St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-08
FINANCIAL.
New York.

New YORK. March THE severe
stringency in the money market, call
loans having sold as high as = per
cent per diem and interest, equal TO
about 81 per cent per annum, led to a
fresh attack upon the induStrialS in tine
early trading today. American Sugar
Refining broke 615 TO 1863, and the 9th
ers yielded anywhere from l to 335 per
cent. Many holders were alarmed by
the high rates eXacted for money and
sold out. The railroad list, on the 9TH
err hand, held remarkably firm, the only
notable exception having been New
England. which the popular belief that
the New York. New England IL Hart
at its own price broke As
to %. AS the day wore along
it became evident that the Stringency in
money was due in part 10 manipulation,
and this, together with a further de-
cided drop in sterling exchange, had
tendency to restore confidence. A re-
covery set in, and it assumed more i'm
pOrtant proportions as the ease in money
became more pronounced. American
Sugar regained all of its early loss OH
well-authent:cated reports, which were
afterwards fully borne out that an eX-
ira dividend would be paid Oh the COM
mon stock. 1t was officially announced
late in the day that the directors, in adj
ditou to declaring the usual quarterly
dividend of ~ per cent on the pre-
ferred, had raised the quarterly rate
OH the common from 212 to )
per cent, and, in addition, had
awarded the common stockholders an
extra cash dividend of 10 per cent. 1t is
stated that, after paving all these divi-
"a xxfi1f hox.a n ch
surplus OF some S5,000.000. Outside of
American Sugar Refining. the advance
from the lowest was equal to 502l5
per cent. A majority of the railway
shares, like st. Paul, Rock Island, Bur
lngtOn Il Quincy, Lackawanna, Louis
vile q Nashville, Union Pacific. Read
ing. Missouri Pacific and AtchiSon,
closed with net gains for the day Of 4
to II per cent. There was considerable
buving for the long account, as well as
tUC5xer short contracts, owing partly TO
reports that Secretary Carlisle would at
an early day announce an issue of bonds
bv the government Of S50,0O0,0O0. The
market closed firm in tOne.'
The Post says: The real element of
Importance in the monetary situation is
the question how far the banks in and
out of New York are or have been par
tlclpdtlng IN the gCld scare. III tillS city
there is no ground for saying that the
banks have been boarding gold. The
clearing house banks combined hold
49,, 00O, coo less specie than they did a
wear ago, while their legal tender ac-
count is little changed. Only one con-
spicuous bank in that time has materi-
ally increased its specie holdings at the
expense of its legal tenders, and it is
probable that for this exception there
are special reasons. Whether the accu-
mutation elsewhere of gold or of cur
rency exchangeabe for treasury gold
has intensified the March demand
from interior banks, the course of
affairs later in the week will
show. Meantime. it certainly cannot
be deemed unreasonable for banks to
hold their money reserves as closely as
possible, pending some radical action
by the new treasury secretary. Ii the
government is to accumulate S50,000,000
more money in its specie reserve, it is
highly essential, before the banks eX-
tend their credits further, that they
should know whence the money is to be
drawn"
The Total Sales OF Stocks Ia
TODAY were Alp, 800 shares, including:
Atchison 49,. 40l0l Missouri Pacific 4,10l
a. n A, q IL 5JGi National Lead 10 am