St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-12
FINANCIAL.
New York.

New YORK, March 11.-Clearings,
S151, 222,970; balances, $6,074.S46. Money
on call easy, ranging from to AZ per
cent; last loan 3. closed offered at 8.
Prime mercantile paper, 51907. Sterling
exchange quiet, but weak, at $4.SlI for
siXty-day bills, and S4.S415 for demand.
The excitement over the deal in Read
ing died entirely away to-day, and while
there were some remains of it visible
during the first hour, after that time
Reading became dull and almost life
less with the remainder of the list. The
market as whole was dull, but strong,
and the slow but steady upward move
ment inauguarated at the opening of
business met with little or no setback,
and some few stocks showed ma
terial gains as the result of the
days operations. The market was
narrow, but its strength was genuine
surprise to many people, who had feared
that the squeeze in Reading would have
an injurious effect upon the rest of the
list, and that prices would sag upon
small business. Reading was active at
the opening, and retired small fraction
in the early dealings. but this was soon
recovered and cash lots began to be bid
for. though the difference between them
and sales in the regular way was at no
time more than IS per cent, and before
the end Of the first hour it had entirely
disappeared After that time the stock
attracted more attention than any of the
usually active shares, and it's further
movements were confined to small frac-
we'll held. Its extreme fluctua-
ton for the day was only
per cent. In the rest of the
market the grangers took the lead; st.
Paul, Rock Island and Burlington were
all conspicuous for strength and activ-
ity. st. Paul was also helped by the
rumOrS of the declaration of a dividend
upon the preferred stocks tomorrow,
and the probability of the resumption
of dividends upon the common at an
early date. There was heavy short sell
ing of Union Pacific in the first hour, in
which the large traders were specially
active. but the stock received such
good support that all pressure was re-
moved in the afternoon. and slow 1e
covery took place. Missouri Pacific
and Manhattan were conspicuous among
the Gould stocks, the latter scoring a
~ per cent rise upon the return to
cash dividends and the statement
had earned ~ per cent dur
Ill6 viz PoCu Huol WIZ IhO oitNNpOho
of the Western Union recommended
that the regular dividend of II per cent
be declared, but that stock was dull and
steady. New England was another
stock which made substantial progress,
although dull throughout the day. The
trusts were extremely dull. The mar
ket closed dull but firm, generally at or
near the best prices Of the day. The
important advances were: Manhattan,
u; Missouri Pacific and Rock Island,
IL, and st. Paul, IL. Railroad bonds
were dull and generally steady, and on
the limited business of S755,0OO only
few changes were made. Government
bonds have been dull and steady. State
bonds have been entirely neglected.
The Post says: "The Reading manipu-
lation, of course, still attracted much
attention, though the excitement in it
had entirely passed away. There is
some short interest still outstanding in
it yet, and always will be as long as its
price is sustained by q pool at so high