St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-22
FINANCIAL.
New York.

NEW YORK, Feb. Chickering's, STA
1860; balances, S7,696.434. For the
week, clearings, S596.64O 1853; balances,
S3l.925, 1874. Money OH call easy. rang
ing from 2 to per cent: last loan 2;
closed offered at 2. Prime mercantile
paper, $685.. Sterling exchange dull
but steady at S4.S215 for siXty-day bills
and S4.S619 for demand. The stock
market was more active to-day than for
weeks past, and the increase ofFbusi-
ness was made at the expense of values,
more Of active stocks showing material
losses as the result of the days trading
than on any day since tile present
decline began. Several heavy drives
were made against the list and
every Qnehad the effect of being at down
quotations and the rallies as rule were
small and feeble. The feeling at the
opening of the market this morning was
more hopeful, but the bears soon got to
work and one after another of the lead
ing shares was attacked, all yielding
more or less readily. The principal de-
pendence of the bears was upon the
bank statement. The early attacks were
made with this influence as the prime
moving cause, and although after the
issue of the statement there was halt
in the drop for some time, the pressure
was soon resumed and still lower figures
were reached in the afternoon. New
England, Burlington & Quincy and the
trusts came in for the bulk of the press
ure to-day, but in Rock Island
there was every evidence of
liberal covering of shorts
under cover of the weakness in the gem
eral list. The stock was less active
than usual of late, but its fluctuations
were on much smaller scale and its
price was stubbOrnly maintained
throughout the day. The strong feat
ures of the market were the coal stocks,
which were held firm on comparatively
small transactions, though they yielded
slightly to the last drive in the last
hour. The trusts were depressed with
the general list in the early portion of
the day, but met with the most pro-
nOunced support toward the close, as
did also New England. and these stocks
closed close up to their opening figures.
Tennessee Coal, after rally from its
depression Of yesterday, made an
other drop of s per cent, carry
ing the preferred stock with it
this time, but, as usual, portion
of the loss was recovered later i'm the
day. Jersey Central and the new speci-
atty, Edison General Electric, were the
strong spots in the market. and both
stand apart from the rest of the list i'm
showing advances this evening. The
final rally in the last hour did not last
the Gay out, and the market closed fair
ly active and weak at, or near, the low
est prices of the day. With the excep-
tions noted. the entire active list is low
er tonight. and Tennessee Coal is down
6 per cent, the preferred 8. Burlington
and Sugar each TX, Northwestern I55.
Colorado Coal IL and New England and
Lake Erie d Western preferred each !.
Edison Electric rose 81 and Jersey Cen
trail ! x. Notwithstanding the activity
and weakness in the share list. railroad
bonds showed no evidence of the excite
ment having reached them, and the
usual modest amount of business was
transacted in that class of securities.
The tone of the dealings also continued
without material change, most of the
list being held steady. few marked
changes being recorded either way.
The dealings, in fact, failed to deyeIon
any feature of note, and the market re-
NAMED in this stagnant state through
out. The sales reached S1,074.OOO.
Among the few marked changes, Chi
cago, st. Louis & Pittsburg lists ros @
25s to 1885, Manitoba 4115s declined 2 a +
100, and st. Louis, Alton & Terre Haute
dividends, 2 at So. Government bonds
have been dull and steady. State bond 3
have been neglected. The Posi-
says: 1.-The decline of Louisville
81 Nashville is doub tless due to
the selling by holders who subscribed
for the s13.OO0,O0O of new stock to be
taken at SIS, and then put them
higher than they were before they sold
them short. On January 20 the stock
sold at Oh, and with this difference of
81 points there was some inducement
to subscribe for the new stock and sell
short against its expected receipts,
which has doubtless been done to a
large extent. To-day was the first time
this year that Louisville has touch ed
the price at which the additional stock
was TO be taken. The buying up of
Reading has enabled the parties who
control the floating stock to maintain the
price at about 40. though it has failed
to advance the price of third preference
incomes, which still sell at 40. The ac-
knOwledged power of the parties who
control the stock has also frightened