St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-14
FINANCIAL.
New York.

New YORK. Oct. 13.-Clearings. 800, $685.
go; balances, 81. 81, SAG. Money on call
easy, ranging from I to 4la per cent; last
lean 8, closed offered at 3. Prime mercan-
tile paper 5a4@7l9. Sterling exchange act
i've and weak al 81. SU24 for siXty-day bills
and "a S534 for demand. The heavy loss in
cash and surplus reserve of the New York
banks during last week, as indicated by the
statement OF Saturday, was still most in
teresting subject of conversation on the
street to-day. and while the system of report
ing only averages for the week instead of the
actual condition at any one time is mislead
Ing the known movements of money
through the subtreasnry and directly ont Of
the banks to the South and West do not &C
count for the loss referred to; and
again the accusation IS made that
a large sum has been locked up
for speculative purposes. However this
may be, the banks i'll years past have al
ways reached their lowest point about this
time, and with a natural movement of money
should gain from this time out. The advo-
Gates OF higher prices for stocks Look upon
the monetary situation with equanimity at
present, for while there iststill over So. U0u,-
900 surplus reserve against deficit in past
years at this time, there is feeling that the
amount of silver certificates being issued
each month will hereafter be more than suf-
fcient to take care of the customs paid to the
government, and that with the large expend-
lures for pensions, river and harbor improve
ments, the new navy, coast Notifications and
public buildings, money will be assuredly
easy within few months and must lead to
active business and speculation in every d.
rectlon. The stock market to- day was some
what of a surprise on account of it's steadi-
ness and strong undertOne in view of the
showing of the bank statement on Saturday,
and with very moderate volume of bust
ness i'll only two or three stocks were there
material changes for the day. Brokers re-
port an increase in the investment buying
There were rumors that the market would
be attacked to-day, and something of
the kind did occur in Sugar Re-
fineries North American, Northern
Pacific and Louisville d Nashville In none
of these. with the single exception of Sugar
Refineries. which was sold confidently on
the strength of the decision of SATURDAY.,
was there any material final decline for the
day. The grangers also withstood consider
able hammering. considering the limited
market, with the same insignificant results
The opening was hesitating. and the weak
ness in Sugar encouraged the putting out of
further short lines in the regular list. but
the very pronounced strength in Lackawanna
was supporting influence in the market,
and the decline of ia per cent in Sugar was
sufficient TO induce only slight losses IN rail
road stocks In the afternoon. when Lacka-
wanna made its great advance, the attacks
upon North American and the others were
made. The final dealings show an improve
ment in the general market but no move
ment of Importance resulted, and the market
closed dull and firm at insignificant
changes as rule. Lackawanna shows
gain of Ola per cent for the day, while Sugar
is down l, having recovered portion of its
early loss. Railroad bonds partook of the
same changes as stocks to-day, and with
very limited business. S716. 900, there were
only slight changes in quotations except in
very few instances. More strength if any
thing, was shown in bonds, however and
while the important changes are few thew
ing Valley 5s rose to 80, Erie eds extended
to Is, and st. Joe & Grand Island lists 2I2
to lO5l2. Government bonds have been dull
and steady. State bonds have been entirely
neglected. Petroleum opened firm and No
vember option moved 1ss to 80 on the adj
vance of 3 points in refined oil. Then re-
action occurred on which the market closed
steady. The Post says: THE statement of
loss of SIS, $50, 975 in reserve this
loss being caused by decrease of SS.7l7.-
500 of specie. The fact that one-half OF this
entire loss of reserve was due TO decrease
OF 81, 1S2, 600 of the deposits and S4.3l4,
900 of the specie in the National City bank
as compared with the previous week, might
be expected to afford some information in
egard TO any specific movement of money,
whether it is into the treasury or to the in
terror; and, if so. what part of the country
and for what purpose? but it does not. The
officers of the bank merely say that il has
gone elsewhere-Nortb, South, East and
West This movement is undoubtedly in
progress yet to some extent, as may be seen
by the fact that exchange on New York is
still 40 cents per 81. 900 discount in Chicago.
But nearly all last week it was 80 cents dis
count and the lower rates since Friday show
that the demand for money there is abating
There have been no exports of gold since
July, and the declining tendency in ex-
change makes it Improbable that there will
be any considerable export for the remainder
Of the year, The total sales oflstocks to-day
were 2O4,51S shares, including Delaware,
Lackawanna 4 Western, 1921; Louisville
q Nashville. IL ,351; Missouri Pacific, 3,045;
North American, 1905; Northern Pacific
preferred. LOSS; Reading, 1926; Rich
mond 4 West Point, 2,6SS; st. Paul, 10, l6O;
Union PACIFIC Q 900