St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-19

nights figures of from 70 to Y per cent and
the pressure caused some further Slight de-
clines in the early trading. The sudden flood
Of buying orders from London, however.
checked lthe decline, and as it was continued
the shorts became frightened and went into
cover, which soon gave strong tone TO the
market and prices rose materially before the
close CO the first hour; Northern Pacific pre-
ferred was the feature, rising from 71sc to
73Lc on the uS:eTances of Mr.. Ives, in which
he asseyerated thai he owned as much stock
as before the election. aud that ne had every
confidence in the new beard, Inc trusts
were specially strong also, the an
nouncement of the application OF the
American Cotton OIL company for an IN
crease in capital, with the utterances OF Mr..
Thomas leading to the impression that the
trust was 10 come into the new corporation.
The money situation came to the front after
IL o'clock, and the same tactics as usual
being employed. ths rate on call was run up
to 10 per cent after IL o'clock, which checked
the advance, but the undertone OF sUengln
was such that little impression was mace
upon prices, outside of rev specialties. The
most marked movement was in st: Panl pre-
ferred, which was offered down in the aD-
sence Of buyers, but most OF the loss was re-
covered later. In the last hour there was
renewal Of the buying, and under the lead OF
the Missouri Pacific a material recovery
took place. The close was dull. but
firm at close 10 the best prices Of the day.
The Changers were rather heavy throughout
the day. and Burlington and ST. Paul were
both subjected TO considerable pressure, but
without any effect, after the early depres-
sion. The only important changes Tor the
day were advances. Sugar rose 2; Cotton OIL
and Northern Pacific preferred, IA each,
and LackaWanna and Manhattan, per cent
each. The dealings in railroad bonds were
devoid of feature as usual, and on business
of only 1878, 900 few important declines
were scored The Posts financial article
says: Chicago spectators are still bearish
on the Changers. and a hint of the cause IS
found IN the expression credited to-day TO
the president Of one OF the Leading
Granger roads, to the effect that 1t
is 'unwise to bull the securities
of the grangers just before the beginning OF
the sessions of the various legislatures. As
for the coal stocks a cause for their heaVl-
ness is shown in the statistics OF the coal
trade, which show that the product OF the
whole anthracite region for the nine months
to Sept. 81, was per cent less than IN the
same time last year and yet the amount OF
coal at lide-water is now 10 per cent greater
than at the same time last year, which Indl-
Gates anything but prosperous condltlOn OF
the coal trade. But for the immediate pres
ent the money question is the most import.
ant factor in the general stock market ana
when the rates for money got up to IL per
cent about 2 o'clock. ii stopped the advance
that had been in progress. But there is
some reason to expect that The bank state
ment tomorrow will not be unfavOrable. A
the week. and have put themselves in better
shape. and as there has been less money go
ing to the interior and none exported, q COM
paratively favorable bank statement may be
looked for, unless money has been With
drawn and locked up to effect the stock
market. The total amount of currency trans
ferred from New York 20 the West and South
by orders through the United States treasury
in the week ending last night. was only ST.
10000 against s., 399, $50 in the previous
week, and 81 47s.O0O in the preceding week.
This shows a large falling off, and as New
York exchange is now only zoe
per $1,000 discount in Chicago,
rate which is too small 10
justify the regular shipments OF currency by
express, it may be assumed that the move
ment OF currency to the interior has prac-
tically ceased. Consequently no TURNER
pressure on the money market need be ex-
pected from that cause. Inquiry upon the
subject leaves little room for doubt that Inc
money market has been manipulated by the
withdrawal of money from banks and from
the market for The purpose OF putting up the
rates of interest and this has been done by
capitalists and by banks, both corporate ana
private So far as the banks and bankers are
concerned 1t can only be said that they have
been exceedingly prompt to call IN "eall
loans" and put the money out again at the
highest figures obtainable, and their only OBJ
ject has probably peen to get the most Tor tnelr
money. But this has given the bears great
opportunity to bid the rates up. This fore
noon money was Q1o per cent but shortly
after II it was su 1denly bounced up, to 10
per cent, and an insignificant amount loaned
at that but before 2:30 o'clock it was down
TOT and 9 per cent Governments dull
and steady. State bonds dull and steady.
The total sales of stocks to-day were ISL
OO9 shares, including: Atchison, IL, 80;
Delaware, Lakawanna & Western, S,s2';
Lake Shore, 5000: Louisville Nashv1lle,
5000: Missouri Pacific, 9, $50: Northwestern,
5.425; Northern Pacific preferred, 2l;631;
Reading, 1875; Richmond West Point,
3,O6I; St. Paul, 26, $50; Union Pacific, A. 100.