St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-23
FINANCIAL.
New York.

New YORK. Oct. 22-Money on call tight
ranging from to 10; last loan at +. closed
offered at per cent, Prime mercantile
paper. 5l2@7. Sterling exchange quiet and
weak at $4.S1L for sixty-day bills. and
1852 for demand. The total sales of stocks
to-day were 1873, 72O shares, including:
Atkinson, l0Gi0; Delaware, LaeSawana &
Western, 1850; Lake Shore. 7,iC5; Louis
vile l. Nashville. lO,300: Missouri Pacific,
il, $50; Northwestern, $500: Northern Pa
cific pfd 1890; Reading, 2S720; Rich
mond & West Point, $50: ST. Paul. LOCO;
Union Pacific. 800 }. The stock market was
less active to-day. but the tone of the deal
ings was much stronger than yesterday.
and The result of the days business is 20 leave
the entire list materially higher than last
evening, though in many stocks the losses OF
yesterday were not recovered. The advance
was i'll great measure q mere reaction from
Yesterdays decline, the improvement i'll
values being mostly on account of the cover
ing of shorts, though there was some buying
for the long account. There was IN utter
absence of bear pressure throughout the Ell
tire day. and although there was some fever
lshness i'll the early trading Il soon dlSap-
peared aud the new demand for stocks made
an active and decidedly strong market, WHICH
lasted without interruption throughout the
forenoon. When the covering ceased the
market became dull and prices saggcd: Al:
though such losses were generally recovered
later in the day. A marked feature of The
day was the increased supply of money TO
loan on call. and notwithstanding the rates
went up 10 10 per cent at che time IL caused
no inconvenience because OF the LID
eral supply. There was Il perceptible easing
in the afternoon and rumors of an intended
importation of gold aided in making more
confident feeling in the room. Sterling eX-
change was again weaker, but it is not yet
down to the gold importing point and the
house mentioned iii connection with Il i'm
portGtiOn of gold denied that it had any
such intention. There was more heard III
regard to the shortage III cars III the West
to-day and, While the news of the day with
bearing upon the railroad situation was
meagre Chicago reports were 10 the effect
that all rate troubles seemed to have come to
an end. which probably indicates that
the Chicago people have changed their
position OF the market. In conjunction
with the increased offering of money
there was a scarcity of stocks TO loan, which
created an apparent increase i'll the short in
terest from the renewed demand Tor stocks.
The opening of the market was rather heavy.
but strength developed immediately, and the
business was more evenly distributed than
usual of late, while Sugar and Jersey Central
were the only weak spots in the market,
though both joined the procession before
noon. Wnen prices were generally from Il 10
Jig per cent better than those OF the opening.
The demand for stocks cased off. and DUH
ness became the most prominent feature of
the market and prices sagged off slightly,
though the undertone of strength was very
parceptible. There was Il renewal OF the
upward movement in the last hour, and the
highest prices of the day were generally
reached The close was quiet but firm
at or near the best figures. The
prominent advances were Chicago Gas
and Lake Erie Il Western preferred, ls4;
Delaware Il Hudson, ia: Sugar 19s North
ern Pacific and Manitoba, liz; Rock Island.
Missouri Pacific and Transcontinental. f$6
Burlington. ia; Union Pacific, Northern
Pacific preferred, Denver Texas Il Fort
Worth and Cotton Oil, per cent each. Rail
road bonds were more active, the bust ness
footing up TO 81 .246. 900 though out OF this
West Shore tours furnished S3l $1,000. and
Kansas & Texas skies 1874, 0d0. The Kansas
& Texas issues were the features of the mar
ket q rumOr that plan of reorganization in
which all the opposing interests could JOIN
causing a sharp advance in all the issues
The Posts financial article says: Money
was in good supply at S and per cent, and
was not factor in the market, nor has II
been at any time in the last week qIite
so much of a factor as has been imagined by
some people. The real fact is that holders
of good many stocks, who had held them
for good many months got tired. and i'll
view of the uncertainties in connection with
the Atchison reorganization plan. the UNI
satisfactory earnings of the coal stocks and
the probability that tn public would not be
interested in speculation in stocks until
about the end of the year. concluded to
liduidate and this has been in progress this
week. shown by the fact that while there
has been recoveries from time TO time and
that of to-day, the coal stock and all the
Changers and southwestern stocks and
Northern Pacifcs are from l to , per cent
lower than a week ago. There was
marked increase in the supply of money
offered for call loaLs on the stock exchange
to-day, and though ut one time in The fore
noon the rate touched 8 per cent. ii was
freely offered in the afternoon at and u.
One effect of the lower rates for money was
that the holders of stock were not 50 anxious
to loan them, for the reason that there is not
SO much to be made by loaning when money
is per cent as when it is 10, and i'll this par
ticular the higher rates for money were a
means of profit to the holders of stocks.
But now with the lower rates for money,
stocks are not offered as freely for loan, and
this makes the appearance of an increase ia
borrowing demand and creates the impres
sion, partly erroneous that the short interest
has been largely increased. Government
bonds dnll and steady. State bonds dull and
featUreless