St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-17
FINANCIAL,
New York.

New YORK, Oct. 16.-Clearings, $780,
$50, $50; balances, S5,467. 237. Money on
call tight, ranging from 6 TO l 2 per cent;
last loan at 10 per cent; closed offered at
10 per cent bid. Prime mercantile paper.
5I2@l7l2. Sterling exchange quiet and weak
at 1882 for sixJy-day bills and S.s6
for demand. The stock market drifted into
dizziness to-day and had it not been for At
Gibson, Missouri Pacific, st. Paul and the
two trusts, utter stagnation in business
would have occurred. The bears resumed
their pressure upon those shares with the
opening Of business, but it was without the
vim of the late operations and the impress
sion made upon prices was small i'll cOmpari-
son with the wide fluctuations of the past
week. The pressure in Missouri Pacific was q
means of creating distrust of the Atchison
plan of reorganization, seems 10 have been
failure, and to-day, after the first raid was
over, covering of shorts was in order. New
tactics were used. however, to break prices,
and money was manipulated up to II per
cent the influence of which was only to
create waiting market and was partly offset
by the decline i'll foreign exchange rates.
The trusts after decline of about ] per
q rise of 3 per cent from its lowest figure
was scored though most of the improvement
was afterwar0 lost. Atchison was quite
weak in the forenoon. but recovered later
in the day and finally closed with
small fractional advance. The rights were
sold more freely to-day and the
demand for them was such as to raise the
price from "A to 9s, settling back to 50 at
the close. There were no really weak spots
in the market TO day, but some of the spe-
cialties displayed marked strength. notably
Manhattan and Consolidated Gas. and among
the low-priced shares the Chesapeake L
0hios were most conspicuous. The market
at the opening was heavy under the pressure
brought to bear by the bears, and first prices
were generally slight fractions lower than
last evenings figures. Although the early de-
mRnd for stocks gave the list an advancing
tendency at first, the entire list reacted and
declines extending to l per cent from the
best figures were established. The effort
for q decline met with too much resist
ance, however, and Sugar developed
most positive strength. jumping up per
cent and the whole list followed. though The
movements were generally made within the
narrowest limits. Dizziness and stagnstion
became the ruling features after IL o'clock.
although AtchlsOn and Cotton Oil were
strong. The market finally closed duh and
steady, with most stocks but slightly changed
from last nights prices, although advances
were in majority. ana important changes
were few in number. Jersey Central lost ~
per cent, and Consolidated Gas rose 1I2, and
Manhattan / IL Railroad bonds were again
extremely dull. and entirely devoid of feat
ure of any kind. The sales were 1892 900.
Governments dull and steady. State bonds
dull and without feature. The Posts inan-
cial article SAYS: 1.-THE stock market
from the decentralization caused yesterday by
the decline in the trust stocks and the raid on
Missouri Pacific. The selling of Missouri
Pacific, coming Immediately after the an
pouncement of the proposed plan of reor
ganization of the Atchison, was made to ap-
pear ss the result of a conclusion on the part
of spectators that the AtchisOn plan would
be failure, and that consequently the Atch-
ison lines would go into the hands of re-
ceiver, and that in this position il wonId be
more formidable competitor with the Mis-
souri, Pacific than i'll its present organization.
The doubts thus created about the practical
hility Of the .Atchison plan were an impor-
tant factor in depressing prices yesterday
and in making it waiting market this
forenoon. In the afternoon the market
was stronger. and there was a move
ment to cover the shorts put out yesterday in
Missouri Pacific. Money was firm in the last
hour at 8 per cent but the stock market
closed steady al little below the best prices
Of the day. The rights of the stock TO sub
scribe for the new per cent bonds of the
AtchisOn were sold to-day on about 13, 600
shares Il, Is, 50 of ! per cent The total
sales of stocks to-day were 162.O75 shares,
including: Atehison, 31,34O; Delaware,