St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-09-06
FINANCIAL.
New York.

NEW YORK, Sept. 5.-Clearings, Sl3,-
l.561; balances. s., 493, $50. Money on
call firmer, ranging from ~ to IL per
cent; last loan, II per cent; closed at 10
per cent; prime mercantile paper 6@7
per cent. Sterling exchange steady at
1925 for sixty-day bills and S4.S6 for
demand. The great failure of the firm
of Sawyer. Wallace d Co. was the prill-
cipal subject of conversation in Wall
street to-day, and the general expecta-
ton was that the stock market would
sell off upon the bad news. The course
of prices, however, gave no indication
upon the market either one way
or the other. but the bulls
were inclined 10 think that as the mar
ket had stood such a catastrophe with
out showing any signs of disturbance
that it would show great strength under
any really good news, and the traders
were disposed to take the long side
again upon that theory. The day, how
ever, brought forth no developments,
and the market was as fiat as it has been
at any time, the operations in the
granger stocks being confined within
very narrow limits, with the result of
the disappearance of the late activity in
them and the display of firmer tone in
was brought to bear upon st.
Paul for a while, seemingly to test
the stock, but the attack was of
short duration and the fluctuations
comparatively insignificant. Rock
Island at one time showed special
strength, and talk was heard in the
crowd that pool was buying the stock,
but the dealings in that and the other
grangers gave no evidence that any i'm
portant interest was trying to accumu-
late line. Even Sugar refneries DUR
ing the greater portion of the day was
dull and stagnant. with the rest of the
market all the weakness in silver Ger
tifcates, while reappearing in the early
dealings. disappeared before the fore
noon was over, and the trading in them
lacked both the vim and the volume of
that of yesterday. Its price was well
held from that time out. but dizziness
was the principal feature for the day
through the entire list. The
opening was made On very
limited business, at irregular
though slight changes from last nights
final figures, and while the traders were
inclined to hammer the market at first
on the strength OF the failure. the re-
sistance changed them over to the bull
side, and during the afternoon prices
WCIC w SCnCldlIy W q Sludll
fraction better than last nights prices.
At this time, however, the sensation of
the day was brought out. 1t was ru-
mored two days ago that after Burling-
ton & Quincy had been disposed of that
Illinois Central would be given a twist
Upon the publication of an article de-
failing supposed dissentions between
the stockholders and the management
Of Illinois Central in an evening paper
the stock which had sold at 1101z was
offered down rapidly to 1917 on sales
of only 1855 shares. At the same
time money was bid up to 10 per cent,
and the general market felt the influ-
ence, closing rather heavy at small con-
cessions from last nights figures as
rule. The last sale of Illinois Central
was 81 per cent below its only sale of
yesterday, but it closed at Los bid,
offered at LOSS. The course of prices
to-day shows that number of stocks
have been largely oversold. and the
feeling continues that as soon as the
money market becomes settled, there