St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-22
FINANCIAL.
New York.

New YORK Nov 2I.-Clearings. S13S. $780,
7lz: balances, 1892, loo. Money on call
ruled close, ranging from to per cent;
last loan 4, closed offered at 2 per cent.
Prime mercantile paper. 5l2667I2. Sterling
exchange dull and weaker at 4.SDs4 for
sixty-day bills and S4.S5 for demand. The
stock market was traders market to-day
and those in all departments showed a con-
siderable falling off from that of the past
few days while the temper of tire dealings
was alternately strong and weak within mar
row limits and the final changes, while gen.
orally in the direction of lower figures
are for small fractions only. except in
the case of the two trusts. There was no
change in the Bank of England rate this
morning as predicted by the bears but the
London prices were something lower than
our figures of last evening hitch had the
effect of opening the market merely steady
though the feeling of the room was moder-
ately bu,liSh and the bears were dlsinclined
to make any extended demonstration They
pursued their late policy of hammering one
or two of the most prominent stocks, and
Reading and Sugar refneries bore the brunt
OF the pressure to-day. In the case of
the former the results were not
commensurate with the efforts put
forth,, but in the latter q
measure of success rewarded their palms.
After the opening of the market the bullish
feeling found EXPRESSION in material adj
vances in Atchison, Denver, Texas & Fort
Worth, Tennessee Coal, and Sugar, nut the
early attack of the bears sent the last two
stocks down again as quickly as they rose
while the rest OF the list generally held Oh to
portion of their gains until noon. Pacific
Mail Displayed some strength at this time
2he talk in the crowd being that
increased compensation for mail service
would probably be granted by congress.
The drive of the day was then made at the
coal stocks and heading became specially
active, though with Lackawanna The impress
sion made was only for a small fraction.
The ill-success soon brought the raid to an
end, and covering sent prices up again with
considerable celebrity, and many stocks
reached their highest figures for the day.
The pressure was renewed upon The trusts in
the last hour, however, and selling OF Dem
yer, Texas & Fort Worth to realize profits
took that stock down rapidly and its last price
being the lowest of the day. all the
forenoons improvement was wiped out.
with something in addition. The talk of
receiver for Cotton Oil had its effect upon
the trusts, and all OF them made material
concessions. The close was fairly active
and heavy TO weak at the lowest prices in
many stocks. Almost everything is lower,
though only two important declines were
scored, Sugar, ll2, and Chicago Cas- 1Ibc.
Railroad bonds were relatively more active
than stocks. but the tone of the dealings was
in close sympathy with those in shares be-
ing irregular and rather heavy in the nam.
The business done was well distributed and
amounted to Sl.147,O00, with no special
feature. The Post says: There was no
change in the Bank of England discount to-
day, as was apprehended there might be. but
the early prices in London trading were ssG1I2
lower for all stocks than The closing figures
here last night. 1t is, however. so distinctly
q traders market in which the ups and
downs cannot be traced 10 anything else
than the changing sides by the board room
traders to secure profits of l per cent that
the reaction this forenoon had no special sig
nifcance. The underlying sentiment of the
majority OF spectators end traders is IN
questionably in favor of considerably higher
prices within month or so, but there is an
unusual degree of caution on the part of
both bulls and bears. The latter are encour.
aged by the heaViness of the coal stocks.
Cotton trust has been comparatively steady
since last Friday at from 2 @3Ol2c:
the efforts to reorganize it into
a corporation. The value of the entire as
sets of the trust, over and above its out
standing paper. If estimated upon a conserv-
alive basis, at SlS,5OO,oO0. viz: Sl2,0pO.-
00n for the mills and plant, and S6,5OD, 900
for oil, cotton seed and other materials on
hand, over and above the amount of the out
standing paper. This would be equal to- saw
SIS on the 42,00h,O00 of the Cotton Trust
stock, but the trouble is that it requires time
to make sales to meet the maturing paper
and. in the present position OF the trust it is
difficult to get the paper ready until the sales
can be made. If the trust was reorganized
and in the regular working order of a cor
poration. with competent officers to fnaneier
It's business. there is little doubt
that it could be carried success
fully through the present crisis; but
if the attempt to reorganize is not success
full, there Is little doubt but that receiver
will be necessary. Up to last night SIS.O0p,-
QUO out of the total of So, OOO, 900 of Cotton
Trust certificates had been deposited with
Central Trust company for exchange into the
certificates of the proposed new stock. Gov
eminent bonds have been dull and steady
State bonds have been dull, and without feat
ure. The total sales of stocks to-day were
264,776 shares, including: Atchison, ), 1856;
Delaware, Lackawanna l. Western, g.: %;
Denver, Texas e. Fort Worth. 1888; Louis
vile d Nashville, $3.50; Missouri Pacific,
5.Sl2; Northern Pacific preferred. 3,U25;
Pacific Mail, 1880; Reading, 67,30O; st.
Paul, 16,O1O; Union Pacific. 27.555.