St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-09
FINANCIAL.
New York.

NEW YORK. Oct. S.-Clearings. Sal, 225.
4S2; balances, S5.63L711. Money on call
per cent, closed offered at 4. Prime mer-
camille paper. 534@7. Sterling exchange
quiet and steady at $I.S1l2 for sXty-day bills
and 81. SO for demand. The stock market to-
day was again decidedly weak, although
there was only moderate business trans
acted, and the declines for the day are on
the average larger than on any day for
long time. The opening was firm at frac-
lional advances over last nights figures, fol
lowing higher market in London, but the
feeling among the traders was very much
mixed as to the probable course OF the mar
ket, and some London selling being detected
in Louisville & Nashville and Erie there
was Immediately renewal Of the pressure
of short sales and prices shaded off through
out the forenoon. Some of the traders who
had been working for rally threw over their
stocks, and while there was still q moderate
demand 1t was sufficient to meet the offer
ings. Toward noon there was rumor that
the Erie company would not settle with its
employees and that strike was imminent.
and accompanied as the report was by Wig
orous hammering of the stock, it started
to the entire active list. Western Union de-
clined in spite OF the excellent statement put
out. and North American was sold off on re-
ports that some large interest was compelled
to liquidate which brought the Northern
PacficS down with it. There was an
unusual number of seller sixty days options
put out, and even New York Central was de-
pressed materially in that manner. The re-
ports of the failures brought out large
number of stop orders, and the assertion at
triDuted to Gen. Thomas that the dividend
on the East Tennessee would probably be re-
duced from to per cent, brought Rich
mond d West Point preferred down from
1894 to 20. The market showed no recuper-
alive power whatever, and while there was
great deal of taking of profits on the bear
side in the late, dealings only a feeble rally
flan 1-0dr
ern Union and Wheeling d. Lake Erie pre-
ferred under the pressure brought the whole
list down again in the final dealings.
The market finally closed fairly active
lowest prices of the day and leaving
many stocks at the lowest points reached in
months. The final declines of interest were
Richmond d West Point preferred IA.
common 2lsc, St Paul 2l2c. North Ameri-
can 2Ac, Rock Island 21sc, Atchlson 2, Bur
lington Il Quincy, Southern Pacific and
Union Pacific, ia each, Northern Pacific
preferred, Us, Big Four, Lackawanna. Louis
Vile, Nashville and Western Union each 112,
Northwestern Ia, Erie, Lake Shore and
Reading each 11s, Pacific Mail and Wabash
preferred each l per cent and other gener-
ally large fractions. Railroad bonds were
quiet, but showed little more animation
than usual of late. the total sales reaching
Sits 500, and while the general tone
of the market was heavy there was
nothing OF the weakness shown in the
share list. The Atchson and Reading in
comes were again made part of the manip-
ulation for lower prices. and the former fur
nished $210, 600 to the total followed by the
Texas Pacific incomes with 1000. though
in the latter there was only slight move
ment. Declines are in majority tonight,
however, and while International lists rose
2la to l 1912. Reading 3ds lost ga to "a,
Richmond d West Point 5s 2ss to 69l2 ST.
10 d. Grand Island lists . to LOB, and Peoria
4 Eastern lists 2 to 10. Government bonds
have been dull and steady State bonds have
been entirely neglected. The Post says:
1.-The, further decline of stocks to-day
in. the face. of circumstances which
higher prices, can be attributed to
nothing but liquidation, which of itself COM
pels further liquidation. There was moth
ing new in regard to the railroad business of
any part of the country, nor nothing in con-
nection with the money market to make any
decline in stocks to. day. On the contrary,
the aspects of the general business and none
tary situation were far better than few
days ago. Even London, which has been
disturbed by the South American troubles.
had recovered enough confidence to be a
moderate buyer of securities this morning.
But there were good many spectators in
| stocks at the higher prices of last April and
| May in expectation of a great rise as the
| result of the silver imitation and
the disbursements M Tho of the treas
sion and other appropriations The short
age of the crops the South American troub-
les and the money stringency here last month
brought disappointment and obliged more
and more OF them to liquidate, ana the liqui.
dation of these obliged still others to llqui.
date until prices of stocks and bonds are
| below their legitimate level. When the
| liquidation is over there will be large and
| rapid recovery, but when that will come de-
| ponds only on the financial strength and
| courage of those VINO are carrying the stocks
The total sales of stocks to-day were 325, 794
shares. including: Atchison, "a, e05; Della
ware, Lackawanna & Western. 1o.450; Erie
| Nashville, 23,770; Missouri Pacific, l l, OO5
| Northwestern, 6,665; North American, Is,
| 551; Northern Pacific preferred, S,s1O
Reading. 16. $50; Richmond q West Point
| 1881; st. Paul, 30.73'; Union Pacific 49,
| 359: WeStern Union. s. ISL