St. Paul daily globe., 1889-12-24
FINANCIAL.
New York.

NEW YORK. Dec 23.-Clearings. $50. $780,
$50; balances, S4,17466S. Money on call
closes, ranging from TO . per cent; last loan
at 6. closed offered at 6. Prime mercan-
lie paper, 534Q7I2 per cent Sterling ex
change quiet and steady at S4.S0s4 for
sixty-day bills and S4.84l2 for demand. The
apathy of spectators was today illustrated
fluctuations in the stocks of the regular list,
the great majority of which were traded in
over q range of not more than II per cent.
The good bank statement OF Saturday was
the cause of a better feeling on the street
this morning and a strong opening to the
market. The bullish feeling ran highest
in the Gould stocks, however. and Mis-
in both activity vnd strength rose to a
shade above its highest price of last week
touching 74s4. The high figures induced
sales for the short account, however and the
Improvement was all lost In the afternoon
Sugar was attacked. and stop orders being
uncovered on the way down. with no sup
port apparent. the drop reached 3 per cent
before the movement came to halt There
were rumOTs that competition was likely to
increase, and that there was likely TO be fur
ther trouble in the trust and the stock yielded
readily, the decline meeting no set book un-
til the lowest price was reached. The money
market began to work closer in the after
noon, and rstes on call went as high as per
cent. which, as the traders were inclined to
be OF bear1sb turn. resulted in the shading
off of prices all over the list. though
the declines were on the same limited scale
as the early advances. Pacific Mail was quite
prominent in the first few minutes trading
after Ii O'Clock, but soon fell away again,
and later in the day Denver, Texas e. Fort
Worth became prominent for its weakness,
but outside of these stocks there was no
feature whatever to the market. The close
was dull and rather heavy, with sugar at but
a shade better than the lowest price of the
| day. Railroad bonds were relatively more
active than shares, the total of 1,439 900
measuring the business done during the day,
| though there was the usual insignificant
Wabash issues were the active spot
! in the market aud the seconds con-
tributed S120.O00 to the total aud Texas Gs
Pacific DDS furnished S247, 900, The Post
says: There was no news of any kind to af-
feet the market. Even the rumor-mongers
in Chicago who invent stories merely to af-
| feet the stock market for few hours. until
| the inevitable denial is made, had nothing
| to say this forenoon. There is no mistake
about the general sentiment being in favor
| of higher prices for stocks, and so far as
! sentiment may govern the movement OF
| prices, they will probably advance for all
stocks that will bear the test of examination,
| and while there are. of course, some securi
| ties that will not look so valuable after such
| q test, it is also true that there has been nc
| time in half a dozen years when there
| was so little unsoundness covered up as now.
| Nearly all the weak spot and mysteries have
| been pretty well exploited, and whether
| the securities will go higher or lower, will
| depend more exclusively on the money mar
ket than upon anything else. Government
| bonds have been dull but firm. State bonds
| have been dull and firm. The total sales oi
| stocks to-day were 134, 200 shares, includ
| ing: Delaware, Lackawanna & Western
| Is, $50: Kansas & Texas. 1860; Missouri Pa
| cific, 16, 75O; Pacific Mail. 1900; Reading
| $500; St. Paul, 1O,175; Union Pacific
| 5,640.