St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-26
FINANCIAL.
New York.

NEW YORK, Feb. 25.-Bank clearings
to-day, S137 ,943, 102; balances. 81, 594, 729
Money on call easy, ranging fiom to
per cent; last loan 4; closed offered
at 4. Prime mercantile paper, 434(061%.
Sterling exchange quiet and weak at
s4.S1115 for siXty-day bills and S4.S515 for
demand. The stock market to-day was
quiet and narrow, with little change in
quotations outside of the few leading
shares, but strong line was apparent,
and Notwithstanding a raid upon the
grangers in the last hour. most classes
are fractionally better tonight than
last evening. The market in some di-
rections is largely oversold, and the
bears are trying to get in their shorts,
and frequent attacks upon the market
are likely to occur, but the splen-
did showing of earnings which the
roads are now making all over the cOuu-
try is an encouragement to the holders
of securities to keep them and await re-
vival of speculation which the present
condition of business indicates as adj
visable> sooner or later. The relief to
the money markets of Europe was seen
to-day in the renewal of purchases for
foreign accounts. The Western oper-
ators bought the grangers freely in the
forenoon, though their buliiSh enthus-
ward the close Rock island, Burlington
and Missouri Pacific were depressed by
sales for Western account. The early
demand, however, was sufficient to
cause advanceSin the opening prices of
4 to q per cent generally. while Louis
vile d Nashville and Chicago Gas were
exceptional, with gains of x and IL
per cent respectively. As the
buying ceased, dizziness became
the ruling feature OF the trad
ing and continued to be so for the re-
mainder of the day. Prices sagged away
from the best figures, except in few
cases, Louisville 81 Nashville being
most conspicuous under the foreign
buying. The selling of securities here
by the foreigners seems to have ceased,
and the exchange rates show a marked
| weakness as result. The sales also of
Louisville & Nashville stock, Norfolk d
Western bonds, Northern Pacific bonds
and Wheeling & Lake Erie bonds are ex-
pected to bring large amount of money
to this side. Tennessee Coal, which was
again weak in the early dealings, after
wards rallied and crossed 81. The
pressure upon the grangers changed the
temper of the market in the last hour.
and the close was quiet but heavy at
the figures. The final changes are fairly
divided between gains and losses, and.
except the advance of IL in Ten
nessee Coal, they are confined
to fractional amounts only. Rail-
road bonds were dull and feature
less. The sales of all issues were only
| S722, 600. The losses include Chesapeake
& Ohio, Series A. 2 at 11s; st. Paul, C. &
M. rs rose 2 to 126. Government bonds
have been dull and heavy. State bonds
have been dull and steady. The Post
says: "Certainly the earnings of the
railroads in every part of the country
continue good enough to justify more
sanguine feeling than exists at any
point in the market. This morning
thirty-four roads reported their gross
earnings for the second week last year.
The aggregate Of the thirty-four was
$2,606,75S, or s39l.0I3 more than in the
same week of 1889. The reduction of
half cent on the pound on foreign ex-
change to-day reflects not only the
easier condition of the London money
| market, but also the heavy trade
balance in favor OF the United
States, which has been continued
through January and up to the present
time. During December and January
foreign holders were sending back our
railroad stocks and bonds because the
bears of England had put ON the
screws to check speculation. But now
the return Of securities has ceased, and