St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-12

boom in Union Pacific. which was run
up quickly AZ per cent 10 49,. The
pressure upon the Wizards, however,
was the most prominent feature of the
trading, and North American was
pressed down quickly from 2715 to 2l15
ard checked the buoyancy in the gem
eral list. The failure of Whitney & Co..
who have been carrying large line of
owpriced shares and bonds which
were unavailable as collateral at pres
ent was. announced. and large amount
of Toledo. Ann Arbor 81 North Michi-
gan stock was sold out under the
mentioned sold the other day
at 80, but was opened at 26, and under
the offerings from the chair dropped
away quickly to 10 before buyers who
were willing 10 hold it for rise ap-
peared. This gave a check to the ad-
vance, and rumorS of banks being un-
able to settle their balances at the clear
ing house found circulation, as well as
predictions of the failure of large
brokerage house. A perfect food of the
Willard stocks appeared for sale, with
the pressure principally upon the
Northern Pacifics. and for two hours
after l. O'Clock panic in those shares
existed, the only sentiment being il had
10 get out as soon as possible. Northern
Pacific preferred was forced off rapidly
from 6711 at the opening TO So before the
Terrible Drop Was Checked.
In the meantime the common dropped
from % TO 17l3, and North American
yielded about 5 per cent more. With
the making OF ,the lowest figures the
suspension of MeSSrS. Decker, Howell
Il Co, the firm mentioned as likely to
fail, was announced, and an eXplana-
ton given To the heavy selling of the
Willard stocks. This infused a feeling
of relief into the street, as it was felt
that the worst was in all probability
over for the present, and considerable
of rally occurred in the last hour of
business. The general list, which was
at its highest points during the fore
noon tsome to AZ per cent better than
last nights prices). felt the influence of
the heavy p. essure upon the Wizards.
and in most cases about all of
the Improvement was lost, while
in some of the specialties like Toledo,
Ann Arbor 81 North Michigan, Louis
vile, New Albany 81 Chicago. Great
Northern preferred. Edison General
Electric Light, and some others scored
declines of from to 20 per cent. The
improved feeling in the last hour was
shown In another upward movement in
the list, and the close was firm and
active, leaving most stocks at materially
better figures than those of last even
ing. The Wheeling & Lake Erie stocks
are the only ones in the usually active
list which show any material loss for
the day outside of the Wizards. the
common being down 19S, and the pie
ferred 8 per cent. North American,
is SIS per cent lower, Northern Pacific
preferred l13s and the common 90.
On the other hand Sugar refinerieS
which were helped at the opening by
the announcement of the names of the
receivers. are 81 higher, Louisville d
Nashville 215. Erie 2, Union Pacific TX,
st. Paul Ia, and others fractional
amounts. This is remarkable in view
of the financial troubles announced dur
Ing the day, together with the fact that
Money Was Held Very Tightly
throughout the day, reaching u per cent
per diem and legal interest on call.
there being 10 offerings of funds at any
time during the day, and the last loan
being made at the highest figure. The
railroad bond market, for the first time
since the excitement over the decline
in the values Of stocks began. sympa-
thized closely with the dealings in
shares, and the transactions reached
81, $4,000. The feature of the
market, however. was the large amount
of the Toledo, Ann Arbor q North
Michigan firsts sold out under the rule
for the account of Whitney d Co.. and
some of the MorgdIls and Louisiana d
Texas bond> as well. The declines in
these bonds reached 20 per cent in the
first-namcd bonds, and about 10 per
cent on the others. There was. how
ever, considerable animation among
the speculative issues. and Texas Pa
cific incomes scored sales of s22o. 200;
Atchison incomes S1S3. 600 and Northern
Pacific 5s $4,000. Canadian Southern
2nds dropped 215 to 81; American dock
5s, 2 to sf07: Hook Valley IS. 3 to II;
Mobile IL Ohio Is, 2 to "a; Northern Pa
cific 5s, to so; Richmond Il West
Point Trusts IS, 2115 at IS: Iron Mount
ain 5s. 4 at S619 and Wabasha 2nds,
95s at 20. Government bonds have
been dull and steady. State bonds
have hppp duiI and Staadv