St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-04
FINANCIAL.
New York.

New YORK. Nov. 3.-Bank clearings. $780,
OBJ ,793; balances, SO, 74-.36 Money on
call easy, ranging from to 6 per cent; last
loan 5: closed offered at 5. Primo mercan-
tile paper 6@S. Sterling exchange quiet
and steady at 81. S0l2 for sixty day bills and
$i.s4s4 for demand. The stock market to-
day was divided into two parts, Sugar Re-
tiHeries and the rest OF the listed and I'M
listed stocks. In the first division there was
decided weakness, but the other showed
most gratifying strength on Iull business,
ana at the close the losses are few i'll num-
Der, while the great majority of stocks dealt
i'll are fractionaliy higher, with one or two
material advances as the result of the days
operation. The buying of securities still
comes principally from parties who are
paying for the stocks, and in this
curitles on the street is con-
stantly diminishing, and, as indicated by the
last two bank statements, brokers' loans are
decreasing. There was some weakness still
in Illinois Central. but outside of that stock
and Sugar Refineries, the market showed
strong undertone, and more resistance to the
bearish attacks is developed from day to
day. Mr.. GOuld's bullish utterances were in
strumental in imparting considerable
strength TO Union Pacific. The market to-
day was almost all Sugar al any rate, and the
feeling this morning that a receiver was
probable and weakness appeared with the
fret sales. the stock dropping from 6534 Sat
urday to 81 in the first half hour. Great fe-
Yerlshness was shown, however, and nearly
full recovery occurred, when the news that
the decision had been handed down
and that the appointment of at
least two receivers was deemed neceS-
sary, sent the stock in the early portion in
the afternoon to 597S. its recuperative
power was less after that time and while it
reached 81 during the afternoon, it gradu-
ally settled back TO 6n, and finally closed at
co.'s, net loss of 413 per cent for the day.
The general market refused to sympathize
with this drop in Sugar. and notwithstand
ing some selling by London in tn early trad
ing, it advanced from opening to close
although the progress made was extremely
slow. and the final gains small. Louisville &
Nashville, st. raul, and Reading were most
active, but neither showed any feature of
interest, and the only stocks in which there
which is up l per cent, and Jersey
actions toward the close. The mar
ket closed fairly active and firm
were very dull. although the sales were dis
trlbuted among an unusually large number
of issues. The marked movements were very
scarce, and with sales OF $751; 600, no spe-
ciGi feature was shown. Government bonds
have been dull and steady. State bonds have
been dull and featurcless. The Post says:
lot all the various causes which combined to
bring about the great and continued decline
In American railroad securities in the last
five months the most potent was the embar-
raised situation OF finances in London in
consequences of the great losses sustained
from the collapse of credit in South Ameri-
ca and the decline IN all the South American
government and railroad securities. 1t was
these losses which obliged London to sell the
railroad securities, of the United States.
There was no other great market in the
world where anything that London had
to sell could be sold. This brought
us a constant stream of stocks from
London during September and the
greater part Of October, and made
the lowest prices for two years. Everything
now indicates that The crisis in London has
been passed, that the liquidation of embar-
assed houses has been completed. and that
London, being comparatively bare of Amer
lean stocks. can hereafter have but little in
fluence on this market except as buyer.
The immediate movements of the stock mar
ket will now depend more upon the money
market than anything else. and Oh this point
the bank statement of Saturday indicated
that money has really begun to concentrate
in New York from the interior, and that COLI
sequenly a reasonably easy money market
may be looked for during the remainder of
this year." The total sales of stocks were
PSI. 734 shares, including: Atchison, $500,
Louisville d. Nashville, l64OO; Reading,
1880; st. Paul, 1905; Union Pacific,
9,S7o.