St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-01
FINAN CIAL.
New York.

New YORK. Oct. 3l.-Bank clearings, $780,
552, 100; balances, SIS $3.50. Money on
call close, ranging from e to 81 per cent; last
loan %: closed offered at 80. Prime mer-
camille paper Gas. Sterling exchange quiet
and easier al Sd sJI9 for sixty-day bills and
$i.-5 for demand. The stock market to-day
was dull ana in the general list almost
featureless, with small fluctuations and sew
eIal changes of temper. but ON the whoe dis
played a power of resistance which has bee
notably lacking for some time past. There
was every promise of strong closing during
the forenoon hours, but a variety of
causes prevented material Improvement.
Among the most powerful of these was the
steady growth of the scarcity OF money to
loan owing To the fact that the day was Fri
day and also the end of the month. The
preparations for the payment of coupons and
interest for tomorrow caused the withdrawal
OF large amounts of money from the market,
and as the rule of the stock exchange makes
all loans run till Monday, there was more
than the usual demand. and rates on call
were run up To 30 per cent in the afternoon.
The news of the day having bearing upon
the railroad situation was almost entirely
favorable to rise in prices, AID the fore
noon s operations accomplished that result,
but the improvement could not all
The central feature of the market
was again Sugar Refineries, and the
publication of the financial statement last
night was the cause of large crowd in the
stock this morning, in which considerable
excitement was shown for the first hour.
There was evidently a wide difference of
opinion as to the merits of the showing and
brokers we're trying 10 sell the stock at 65
when others were bidding as high as 6Sl2
for it, which latter quotation was recognized
as the official opening price. Selling orders
abounded, however. and before the first half
hour was over the price had been depressed
to Sc. Supporting orders from the insiders,
however, caused full rally later. and the
tl,a nj ~
business. In the forenoon the temper of the
room was undoubtedly hullish on railroad
stocks, and the opening figures were
all from le to " per cent better than last
nights prices: The further improvement
was slow until toward noon. and the business
done was extremely small; but in the
grRngers, Chicago Gas. Louisville & Nash
vile, and North American. there were gains
of from " to lI2 per cent recorded The
tightness of money began to tell upon prices
then, and later there was q report started
that the Reading pool had been dissolved
and that the stock had been distributed
which carried with it the assumption that
the weaker members of the pool would be
forced to liquidate. This caused sharp at
tack upon Reading and it yielded over 2 per
cent to 34S4, with slight yielding in the gen.
eral list. Later it was reported that the
pool meant was not the great pool which
holds control of the stock but smaller affair
and the final dealings saw some reaction in
the stock The inactive shares were devoid
of feature. and the maket finally closed very
dull and stea iy ID firm, generally at insignii-
cant changes from first prices. and in most
cases small fractions be ter Than those of last
evening. There were few declines, blu
Reading is the only one OF Importance, 1t
loss being ] " per cent, while Sugar Rein
cries and Chicago Gas are each up | "a. and
Louisville d Nashville Ia and Pacific Mail l
per cent. The railroad bond market showed
The usual moderate business, the sales reach
ing only Sl.0a7.000, and the usual
lack of feature. The tone was fair
y steady tban1a hr0ushout but few
about evenly divided between gains and
losses. The active issues, as usual, he wever,
show only slight changes for the day. Gov
eminent bonds have been dull and steady.
Stale bonds have been entirely neglected.
The Post says: 1.-The sugar trust statement
leaves the plant entirely out of considers
ton. its value being ent rely contingent upon
the future profits of the concern. The small
amount of actual cash on hand and the large
amount of accumulated assets shows that
there was not money enough in the treasury
to have paid more than One-tenth of all an
nual dividend of 10 per cent ON the S5O,-
QUO, 90 of capital stock, and also that
the estimates of assets of S26. 0'0.-
600 is even yet to considerable
extent, hypothetical. because 1857 ZOO OF
it is still in sugar, which may be sub.
ject to depreciation in price, Sc
far as the prospects of the stock are con
cerneu. Ill view OI the proposed reOrganlZa-
ton. it would require that the proposed
Sugar Refnereies company should earn clean
ana clear above all the additions to contin.
ually depreciating plant. the sum of $3.50.
Uou to lay T. per cent on $1,000. O0u of the
proposed new mortgage bonds, and z pei
cent on the S25, 0uO. 900 of proposed new
preferred stock. If this could be assured
the present certificates would represent 8
dividend paying prospect of say 3l2 per CEN
ner annum. The total sales of stocks today
were 217.691 shares, including Atchison,
S,65l; ID. L. d W., 5, 40: Louisville &
Nashville, 1860: North American, g. So9
Northern Pacific preferred, 1858 Reading
"a, 20; st. Paul l9.U45; Union Pacific
1888.