St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-02
FINANCIAL.
New York.

NEW YORK, NOV. 3n.-Clearings, Sl47, sos
1l2: balances, s., 929. 3S7. For the week /:
Clearings, S626. Cos. 26J; balances. S25 ,341 =
21S. Money on call easy, ranging from 4 to
6 per cent; last loan, d; closed offered at 3
per cent. Prime mercantile paper. 5l2Gn7Ba
per cent. Sterling exchange quiet ana steady
at 81 .SUs4 for siXty-day bills and $4.S5 for
demand. The stock market today was act
i've, feverish. irregular and weak. and prices
are materially lower all over the list Than last
evening. notwithstanding the favorable bank
statement The bears were extremely active
and aggressive, and large amounts of shorts
were cut out but the heaviest foundations
seen for long time were INDUCED in,
and in few stocks prices came down with
a run. The trusts were again prominent
in the downward movement, and while Chi
cago Gas was forced off still further, il be-
came comparatively firm in the last hour. and
was supported at from l to per cent above
the lowest figure. Sugar took its place. how
ever. and long stocks came out literally, and
before the close or the session 80 was reached
against 6 61s last evening The most import
ant movement in the railroad list. however,
was in c. c. c. & st. Louis, and from dizziness
it sprang into activity. while its D ice de
clined as rapidly as that OF sugar, and it
reached 66I2 before the downward move
ment was checked. though partial recovery
took place in the last few minutes. The drop
was Occasion6d by the throwing over of a
block of STOCK held in brokers' Office for
the account of all operator who is in
financial difficulties. Among the other
stocks of the regular list the declines from
the test prices generally ranged up to per
cent, the most conspicuous being the Chesa-
peake & Ohios and the San Franchises, the
first preferred Of the latter selling at 80
against 100 two days ago.
The railroad list was quite strong for the
first hour, but many operators failed to re-
spond to calls for more margin, which pre-
cipitated upon the market flood of long
stock toward the close, breaking the market,
though the final losses In most stocks are
confined to fractions. Chicago Gas was the
first in point of activity, with 4O.3I5, and
Sugar Trust next with 33, $50. The entire
list is lower, and sugar is down
6ss; c., c., c. & st. Louis, pig;
Chicago Gas, 2; Tennessee Coal, Zig; Cbesa-
peake & Ohio End preferred, a.; Jersey
Central, 1l2; Denver, Texas & Fort Worth,
ia; Wisconsin Central, rs; ST. Paul and
Burlington d Quincy. l per cent each. Rail
roads bonds failed to respond TO the activity
and excitement in stocks and the dealings of
the two hours reached only S6l1 900, while
the fluctuations were Insignificant as a rule
and no tendency in either direction could be
noticed, the final changes teing about equal
~ divided between gains and losses. North
western debentnres rose Dig to 1l1I5; Den.
yer d Rio Grande 5s to Sc. The sales for
the week were S6,3l1 l 900, against 81, 397,-
600 for last week. The Posts financial arti-
Gle says: There is no question that there has
been pretty free liquidation by bulls who
the losses experienced in the last week by
the two great fires and by the losses sustained
in the trust stocks. The bears. finding that
hhe market bristled all over with stop orders
and that there was apparently no support for
anything, have attacked IL with impunity.
The telegraph informed us few days since
that the so-ealled Hunt system" OF rail-
roads IN Eastern Oregon and Washington
had just been completed. This system con-
sistS of several short roads built to sell by a
speculative contractor They form almost a
duplication of the existing branches of the
Oregon Railway and Navigation company.
They represent an unnecessary investment
Of capital which should be absolutely dis
counteranced by bankers and the in
Testing public. We say this because
we learn that the owner of the roads is trying
to sell his bonds in this market. The roads
represent the same kind of over-bullding
that compelled the banking fraternity to
join in the interstate association in the
granger states and agree not to aid in the
construction OF new lines where old ones
were struggling for doubtful and preca-
rious existence. The Hunt system will re-
duce the earnings Of the Oregon and Union
Pacific system, but cannot as we are in
formed by competent judges. earn fits own
fixed charges. The exports of specie from
the port of New York last week amounted to
S3l9,1lo, Of which Ss.o47 was in gold