St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-16
FINANCIAL.
New York.

NEW YORK, Oct. 15.-Clearings, to-day
Sl53 81 1922; balances, S5,7S0515. Money
on call stringent, ranging from to II,
per cent; last loan at 6 per cent; closed
offered at per cent. Prime mercantile
paper. 5lsG7l2. Sterling exchange quiet
but steady al S4.S214 for sixIy-day bills and
;s6I2 for demand. The stock market to-
daV was more active for the regular list
but quiet for the trusts, the business done in
the unlisted stocks being confined to only
four of them and only about one-haH what
IL was yesterday. There was great irregu-
lsrlty IN the market throughout the day, and
stocks were moving In opposite directions in
different parts OF the list at the same
time almost all day long. Money was IN more
urgent demand and the rate on call went up
TO ! 2 per cent at one lime, while the bulk OF
the business was done at 6Ql per cent, The
pears were more active and decidedly sg-
gressive today and their operations were
almost entirely responsible for the changes
in quotations that were made, and while Mis-
souri, Pacific was the principal point OF at
tack such stocks as Louisville l. Nashville,
Union Pacific and the Gould speeialties re-
ceiyed special attention. This weakened the
general list and the result of the days opera
lions is generally To leave prices fractlonally
lower than they were lastevening.. Atchison
sold ex-rights, which were quoted at 4, and
later at Il and Ss. The stock, however.
was quite strong, especially In the
early portion of the day, upon the announce
ment of the reorganization plan and heavy
Boston buying orders were said to have been
received, while for time the stock was in
great demand in the loan crowd at 1-6 Ith
premium. c. c. G. 4 st. L. and Chesapeake
4 Ohio second preferred were also promin-
ent bull cards in the forenoon, but re aliZa-
ton at the Improvement gave an opportunity
for considerable hammerfng Of the regular
list, and these advances were almost entirely
wiped out at the close. Atchison not only
lost all of its early advance, but scored de-
cline in addition. Missouri Pacific was the
,f rlraf ha
it was specially severe from the start, and
from 7114c at the opening it was forced
off with frequent slight rallies to
6Sl2, but il recovered to 6ql2 OF the close.
The other Gould properties were weaker
and Manhattan and Western Y Mon especially
suffered. In the early morning, when the
railroad list was strong throughout, the at
tack upon sugar re6nerieS was continued
and all the old rumors in regard to the prop
erty were reiterated, with the effect of knock
ing ii down to 10 against 76ls last evening.
but it rallied quickly when the railroad list
became the objective point of the bears, and
was brought up again to the opening figure,
though it lost a portion OF the Improvement
at the close. The other trusts did not sym
pathize with il TO any appreciate extent
and cotton oil was positively strong in the
early dealings. The market continued
heavy to weak throughout the afternoon
and finally closed rather heavy at close to the
| lowest prices of the day. The list is almost
| invariably lower this evening. the advances
| being few in number and for Insignificant
| fractions while Sugar is down 2 per cent,
Manhattan a like amount, Missouri Pacific
! la. Louisville d Nashville l "a, and Atchison
and Canada Pacific per cent each. Railroad
bonds were very quiet and devoid of special
| feature, beyond the activity in Chesapeake &
Ohio 5s. which furnished $4,000 out of
| the total days business OF S97I, 900. The
market in general was frmer than usual of
late and the final changes are in most cases
advances, though for small fractions only.
| Governments dull and steady. State bonds
| duh and without feature. The Posts
! financial article says: The stock market
| was again inactive but very unsettled, AMI
| the movement of prices very irregular
| throughout the forenoon, though In general
railroad stocks were strong, and with a few
| important exceptions. were higher, while q
| further heavy drop in Sugar trust, from
| 76I2 last night to 72l2 in the first hour of
| business kept the whole stock market in a
nervous, demoralized condition. because,
| while there is as yet no explanation of the
| heavy selling, II is apparent that II is to q
large extent long short, and shows that some
absence Of any explanation Of the selling
| gives IL more effect in depressing the price,
| because the imagination is left free
| TO invent the reasons for such a
wholesale move on the part of the
the most about the real condition Of its
affairs. There is also undoubtedly a great
| deal Of short selling, because, as the banks
| will not carry 1t as collateral and those who
| hold it are anxious TO lend it SO as to save
the carrying charges, it is so abundantly
| offered for loan that 1t encourages short sell
| ing. The same circumstances affect the
other unlisted trust stocks to moderate ex.
| tent but they were not subject to any such
! inside selling as Sugar trusts. The long ex
| pected plan Of reorganization for the Atchi