St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-23
BANK OF MINNESOTA.
Paid Up Capital, S6OO.O0O.
Surplus. 500. 00)
VIM. Dawson. Pres. Robt. A. Smith, y, Pres
VIM. Dawson. DR.. Cashier.
FINANCIAL.
New York.

New York, Oct 22-Money Oh call tight,
ranging from to 10; last loan at g. closed
offered at per cent, Prime mercantile
paper 5l26p7. Sterling exchange quiet and
weak at S4.S1L for sixty-day bills. and
S4 1872 for demand. The total sales of stocks
to-day were 1870 shares, Including!
Atkinson l0.6lO: Delaware, Lackawana &
Western, II $50: Lake Shore 7,4C5; Louis
vile h Nashville. 10000: Missouri Pacific,
1850; Northwestern, $500: Northern Pa
cific pfd. 1880; Reading, 2S,72O; Rich
mond Il West Point. 4, $50: St. Paul. Z2.Jo0;
Union Pacific, 5,O2). The stock market was
less active to-day. but the tone of the deal
lngs was much stronger than yesterday,
and the result of the days business is to leave
the entire list materially higher than last
evening, though in many stocks the losses of
yesterday were not recovered. The advance
was in great measure a mere reaction from
yesterdays decline, the improvement Ill
values being mostly on account of the cover
ing of shorts, though there was some buying
for the long account. There was an utter
absence of bear pressure throughout the en-
tire day. and although there was some fever
Ishness in the early trading it soon diSap
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 sagged, 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 TO 10 per cent at one time il caused
no inconvenience because of the lib
eral supply. There was perceptible easing
in the afternoon and rumorS of an intended
importation of gold aided i'll 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
portation of gold denied that it had any
such intention. There was more heard in
regard to the shortage III cars in 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 Oh the market. In conjunction
with the increased offering of money
there was a scarcity of stocks to loan, which
created an apparent increase Ill the short IN
terest from the renewed demand for 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 i'll 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 dull
ness became the most prominent feature OF
the market, and prices sagged off slightly,
though the undertone of strength was very
perceptible. 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
and Lake Erie 4 Western preferred, ls4;
Delaware q Hudson, ia; Sugar. 15s; North
ern Pacific and Manitoba, ll2; Rock Island
Missouri Pacific and Transcontinental. IS;
Burlington, IA; Union Pacific, Northern
Pacific preferred, Denver, Texas d 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 or this
West Shore tours furnished S31 $1,000 and
Kansas & Texas skies S134O QUO. The Kansas
& Texas issues were the features of the mar
ket O rumor that plan of reorganization in
which all the opposing interests could join
causing sharp advance i'll all the issues.
The Posts financial article says: Money
was in good supply at and per cent. and
was not factor in the market, nor has it
been at any time in the last week quite
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 ur-
satisfactory earnings of the coal stocks and
the probability that tn. public would not be
interested in speculation in stocks until
about the eud of the year. concluded to
liauidate and this has been in progress this
week shown by the fact that while there
has been recONeTleS from tille ~ TIME anu
that of to-day, the coal stock and all the
Changers and southwestern stocks and
Northern Pacifcs are from l to 3 per cent
lower than a week ago. There was
marked increase in the supply of money
offered for call loans on the stock exchange
to-day, and though at one time in the fore
noon the rate touched per cent. it was
freely offered in the afternoon at and q.
One effect of the lower rates for money was
that the holders of stock were not so anxious
20 fha,,, for fl,a OF hn ie mot
SO much to be made by loaning when money
is per cent as when it is 10, and in this par
ticular the higher rates for money were
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 in
borrowing demand and creates the impres
sion, partly erroneous, that the short interest
has been largely increased. Government
bonds dull and steady. State bonds dull and