St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-18
FINANCIAL,
New York.

NEW YORK. Oct. l7-Clearings, Si44,-
S41, 4s3; balances, So, 1887. Money on
call stringent, ranging from TO 10, per
cent: last loan at 10 per cent; closed Of
5I267. Sterling exchange quiet but steady
at S4S2 for sixIy-day bills and S1.S6
for demand. The stock market to-day was
heavy and feveriSh IN the extreme. but be-
came weak later in the day, and material de-
elines were scored all over the list. Several
banks were known 10 have called in loans at
e per cent, and put the money out at high
er rate, which with the vulnerability of the
money market to manipulation developed O
great indisposition to buy anything this
morning. and though liquidation was small,
the bears were encouraged and became
very aggressive, both the local con-
tingent and the Chicago people being
conspicuous in helping prices to lower
level. st. Paul and the other grangers were
given special attention inethe early portion
of the day. the earnings for st. Paul for last
year being known to be unusually large, and
a decrease of liberal proportions was ex-
pected. The stock yielded fractionally, and
when the actual decrease was found TO be
only "a, 200, the pressure was changed to the
other stocks of that group. Burlington d
Quincy was the next object, and it yielded
more readily than st. Paul. dropping about
2 per cent. followed by Rock Island and
Northwestern, all of which reached lower
figures than they have seen for some time.
The Northern Pacific meeting showed that
the opponents of the Willard scheme were
routed. and vigorous attack was made upon
the preferred shares of that company under
the impression that the defeated party in the
stock would endeavor to dispose Of their
holdings. and ar effort was made to give the
selling that complexion. The offerings were
very heavy, and decline from 1880 to II 7Sc
was the result The decline in Northern
Pacific preferred dragged down Oregon
TranscOntinental, and the movement after.
wards spread 10 the stocks Of the general
list and Lackawanna. Manhattan, Union
Pacific. Chesapeake Ohio, and other spe-
cialties became prominent in the downward
movement The talk of making Tampa, Fla,
port from which large export business was
to be done, as the terminus of the Rich
mond & West Point system and others
made that stock unusually active and strong
at the outset, but 1t soon quieted down and
sank into oblivion before noon, though the
early rise was lost toward the close. The
trusts were quiet and ruled strong almost all
day long, though their fluctuations were
small ana their final changes insignificant.
The pressure was continued until the last
minute, and the market closed active and
weak at or near the lowest price for most of
the stocks Of the regular list. The entire
active list is materially lower this evening,
and Northern Pacific preferred and Manhat-
tan lost 3 per cent each; Oregon Transconti-
mental / n; Rock Island and Chesapeake q
Ohio preferred seconds Ia each; Burlington
d Quincy and Laekawanna 15s each:
ST. Paul. 1l2; Northwestern, ia; Union Pa
life, IIsc; Lake Erie e. Western. l per cent
ana the others generally fractional amounts.
Railroad bonds were still less active than
yesterday, the sales Of all issues aggregating
only $620.C00, while the movements, if any
thing, were Of less importance. Govern
ments dull and steady. The Posts financial
article says: 1.-The prospects of the success
of the proposed plan of the Atchison re-or.
gsniZatiOn. though improved, are not entirely
clear yet, and the apprehensions of a final
breakup of the whole system are still
a factor in the market to q limited
extent. The fact also that money is still
working very close, and that some prominent
banks called in six per cent loans Yesterday
TO put them out again at higher rates had q
dampening effect on any disposition to ad-
vance prices. The bank of England rate of
discount remained unchanged to-day at
per cent, while the rates for BANKERS balan.
ces in London remain at 3 to 3l5 There is
an anusual reluctance at present on the part
of the bank of England to part with any of
It's gold, an instance OF which was seen in
the recent shipments of gold from this coun-
try 10 South America, via. Southampton, at
a considerable loss overtaking it from the
Bank Of England. Nevertheless the higher
rates of interest here than in London nat
urally have a tendency to correct them
there. as 1t is well known
that this difference Of interest favors the
Importation of gold. Another point in the
same line is that the exports of cotton are
unusually DSdVy, the exports IN SeptemDer
being Dearly double those of the same month
last year. and the value showing an increase
of 50, COS. 400, or 90 per cent. The increase
of exports is still in progress, and unless the
Bank of England advances its rate of dis
count the monetary situation here will be
relieved by the movement of capital from
London to New York. In the after
noon. the Northern Pacific stocks were
raided on the pretext that now that the cleo
ton was over, and all the purposes for which
stock had been held. In connection with the
proposed new mortgage, had been accomp-
Gshed, the holders Of the stock would sooner
or later want to unload, on this view the
preferred was offered down from 7oc at II
O'Clock to 7234c about As The total sales
Of stocks to-day were 1874 COS shares, in
Guiding: Atchison, 10. 300; Delaware, Laka-
wanna & Western, 6,573: Louisville & Nash
vile, 1900; Missouri Pacific, 1000; North
western, 4.015; Northern Pacific preferred,
2O,2O7; Oregon Transcontinental, 1899;
Reading, II, 800; Richmond d West Point,
6,400; St. Paul, $1,000; Union Pacific, 3. 031.