St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-10
FINANCIAL.
New York.

New YORK, Jan. 9.-Clearings, Sl2s, O75,-
$50; balances. S4,9S4.655. Money on call
easy, ranging from 2 to u per cent: last loan
3: closed offered AT ! per cent. Prime mercan-
tile paper, 5a@TI2. Sterling exchange quiet
but 1rm at ST. 81 for sixty-day bills and 81. So
for demand. After the animation of yester-
day, the stock market to-day was dull. but
presented stronger tone, outside of Read
ing. which, however, was well held. aud
maintained within small fraction through
out the entire day. The stock was still the
most active on the list, but its transactions
to-day were less than one fourth of those OF
yesterday, and accounted for the greater por-
ton of the decrease in business done. The
question whether the interest upon the in
comes would be paid or not was still the
most prominent subject of conjecture and
while the trading element. which was re-
SpopSible for the great bulk of the business
to-day. was bearish, the uncertainty made
them careful about putting out any further
lines of shorts, and the stock was so
well supported that little impress
sion was made upon it, Some of
the specialties made remarkable advances,
Colorado coal and Wisconsin Central being
specially conspicuous. and Tennessee coal,
which made some of its usual wide gyrations,
left Off materially higher than last evening
Sugar letneries was the weak spot in the
market, and the inquiry as TO whether there
is any bottom III the stock met with no re-
spouse. Outside of the coal stocks there
was absolutely no life in the regular list ex-
bears and traders were responsible. The
opening of the market was made at an adj
vance over last nights closing figures of
from lS to IL per cent. sugar being the only
important STOCK WEIGH showed decline.
The reaction from yesterdays depression
continued, and Reading, Lackawanna and
Miss ouri Pacific scored substantial gains be-
fore the upward movement was checked.
The bears then went in. and as the demand
Stacked away, they hammered all three of
the leading stocks down, though Lacka-
wanna and Missouri Pacific dropped
TO below the opening prices.
At noon, however, the pressure was with
drawn the success of the movement not be-
several of the specialiues were taken in hand
and sharply advanced. Consolidated gas led
off, followed by Wisconsion Central, Colorado
coal, Tennessee coal ana Chicago gas The
movement extended gradually to the rest of
the list and everything moved up slightly
with more animation to the market Sugar
dropped away but had no effect on the stocks
of the regular list and the market finally
closed quiet but strong, generally at frac-
tional gains over last nights prices. These
advanced nearly a to SO per cent, but Con-
solidated gas rose 175; Wisconsin Central
1ss; Tennessee coal. 1l2: Colorado coal, H.
preferred stock of the Wabash was traded in
to-day at 2Sls02S7sc. In the unlisted de-
partment there was more animation and
Illinois coal and coke rose to fraction above
= ~ Ou Il ldlT DuSIuSSS. hHlITOaQ DOluS were
again quite active, the total sales
reaching S2,O60,00O, of which the Read
ing lists contributed S266, 600. There
was a new faVorite in the field
however. The Wisconsin Central incomes
which contributed Sl32, 600 and became the
strong feature of the day rising per cent to
So. The general list showed the same firm
tone at q moderate volume of business In
ternational lists rose 2 to 112 Norfolk &
Western and New River firsts ) 10 ~ The
nnmPTlfp0 &c
being expressed by a few prominent Specu-
lstorS in Reading stock against President
Corbin because he di d not tell them before
hand that the interest on the last preference
incomes would not be paid; or, as they state
it, The told them it would be paid" If these
gentlemen knew anything about the pro-
greSs of the earnings of the Reading railroad
and Reading Coal and from company from
month to morth-and they have professed to
know a great deal-they must have known
that the company was not earning anything
towards the interest on the income bonds,
and that, if any interest was paid on them
ii must be with borrowed money. Even if
the prospects of the coal trade were good
this would have been a questionable policy
but with the prospects of the coal trade it
would have been a deliberate deception of
the public to help out the group of spec
ulators who have got loaded up with the
stock. Even yet, pressure is being brought
TO bear upon the managers TO pay some
thing on the first preference incomes, under
lle pea ludL bHDuulS nave D66n eX-
pended for betterments which would legiti
mately have been available for interest on
the income bonds. The proposal made by
President Corbin that there be an official ex-
animation of the books TO see if there had
been any such diversion OF funds is evidence
that he does not believe that anything has
been so diverted. 1t is pretty well known
that if everything III the way of expenditure
had not been cut down TO the last cent dur
ing the first year of the reorganization in
order to make as favorable q showing as pos
sible, the assessment ON the stock would not
have been paid, ana the reorganization
would have been a failure. Had the coal
trade been good, this skinniue of prop
erty the first year would never nave
shown its effects. But with two
bad years and a long strike in one of Them
il is quite reasonable that no interest should
be earned on the incomes. and as this is
only contingent interest anyhow, it would
damage the credit of the Reading more to
pay any now, after all that has been said,
than TO pass it entirely Government bonds
have been duh and steady. State bonds have
been dull but firm. The total sales of stocks
to-day were 220,70 shares, including
Delaware, Lackawanna &Western. 81 ,039
Missouri Pacific, 5000; Reading, 40, 200.
Chicago.