St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-15
FINANCIAL.
New York.

NEW YORK, Oct. l4.-Clearings. S166,6I2,-
27S; balances, s. ,2SI ,O12. Money on call
easy, ranging from to 5M per cent; last
loan 8. closed offered at 4. Prime mercan-
tile paper 5s4@7l2 Sterling exchange fairly
active and weak at S4.sGA for sixty-day
bills and 81 S5A for demand. The advices
from London this morning were most de
pressing: the scarcity of money there. added
TO the precautionary action of the imperial
bank of Germany, created O fear that the
minimum rate of di count would be raised
and the CARRYING of stocks rendered more ex-
peDsive in the near future The political
complications between England and Portu-
gal also had their influence in creating
an uneasy feeling there and the
early prices from London showed material
declines from last nights figures. Upon the
opening of our market there was found to be
a heavy pressure to sell on the part of the
foreigners. which was Immediately added to
by further short sales for the account of The
local bear contingent Private cables re-
ported that there was heavy pressure from
this side, which showed that the depression
there was not entirely upon sales because of
the influences mentioned. The market here
was more active than usual of late. but the
increased trading was entirely III the stocks
which are favorites in London, half-dozen
stocks furnishing onehalf the sales of
all the listed stocks. The opening
prices were all lower. but special
losses were shown in Louisville Nashville.
Northern Pacific preferred, st. Paul, Atchl-
son, Reading and Union Pacific The first
named stock stood the brunt of the pressure
from the other side, and the sales Ill it are
reckoned at about 10, 900 shares. while the
total amount sold for foreign account is yari-
ously placed at from %, 0OD tod % shares.
Louisville was believed to have received some
support on a scale down from the insiders.
but the bulk of the purchases in that and
other stocks was evidently from the bears,
who were covering shorts on the drop. The
decline as very sharp IN the early trading,
and, while there was a rally In the forenoon,
1t was feeble and soon came TO an end.
The afternoon drive was extended TO
a greater number of stocks than dur.
ing the forenoon, and prices melted away
rapidly under the pressureawithout support
of any kind. The extreme losses mounted
I'D to over 3 per cent in Louisville u Nash
vile, while many other stocks lost from l to
per cent. Sugar Refineries which had
been the one strong point i'll the mar ket dur
ing the forenoon fell back again and finally
scored q fractional loss, although at one
time it was 2 per cent better than last even
ing. Lackawanna was let off with the rest
of the list and its final loss IS one Of the
most i'm portant of the day. The movements
in the general list were in all cases small aud
unimpOrtant. and no feature OF interest was
shown anywhere outside of the few stocks
which were subjected to the severe pressure
TO sell. The market displayed at no time any
recuperative power, prices remaining al about
the lowest after any attack until another
drive sent them down even farther, and the
last prices are in almost all cases at about
the lowest of the day. the close. being weak
and made on quiet business. The final
losses of note are: Louisville Il Nashville,
3l2; Northern Pacific preferred, 2as; Lacka-
wanna, Gig; st. Paul, 2; Burlington and Rock
Island, each 1sS; North American. il2 Read
ing, il2; G.. c., G. d ST. Louis. lsS; North
western, lls; and silver Certificates. ll2.
Railroad bonds felt the force of the down
ward movement IN stocks, but only among
the issues of the roads whose stocks were
subjected TO special pressure. the Reading
and the Atchison incomes being the p.rlnci-
pal sufferers. The sales of all issues
reached only S991.00o, but out of
that amount Atchison incomes furnished
Sl43,OUO, and Reading 1st incomes. $780,
goo. The market, however. was heavy from
opening to start though few important de-
clnes are to be noted. Erie new DDS lost
242 at Csc: Minnea polls & st. Louis, Iowa rs
2 at 80; Reading lists DIE at 62la. Govern
ment bonds have been dull, but steady to
firm. State bonds have been entirely
neglected. The Post saws: The movements
of prices in the stock market are not gov
erned so much now by anything in connec-
ton with the raids or profits of the railroads
as they are by the aspect of the money aud
abroad. Money is, in fact. easy enough yet,
and at low rates, but there has been such a
general unsettlement in the maintenance of
the present status, that it has probably dis
counted almost anything that could happen.
Heretofore for tGo or three years the esti-
mates of the values of Investments, aside
from any causes applicable to particular
securities, have been based OH the
expectations of a 5 per cent return on the in
vestment On this basis there are only a few
stocks the market prices of which are above
their legitimate level; the majority are much
| below 1t. But if we assume that now. owing
| to the. various causes which have made higher
| rates for money all this year than i'll several
| years previous. we must estimate the values
| of investments upon 5l2 or per cent
basis it would make the present prices of
| two thirds of the dividend-p paying stocks too
| high at present figures The total sales of
| stocks TO-DAY we're 3l5.654 shares, includ-
| ing: Atchison. 1912 Delaware, Lacka-
wanna d. Western, "a. 23S; Erie. 1890; Lake
| Shore, 3. 975; Louisville d Nashville. 40, $50
| Missouri Pacific. 5000; North American. o.
| PSI; Northern Pacific preferred. 1920:
Reading, 1920; st. Paul, 20, 43J; Union
]