St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-01
FINANCIAL.
New York.

New YORK. Sept 3O.-Clearings S142. 607, .
500, balances S., 3ss, S57. Money on CALI
easy. ranging from 3 to e per cent: last loan
Sas, closing offered at ). Prime mercantile
paper, 5S4@7. Sterling exchange quiet but
firm at 50. 81 "A for sixty day bills and 81. S5I2
for demand. The stock market to-day was
in transition state, both the bulls and the
bears holding eff for further Developments
while each side talked and wrote plenty of
stuff TO bolster up its own cause. The bulls
were inclined to pin their faith upon the
recent strength shown in Lackawanna, while
the bears were making, all the capital
Union Pacific and the unfavorable statement
OF earnings. The market during the day was
remarkably free from bear pressure and only
i'll Burlington & Quincy was there any
marked effort to make an impression, the
rumors of q forthcoming bad statement of
earnings furnishing the ground for the linn
tied selling INDUCED in. On the other side
there were few marked advances made,
though they were not fully maintained. and
the final changes are generally slight. The
opening was quite Irregular, as compared
with the final figures of last evening, but
there seemed to be a desire to cover, and
while London was seller to a limited eX-
tent, there was no pressure anywhere in the
a material improvement all along
the line. Sugar refineries leading
followed by Rock Island, Chicago Gas and
Lackawanna. The demand soon Stacked
ing feature OF the trading, but contrary to the
usual rule the best prices were well MAIN
tanned and in some stocks even further slight
advances were scored. Rumors of decreased
earnings on Burlington were circulated late
in the day and that stock was then attacked
with the result of bringing it down about / p
per cent from the best figure, and i'll the gen.
era! list there followed shading off from tie
high prices of the forenoon. No material
loss was sustained, however and London be-
came moderate buyer. which induced
rally toward the close, when Pacific Mail re-
covered l per cent. The feature of the
late dealings, however, was the sharp
rally in silver certificates, which from 1904
rose TO 124s on'repolted heavy purchases
by bullion dealers. The close was fairly
steady. and generally at small fractional
gains for the day. There was no material
losses even Burlington being down only IS
per cent, but Pacific Mail is up IA, Sugar
lie, and Wheeling & Lake Erie preferred l
per cent. Railroad bonds were again dull,
with the usual slight movements and utter
lack of feature of any kind. The sales
bonds have been dull and firm. State bonds
have been dull and steady. The Post says:
The further decline in the price of silver to-
day attracts much attention because it starts
the query as to whether the experiment of
advancing the price of silver by the pur-
chases of the treasury. to parity with gold,
is not a failure. There are, however, some
immediate causes which have had an i'm
which are net permanent. First of these is
that for the last week the treasury has been
out of the market as buyer, though the
purchases will begin again to -morrow; next,
the supply of bullion here has not been
diminished by the treasury purchases; next.
the trade relations between England and
India have been enough more favorable to
England IN the last few months 10 make
decrease in the demand for silver for export
to India: next. money is tight in london, and
dealers in silver there, seeing that the
demand was lighter for the time being, both
in this country and for India have only bid
declining prices. The usual presumption of
spectators in such cases is that prices will
continue to decline because they have al,
ready declined. But whatever may be the.
final result of the silver experiment, the i'm
mediate causes above referred to have, prob
ably, spent their force for the time being,
and an upward reaction in the price of sill
yer before long is not improbable. The
total sales of stocks to-day were 147.972
shares, including: Atchison, 1900; Della
ware, Lackawanna IL Western. 1910;
Louisville d Nashville, S, 175: Missouri Pa
cific. $50: North American, $500; North
ern Pacific, 8, is; Reading, $500; st. Paul,
1870; Union Pacific. 1870.