St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-31

lower this morning, this was supplemented
BY liberal selling for foreign account at the
opening of business here. The ughtness OF
money was intensified here, and the rates
on call were soon raised TO % per cent ana
later touched 10 before reaction was had.
The rate fell away rapidly to 10, ana AFTER
all borrowers were accommodated II fell 10
at the close. The action of the treasury de-
pRrtment in offering to prepay The January
interest without rebate, had more than any
thing else to do with The easing up OF the
money rate, but the further decline in ster,
ling exchange was also an influential
factor. The selling of the foreigners at
the opening supplemented by free short sales
by the bears and traders, the latter being
bearishly inclined for the time being, caused
a complete decentralization OF quotations.
and first prices were from " to per cent
lower than Saturdays closing figures, Louis
vile 4 Nashville, Erie and Jersey Central
showing the largest declines. The pressure
to sell created marked activity, and further
small fractional declines were made on
large business during the first hour The
concessions in prices brought out some good
buying, however. and some OF the groups or
stocks were we'll supported. the CANCERS
and Gould stocks, with Louisville d
Nashville. being specially conspicuous.
The resistance to the decline with the ceS'
sation of The London selling after that
time caused a let up in the pressure from the
bears also, and Notwithstanding the steadily
mounting rates for money, prices began TO
recover after the first rush was over. Dull
ness ana firmness then became the only feat
ures of the market Union Pacific furnishing
the only important movement, and the usual
slagnation had settled down upon the mar
ket before noon. A slow but steady appre-
citation took place during the afternoon, but
the movement was entirely lnSlgnltcant ana
the market finally closed dull and rather
heavy, though generally at something better
than the lowest prices The list is almost in
variably lower. though the declines
are fractional only. not one i'm
portant net loss being recorded. The
trusts were quiet and without feature.
Railroad bonds showed little more ANNA
ton and sympathized with the weakness in
the share list, being heavy to weak through
out the session, though, as usual, the final
figures show few important changes ST.
Paul sterling rs lost 2l2 at l2I Morris & Es
sex lists , at l44la and Manitoba IDS -l2 mt
1l5l2. The sales were 81 ,o22 600. GOV
eminent bonds have been dull but hTm.
State bonds have been entirely neglected.
The Post says: '''rhe enormous balance OF
trade i'll favor of the United States and
against Europe. in consequence of our heavy
exports in the last four months, were already
preparing the way for imports or gold, nut
The high rates for money in this market last
week and the prospect of their possible
continuance for a week yet were anac-
tive to move capital from London to New
York Immediately for the sake OF the inter
est and this caused reduction OF y per
cent in the rates for sterling exchange this
forenoon, putting it down to the gold I'M
porting rate 1t was undoubtedly in antiei-
patton Of this, and for the purpose OF pre-
ventiu the export of gold from London to
this country that the unusual action OF the
governors of the Bank of England was taken
in advancing the rate on Monday, instead OF
the regular day on Thursday. While money
was ranging from 20 10 30 per cent per an
mum on the stock exchange this forenoon, 1t
was known that checks to the amount of
near SIS, QUO. 900 for the payment OF the Jan,
nary interest on the government debt had
been forwarded from Washington. and
though it was supposed that about
81, UOO, 900 of this would come at once into
the New York banks, the assistant treasurer
had no authority to pay them until Jan. !,
which would practically give no relief to the
money market before Thursday or Friday; so
that altogether it was very severe pinch.
| The total sales of stocks to-day were 2lS.O29
shares including: Atehison, ALSO: Della
ware Lackawanna d Western, %, 240; Erie,
| 5,i25; Lake Lhore, 1915; Louisville d.
Nashville. 900; Missouri Pacific, 1884;
| Northwestern. 800; Northern Pacific pre-
| ferred, s, 4O5 New England, $3.50: Reading,
! 80, 100; Richmond & West Point, 3, 149; st.
Paul 10 Ol: Union Pacific 15,40O.