St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-03
FINANCIAL.
New York.

NEW YORK, Dec. 2-Clearings, SS5. 208,-
76l; balances. S6.622,O6I. Money on call
tight ranging from q to p per cent; last
loan 10, closed at Id per cent bid. Prime
merchantile paper. 5l2@712 per cent Sterl-
ing exchange uuiet and weaker at 81 so for
sixly day bills and 81 S4t2 for damand. The
sto L market was again very active to-day,
but while it was weak in the first hour. there
was a full recovery and decidedly strong
tone toward the close. which left prices gen.
orally higher than those of saturday. The
panicky feeling, among the small,
er holders especially wa was continued COZ 1so
long London failed TO respond to the
lugubrious advices sent there since Friday
morning and come all higher on Americans,
the opeoing figures were invariably lower,
and in the specialues IN particular the de-
clines were very marked, extending to nearly
3 per cent. The announcement OF the with
drawal of the deposits in banks did consider
able to demoraliZe the market at the outset,
and the close working of the local market tor
call loans. as high as 20 per cent being paid
for accommodations during the day, helped
to check the improvement tendency when 1t
had once started. Ii early became evident
that there were supporting orders Ill the mar
ket. The Gould stocks were very well sup
ported, and the presence of Mr.. Gould on
the street gave rise to the belief that
he was under the market, which turned
many of the traders over to the bull side and
they were found working for rally during
the remainder OF LD6 Gay. Inc s0OTJS NeuG
into cover on liberal scale and the move
ment became general, everything on the list
sharing in the movement. The bears, how
ever, raided the coal stocks as last resort
when the rally began. and both Reading and
Iackawanna were materially depressed OH a
large business, while Delaware & Hudson was
lower. The pressure was removed after =
O'Clock, and the entire list moved up in uni
son. while the specialties made rapid strides
toward higher figures. Good buying in Cot
,..a1 Nf
to come out which would make the stock
cheap at ruling figures Chicago Gas was
bought heavily by two large operators
and led the upward movement retaining
most of the advance at the close. There
were rumors and talk Of stock exchange
house in trouble. but the head of the house
was liberal buyer of Sugar in the early
dealings, and little was heard of the failure
after that. The market finally closed active
and strong, generally at the best prices of the
day. Railroad bonds were quiet aud gener-
ally steady, but there was preponderance
of declines over advances at the close, while
the important changes in quotations were
few in number. The Kansas q Texas issues
were the strong features, and the skies con-
tribuled $3.50 o out of the total days bust
ness of 5. 29S, 90. Chicago d. Alton sink
ing fund SKIES rose 24 at 12lA: North
western sinking fund IS "a at ll5.
The Posts financial article says:
THE announcement which only came to
the general public through the newspapers.
though il was apparently known 10 few on
saturday, that the secretary OF the treasury
W uld inaugurate his new financial policy
| by calling IN. on January 10. 10 per cent of
| S4-,U0l, 100 of government funds which ara
| deposited in the national banks throughout
| the country, gave the stock market a more
severe spasm this morning than any of the
| succession of disasters and unfortunate de-
| velopments of the past week. 1t is COM
monty believed that fully three-fOurths of
| the bonds deposited by national banks as
| security for government dnposits are Dor
| rowed and are owned by estates and persons
| who do not care to sell them, and that
! therefore the greater part OF the amount
| so called in will be retained in the treasury,
| because the proposal of the treasury to buy
| the bonds is not practical. But this can be
| determined only by experiment. Assuming
| that only one Fourth of the bonds on deposit
with the treasury are available for purchase,
this would give say $500. 900 of currency
! 10 be absorbed by the treasury on the 10Th Of
| January, In fact, the amount is too small to
| create any serious Disturbance if it were not
that this action is looked on as merely the
| fulfllment of promises made in electioneer-
| ing speeches for the purpose of making polit
| ical capital. 1t is the apprehension of wha
may be done next in the pursuance of such G
| policy that disturbs the minds of financier:
] as we'll as SPECTATORS rather than the com
| paratively small amount that would under
any circumstances be drawn into the treas
| ury on the 9Th of January" The total sale:
! of stocks to-day were 1896 shares, includ
| ing: AIchison, 12.645: Denver, Texas &
/ Fort Worth, 8 S75: Erie, 1850; Louisville 4
| Nashville. lu.O15; Missouri Pacific, l6, 430
| Northwestern, 4,06s; Northern Pacific pre-
| ferred. l4.21U; Reading $4,000; Richmond
: West Point, S,312; st. Paul, 29,375: Texa
] Pacific, SO 5; Union Pacific, 20, $50; West
I ern Union, 7,2I5