St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-11
FINANCIAL.
New Work..

New YORK, March 10.-Clearings,
SIT, 456. 297; balances, "a, 764, 1863. Money
on call easy, ranging from 4 to 5 per
cent, last loan 4. closed offered at f.
Prime mercantile paper 1901 Sterling
exchange quiet and steady, at $4.624
for siXty-day bills, and $4.S54 for de-
mand. There was little of the stock
market outside of the dealings i'll Read
ing, though a few stocks in sympathy
with that stock showed marked strength
at times. The fear of the consequences
of the completion of the deal, however,
kept the general list in feverish and
generally unsettled condition through
out the day, and raid by the bears in
the last hour, and pressure upon the
shorts in Reading, resulted in WHIP
ing out most of the early gains in the
rest of the list. The shorts in Reading
this morning found themselves in
tight deal, and not since the Oregon
Transcontinental deal has there been
such heavy transactions in any one
stock, nor so wide an interest taken in
any deal. During the forenoon, at least,
the corner in Reading absorbed the en-
tire attention of the street, and out of
total of 171,000 shares listed stocks
traded in over $4,000 were in Reading,
and for the first half hour over $4,000
shares of that stock were dealt in. For
the day it furnished 256.440 shares out
of $40, 593, or about two-thirds OF the en-
tire business in listed stocks. The rec
ord for one stock is certainly eclipsed
by this. A large crowd gathered in the
stock before the opening, and every one
was bidding, with no stock apparently
for sale. The price rose from 3SI to
30, when the bidding for cash lots
began, and, while sales regular way
were made as high as 41$l. cash sales
were run to 42$4, and the difference at
times was even larger than that The
bidding for cash lots continued very
urgent up to noon, after which there
was less demand for it until 2 p. M,
but in the last hour very little of the
stock was sold that way. Beyond the
movements mentioned there was little
in to-day's market, and dizziness and
StagnatiOn, with feverlSh tone, marked
the trading. Sugar was an exception,
however, and, while it ran off at first.
a material advance followed, most of
which was retained at the close.
Louisville, New Albany d Chicago was
conspicuous for one of its sharp advances
and Union Pacific and Tennessee Coal
were weak. Railroad bonds were
slightly more active, but outside of the
Reading As, which after opening lost all
of the Improvement, there was little
feature to the trading. The sales reached
| Sl.324, 600. The tone of che market was
steady, but there were few marked
movements. There were few losses,
and Louisville, New Albany & Chicago
| lists declined to | II. and Peoria, Decatur
| d Evansville DDS 80 to Sc. Government
bonds have been dull and steady. State
| bonds have been dull and featureless.
| The Post says: "Of course this heavy
manipulation of Reading has no refer
ence whatever to the value or prospects
of the property, or to the prospects of
the general stock market. 1t is merely
the endeavor OF parties who have got
loaded up with Reading 10 get rid of it
without loss. To do this they must first
put up the price, and then try TO sell
out on each other, for the public will
not buy it. The proof of the artificial
character of the price to-day was that
while the stock, of which there is $780,
! 100000, was selling at 4014, the third
preference incomes, of which there are
| S1S,500,000, that come ahead of the
stock, were selling at the same instant
at 364. But aside from the Reading
manipulation there was a stronger feel
! ing developed in the general market to-
day. AS mentioned on Saturday, Lack
awanna is also quite largely oversold,
and the supply of stock in the
| street is small, because it has
been absorbed for investment. The