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

NEW YORK. Oct. 9.-Clearings. S134, Ply
$50: balances, S4,SS2, O22. Money on call
easy, ranging from 2l2 to e per cent? last loan
per cent, closing offered at 3. Prime mer-
camille paper, 5a4D7. Sterling exchange
quiet and steady at $4.S1A for sixty. day bills
and 81. Sc for demand. The stock market to-
day was still more active than on any day
this week and was irregular and feverish
from opening. to close, with the result of
leaving the list irregularly changed. the
gains ana losses being very evenly balanced,
with few important changes either way.
The tactics of the bears to-day as well as
yesterday indicate, if anything, that the
market IS more heavily oversold than at any
bear origin were afioat yesterday
affecting the credit and standing of we'll
known houses, and these were supported DIV
predictions of impending panic. The action
OF the market to-day, if it indicates anything
shows that the bears are nearly. if not quite
TO the end of their rope, and while further
declines were forced in many stocks any ces-
satlon of the pressure was sure to result in
rally which was invariably accomplished on
smaller dealings than sutficed to create the
decline. The street generally was puzzled
over the irregular action of the market but
the strength shown by Western Union and
Missouri Pacific. especially the former. under
the fierce attacks made upon them, was in
terpIeted as indicating that Mr.. Gould and
his friends have been buyers. There was
certainly more support given certain
preston was started, and the sharpness of
the rallies would indicate that extra efforts
were made to cover. The opening of the
market was Irregular but generally lower,
and. with the aid OF better feeling, consid-
cradle strength was developed in the early
trading, which resulted in the scoring of adj
yances in many stocks of from 1t to 75 per
cent. Then unfavorable rumors were circu-
lated accompanied by another flood of short
BALES, SO that by noon all the improvement
was wiped out. Later the selling became
more concentrated, and certain stocks wer e
paid special attention to, with the result that
before p; m. declines had been estab-
lished in these shares extending to per-
cent. Most prominent among them were
Jersey Central Illinois Central, Chicago Gas,
Burlington, Lackawanna, New England and
Reading Many OF the traders, however. for
the past two days, have been working for q
rally, but. heretofore, with but little effect,
but after this raid the support to several
stocks became more apparent, and the advo.
Gates OF higher range of value TOOK fresh
courage, and final effort in the last hour
gave better results than for many weeks.
Not only were the losses in the specially
weak stocks regained in most cases, but
actual gains over the opening figures were
established in many Others The moyem ent
was still feverish. but the close of the mar
ket was made with the upward movement in
full swing ahd on an active business. which
heretofore has been the accompaniment
of the declines only. The final changes are
losses. bnt the only ones of importance are
losses of ia in New England and per cent
in Wheeling Lake Erie preferred Rail
road bonds were again active but unlike the
share list after a downward movement of
considerable dimensions in the early trading
there was no rally to speak of The sales OF
all issues reached 81, 1856, O0O out of which
the Atcnisou incomes contributed $3.50, 600.
The Reading issues were conspicuous for
weakness, and the Texas Pacific were like
wise prominent for animation. The final
changes were almost all in the direction of
lower figures, and some of the more impor-
tant losses were as follows: Burlington, Cedar
Rapids d Northern hrsts, 2I2 at "a;
Hooking Waller 5s, 3, at 80; the skies, 1, at
SO; Iowa Central lists, 27s, at S31s; North
ern Pacific IS, 21s. at S5ls Richmond l. Dam
vile 5s, 2l2, at s7l2: Reading lists, 3A, at
62I2, and the IDS 8, at a. Government
bonds have been dull and heavy State
bonds have been entirely neglected The
Post says: There is not and has not been,
any reason for the great decline of the last
month, except that q number OF speculstors
in this market who loaded up with stocks
last spring in expectation of a great RISE as
the result of the silver initiation and the pen
sion and other disbursements of the treasury,
have been disappointed, and sold out The
stock market has been, ana is yet extremely
| narrow, because, owing to the great activity
and general prosperity of the country ca pital
has found profitable employment in other
things, and the public have been too busy
into the stock market yet But there is moth
ing in the general business or railroad situa-
ton to discourage them from doing so, and
now that the liquidation of the disappointed
spectators is probably about over the stock
market will look more, inviting to outside
capital. Money is no longer an important
factor in the immediate movements of the
stock market. The Mail and Express il It's
financial article says: "a leading banking
house here telegraphed to London for the
cause of the depression there, and
the answer came back that there had
been considerable selling of stocks
on the theory that the commercial relations
between Great Britain and the United States
in the future would lead to shipments of gold
from London to New York The total sales
of stocks to-day were 351.Sl0 shares, in
Guiding: Atchison, also: Delaware,
Lackawanna d Western. % 457; Erie,
$3.50; Lake Shore. 7.555: Louisville &
Nashville, 13,497; Missouri Pacific, II, 7o4;
COG; Northern Pacific, $3.50; Northern
Pacific preferred. 300; Reading, 1850;
| 1895; Texas Pacific, $50; Union Pacific,
14.160; Western Union, 1887; Wheeling