St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-14
FINANCIAL.
New York.

New YORK, Sept l3.-Clearings, SllO,-
$50, 100; balances, SAT-, $40. Money ON
call easy at 1L2@4 per cent; last loan, zig I;
closed offered at Dig. Prime mercantile
paper, 5G6I3 Sterling exchange dull but
firm at 81 S4si for siXty-day bills, and 81. Ssl4
for demand. The action OF the ~. raul Ill
rectors in passing the dividend on the COM
mon stock, and especially in reducing the
rate of dividend on the preferred, was the oc
casiou Of an excitement in the stock market
the ike of which has not been seen since
Dec l6, 1856. While such action was
not entirely unexpected. the market was
not prepared to take the load of
stock dumped upon it by the frightened for,
eigners snd material concessions in prices
was the rule throughout the entire list at the
opening Of business this morning. The
board room traders were all DearlshIy IN
clined and actively aided the bears in their
efforts to bring about further decline, and
they were helped by other causes, chief
among which was the advance IN us rate OF
discount by the Bank OF England. There
was. however an unusually heavy covering
OF shorts. while supporting orders were nu-
merous and the general impression made
upon the general list after the opening
was entirely insignificant. In st. Paul
a large number OF stop orders were
reached lard its decline AT the opening was
nearly doubled by their execution. There
was good buying in the Nanderbilts, Wizards
and some others, and this dld much 10 allay
the excitement and fears which at the open
over after the first fifteen minutes during
which over 10000 shares changed hands.
over l25, 900 were sold in the half hour,and
in the hour l15, coo. Outside OF the grangers
the range of prices was small ana IN falr
urOportlOn of the general list was then con-
fined 10 less than per cent The declines at
the opening were ST. Paul 3, Hooking Valley
,. Northwestern rs, and in others from l2
to ia per cent, but while further slight
lOsses were sustained III few stocks, most
ral Ia INN lilf al nd
fractional gains were scored all over the list,
even St Paul rallying with the rest OF the
list The market weakened again toward IL
O'Clock, however, and before noon the lowest
prices of the day was reached. Inc losses
from the best figures ranged up 10 2l2 per
cent in ST. Paul. After noon the market
again moved up with the coal stocks. and
Nanderbilts especially were strong, and
while the business done showed steady de-
crease there was but little movement or feat
ure TO the subsequent trading. Buy
ers at the low prices OF the morning
realized on the last hour and the market
finally closed heavy and quiet at close to the
openins figures The feeling on the street
this evening, however, is very unsettled. The
DAYS business foots up ass, 0S7 shares 10
which ST. Paul contributed 1873; Read
ing furnished $1,000; Northwestern, 3d.
7g5: Lackawanna, 81, 800, and Lake Shore,
d. S3g. OF course everything is lower and
81 Paul lost ;, the preferred 4S4; North
western. 2ss; Missouri Pacific and Pullman,
la; Lackawanna, is; Northern Pacific
preferred, 1ss; Manhattan and Omaha, Ia;
Oregon Transcontinental and Norfolk &
Western preferred, rs; Hooking Valley; Jer,
sew Central, Northern Pacific, Pacific Mail and
Union Pacific, per cent, and others portions.
The railroad bond market failed TO reflect
the activity and excitement of the share list.
but il was heavy TO weak in sympathy. and
most of the ISSUES traded in are lower this
evening There was no special feature TO
the dealings beyond the sustained activity in
the Reading first incomes, which furnished
Sll7, 900 out of the total days business of
SI.II9, 600. The losses include ST. Paul
gold, ll2 at l24; Erie first skies, 3 At lO4l2.
Government bonds were dull but firm to
strong. State bonds were entirely neglected.
The total sales of stocks today were ass
O55 shares. including
Del, Lac. & ". 81, 500 North. P. pfd.. 1928
Erie .......... 7,5l0OregOn Trans. o. 500
Hooking Val. 3,l65 Reading D.. CO. 200
Lake Shore 80 %. $50 Rich. < w. p. $500
Louis & Nash 7.536S ST. Paul. ....llS.3l9
Missouri Pac.. e,STOSt. Paul & o.. 1925
Northwestern. SO, 795 Texas Pacific. 1855
Nor. & w pfd. $500 Union Pacific. 20, so
\. J. Central 5,4O0iWest. Union. lS.49S
R1m