St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-04
BANK OF MINNESOTA.
Surplus, 500, oOC
VIM. Dawson, Pres. Robt. A. Smith, V. Pres
Vim. Dawson DR., Cashier.
FINANCIAL,
New York.

New YORK, April 3.-Clearings. s1O7,-
924.39S; balances, s5.5O6,25O. Money on
call easy. ranging from to per cent:
last loan. 4: closed offered at 4; prime
mercantile paper, 5@7. Sterling eX
change quiet and steady at S4S4% for
sixty day bills and S4.87 for demand.
The stock market to-day gave evidence
that it is broadening, and not only Lon
don and Chicago were buyers, but many
outside operators who have held alOof
from the speculation for some time
took hand in the game to-day. The
increased activity and the steady
strength displayed by the general list
would seem to show also that the
public are willing to trade in
stocks if they only receive some encour-
holiday and all loans made will run till
Monday made the banks cautious in
lending, especially as there would be
difficulty in realizing upon stock col
lateral over tomorrow. and advantage
was taken of this fact to manipulate the
money market little in the afternoon,
and rates ON call were for short time
ran up to 8 per cent, but with little ap-
parent effect upon values in the stock
market. The realizing sales by the
traders who desired to close accounts
over the holiday were, however, of
some influence in making fractional
reaction toward the close. The most
prominent feature of the day was
the dealings in coal stocks and
especially Reading and Lackawanna.
In the former the pool was again at
work, but the favorable Influence of the
reported agreement between the oppos-
Ing parties IN the company was quite
neutralized by the selling Of traders.
The Vanderbilt shares came next in
igan Central were especially active and
strong. the demand being kept pace by
the buying for speculative accounts.
The foreigners were buyers of Louis
vile q Nashville and st. Paul, but
their operations were not of impor-
lance Advices from London report1a
better feeling there. The grangers
were strong on thes prOpects Of the
formation of successor to the Inter-
state association upon firmer basis,
but their movements were compare
lively narrow. In the afternoon the
news that the plaintiff in the suit
against the gas trust had asked for
delay helped the stock, and on liberal
buying it was sent from 44c to Acc,
though it could not hold all Of the i'm
provement. The reaction in the after
noon came to an end before the close,
which was quiet but firm generally at
fractional advances for the day. The final
changes are in few cases losses and
Chicago Gas and Michigan Central each
rose n, while Richmond q West Point
preferred sold up to 1914, against 77I
improved feeling in the market and the
April disbursements were already ap-
parent in the buying, causing more
active and decidedly stronger market.
The sales to-day foot up to 50, III 900,
out of which Reading tours contributed
S164.000. Atchison incomes $4,000 and
Atchison fours $4,000. The Reading
issues were the strong feature; the
seconds rose 2 to so. Government
bonds have been dull and steady. State
bonds have been dull and featureless.
The Post says: The advance in Lacka-
wanna, however, was also partly due to
the understanding that the suit of the
state of New Jersey against the Morris
IL Essex for back taxes had been practi-
cally settled yesterday on compromise
by which the Lackawanna, to which the
Morris d Essex is leased, will pay about
$500, 900, instead of the much larger sum
claimed. AS for the advance in Read
luz tAClC w do HO lCdoOI lOl ~, CACCPb
the manipulation of the pool. The
harmonization of the
contending factions in the Read
ing, which is based entirely
upon the expressed willingness of Pres
ident Corbin and j. Lowber Welsh,
that Thomas DOlan and Henry G. Glib
son should be added to the board of
Reading managers, is not likely to make
any change in the management Of the
Reading property. 1t does not and can
not, in any way, affect the voting trust,
or the power to vote the stock of the
Reading, which is vested until 1892 in
five trustees, viz: j. L0wber Welsh, j.
Pierrepont Morgan, John Wanamaker,
Austin Corbin, and one other not yet
elected--unless one of the proposed new
members of the board of managers
should also be elected to the vacant
in the voting trust. The
suit for the purpose of breaking the
voting trust has proved failure, and
the Reading is benefited to the extent
that the management is undisturbed.
The total sales of stocks to-day were
172, 1924 shares, including AtchisOn,
S,771: Delaware. Lackawanna & West
ern, $500; Lake Shore, 5,2l0; Louis
Vile & Nashville, 1855; Michigan Cen
trail, 5000; Missouri Pacific. 4,040;
Northwestern, 4.215; Reading, So, 425;
Richmond & West Point, 8,670; st.
Paul r Q10. TTnion Pacific o2O