d Nashville. g.. So; Missouri
Pacific. 9,785: Reading $4,000; Richmond
& West Point, 4,2l6: st. Paul, 1860.