St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-26
FITZGERALD & SMITH,
COMMISSION MERCHANTS,
324 Jackson Street. Gilfllan Block.
GRAIN, PROVISIONS, STOCKS. COFFEE
AND COTTON.
WIRES DIRECT.
FINANCIAL.
FINANCIAL.
New York.

New YORK, Aug. 25.-Clearings, S67,-
S44.345: balances, $3.975, 1858. Money on
call easier, ranging from 2 to Is per
cent; last loan, 2; closed offered at 2.
Prime mercantile paper, 5%@7. Ster-
ling exchange quiet and barely steady
at $4.S219 for sixty-day bills and S4.S6
for demand. There was a decidedly
easier feeling in the money market to-
day, and rates on call were again down
to a reasonable basis. although they
would be called very high at any other
time. rhe squeeze being temporarily
checked, the street had time to look at
other factors in the situation, and more
attention was paid to the threatened
strike than before the past few-days.
The general opinion on the street, how
ever. is that there will be no strike of
importance, and if 1t should really
come. that it has been fully dis
counted The buster is likely to
be kept up, however, and until
the question is settled one way or the
other it remains as cloud upon the
market, restricting operations for the
long side of the account. while the re-
cent heavy decline and the enlargement
of the short interest, together with the
fact that stocks have gone into stronger
hands, make the bears shy of extending
:
market consequently again relapsed
into something like the recent dizziness
and stagn alton in prices and althogh
there were some movements in the list,
the final changes show only small fiuc-
tuatioIs for the day. The bank state
ment of Saturday is believed to reflect
conditions of few days previous, and
the actual condition of the banks is
thought to have been but slightly differ
ent from that of week ago, and it is
expected that before the next statement
becomes due the deficit in the
reserve will have been completely
wiped out. The bulk of the business
to-day was done at about 10 OF IL per
cent with increasing ease as the day
wore along. After opening at adj
rule, there was setback which re-
fected the apprehensiOns of timid hold
ers in regard to the threatened strikes,
but the depression outside of Sugar Re-
fneries, which still feel the effect of
the decision allowing the receiver of
the North River refinery to come in as
one of the defendants IN the suit for the
reorganization of the trust of small
proportions, and the easier feeling
of money and the growing dis
trust of the strike soon de-
velOped a stronger tone. although
dizziness then became the ruling feature
of the market, and remained SO till the
close. While the high rates for money
have disappeared the feeling of uneaSi-
ness is likely to continue until sufficient
money has come out to put the reserve
of the banks at comfortable figure
above the legal requirements. To-day,
however. toward the close there was
decline to below the legal rate. and
stocks responded Immediately, although
it is beyond doubt that no material
ventures were entered into on account
OF it. There was the same scarcity of
stocks to-day that was such feature
last week, and any attempt to buy at
once advanced prices; and the covering
operations were therefore small, and
the short interest remains at about the
same figure still. c., c., G. &
st. Louis became conspicuous in
the last hour for strength; and
others which displayed more than the
usual stiffness were Canada Southern,
which closed II higher, Lake Shore
IL. and Louisville and Wheeling q
y