St. Paul daily globe., 1889-10-05
FINANCIAL.
New York.

NEw YORK. Oct A. Clearings, ,S124, ,654 739;
balances, S.. 1863. .O2S. Money on call tight,
ranging from 4 to 10; last loan, 4; closed
offered at per cent. Prime mercantile
paper. 5I2fG7I2c. Sterling exchange quiet
but weak at S4.S254 for 6O-day bills end
S4s7 for demand. Again the money ques-
ton, with the weakness in the trusts, were
the great influences which dictated the
course of the stock market to-day. Before
the opening of business at the stock ex-
change, it was known that S500.000 more
gold had been ordered for export by TONER
rows steamers. and il being Friday, when all
loans on call hold over until Monday, which
induced many institutions TO keep off the
market considerable sums of money, the
money market was stringent and 10
Der cent was paid for accommodations. This
created q bearish feeling among the traders,
and with the bears, they made violent at
tack upon the trusts as likely to be most
vulnerable. Cotton oil was paid most atteu-
ton to at first and as there was still q great
deal of discrimination against the shares,
large amounts of long stock came out TO
no support TO any of those stocks, and cot
ton oil was sufferer from assertions that
the price Of their commodity must come
down. The extreme decline in it reached 5
per cent. but later sugar came along with q
drop Of over 8 per cent. Considerable pres
sure was brought to bear upon many stocks
in the regular list. but only IN Atchison
was there any real impression made
and it declined only ia, though it touched
the lowest price in the history of the COM
pany. In the afternoon some eff the special
ties yielded. and Louisville 4 Nashville went
off "a, Manitoba and Delaware & Hudson
Pullman and some others became prominent
for weakness Chicago Gas was also attacked
at this time and drop of per cent was
scored in it. though the greater portion of
this was recovered, as most of the sales in il
were short contracts. Stock ceased to come
out toward the middle of the afternoon and,
~. TT
smart rally. which brought Sugar up about 3
per cent; Cotton Oil nearly as much. with
the others in proportion. Burlington
continued to display some marked
strength and led the stocks Of the reg
ular list, though Manhattan was specially
strong in the last hour and fully recovered
its early loss Money also eased off toward
the close. and from IL per cent it declined to
and closed at 4. The close was quiet and
firm with the stocks of the regular fist with
in small fractions of last nights prices and
the trusts materially higher than their lowest
figures. The magnitude of the trading in the
trusts may be gathered from the fact that
while the total transactions in listed were
276, ,904 shares, the transactions in unlisted
stocks footed up 100. $50, of which Croton
Gil contributed 90.504; Sugar, 76,6s0, and
Lead. 2l,013. In the first hour, how
ever, the trading in the trusts was
about 5000 shares more than the
business in railroad stocks. The general
list tonight is irregularly changed for small
fractions generally, and the only marked
changes were declines of as in Sugar, pa in
Cotton Oil and 1Is in Manitoba. The activ-
fly and weakness In the share lists seemed to
have no appreciable effect on bonds, and
they were still dull, with little or no feature
to-day. though the tone OF the market was
generally rather heavy. The sales reached
S7O6, 5000 Governments dull and steady.
State bonds dull and steady. The total sales
of stocks to-day were 276,9o4 shares, in
Guiding; Atchison, 40, 920i ID. L. & W TO-
900; Louisville d Nashville, 1880; Mis-
souri, Pacific, 19,525; Northwestern, AIS /;
Northern Pacific preferred, 7.271; Reading,
IA, ,325; Richmond d West Point, 3.164; St.
Paul, $3.50; Union Pacific, 1870; Western
Union. 8, 255.
In the last hour the banks, which had called
in loans early in the day, offered to re-
loan them, but most Of the borrowers had
already been supplied. A large amount,
however. was placed at z per cent Then S.
V. White loaned $500, at per cent, and
the last loan made was at per cent
Twelve per cent was the highest rate paid
during the day. The relief to the money
market caused sharp rally in the stock mar
ket and ut the close the feeling was de-
cidedIy improved