St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-08
FINANCIAL.
New Work.

NEW YORK. Aug. 7.-Clearings, $780,,
174.196; balances, S6,46S,2 9S. Money on
call close, ranging from to 9 per cent;
last loan, 4; closed offered at 4. Prime
mercantile paper, 5@6A. Sterling ex-
change quiet, but weaker at S4.S415 for
sixty day bills and $4.SS119 for demand.
The stock market to-day was more
active. but also displayed more
healthy tone than during the past two
days. although efforts to con-
tinue the decline were not wanting.
There was, however, no material recov-
cry. and lower prices were marked in
some of the specialties heretofore I'M
touched by the downward movement.
The Western bears are still harping
upon poor crops, while the total contin-
gent lays particular stress upon the real
or apparent scarcity of money and
argue that, Notwithstanding the
advance in the price which the
secretary is willing to pay for
bonds, the first offerings of over S10,0O0,-
600 seem to have exhausted the supply
and the absorption of money by the
treasury still continues. In addition
there is the drain to the interior begin
ming to be felt again, while the high
rates for money in London are drawing
gold from this side. The bulls on the
other hand deny that the bank reserves
Justify ruling rates, let alone the eX-
IRENE rates which have been eXacted
during the past two days Oh the spurts,
and accusations of manipulation are
freely made against few institutions
who were some time ago prominent in
manipulating the rates for money on
CALL While the market is falling the
short interest increases, and when
the treasury begins to issue the
new silver notes the monetary
manipulation would, in all probability,
cease. At that time also there is likely
to be better demand for securities and
less apathy in speculative way upon
the bull side. There was no lack of
effort to get the market down farther in
the forenoon, but it met with such Wig
orous resistance that it was soon given
up, and when that happened the market
returned to its old condition of dizziness,
with slowly approaching values. First
prices were fractionally higher than last
nights figures and there was some buy
ing for London account, beside evident
efforts by the Chicago sellers of the past
stress laid upon the shortage of the
crops therefore, and the news from that
section was of more hopeful character.
The local contingent. however, was act
i've in depressing prices, and the market
was given an irregular and feverish
tone, which lasted throughout the day.
There was little effect, however,
except in some of the specialtieS like
Tennessee Coal. Chicago Gas, and
Chesapeake & Ohio first preferred. The
first named in the absence of support
was offered down from 49, to AZ, and
quickly rallied to AZ. closing at 46.
Sugar was sold down in the early deal
ings. but later recovered about all of
the loss. Pressure was severe upon
Atchison, Missouri Pacific, Atchison
and st. Paul, but neither suffered par
ticularly. The market, after the attacks
were over, always sank back into the
usual dizziness with a slow and steady
appreciation of values. The close was
dull, but firm, and generally at about
first prices. The final changes were
generally small fractional advances, but
Tennessee Coal is down 3, Chesapeake
i& Ohio first preferred IA. and Chicago
Gas per cent. Railroad bonds were
duller than usual, owing in great
measure to the cessation OF
the activity in Atchison incomes
and the sales reached only S69S,000, al
though West Shore Is furnished $110,-
600. The market was heavy, as usual
of late, and few important losses were
sustained. Chicago, st. Louis q New
Orleans IS lost ~ at III. Government
bonds have been dull and steady. State
bonds have been entirely neglected.
The Post says: The reports respecting
the condition of the crops would indi-
cate very serious damage to corn, but
as they come principally from Chicago
spectators, who are at present bears
on stocks, there is reason to believe
that the injury is much smaller than re-
ported, and railroad officials who have
just returned from a trip through the
corn belt say there is every reason to
expect an average crop. The coal
stocks were more active, and after an
early decline recovered to last nights
prices. A meeting of the sales agents
of the coal companies was held
Yesterday, at which there was a
general disposition to adopt measures to
improve the condition of the trade, but
no definite action was taken. Louis
vile was unusually active, and although
lower in the first hour, was unchanged
at IL O'Clock. The Trunk line stocks
were dull but steady, and from the &C
ton of the representatives at the meet
ing yesterday it looked as if existing
rate troubles will be settled in short
time. The decline of per cent in sugar
in the first hour was on selling based
on the application Of Receiver Gray to
be made a defendant in the reorganiza-