St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-01
n1RHenoRs
FINANCIAL.
New York.

NEW YORK, july 81. - CledTanceS,
s104, 7S9, 1886; balances, S6,019,391. Money
Oh call easy, ranging from to per
cent; last loan 3, closed offered at 3.
Prime mercantile paper, 5@61a. Sterling
exchange quiet and strong at S4.85 for
The Bank of England advanced its
minimum rate of discount this morning,
and its weekly statement showed a
small loss in reserve, while 950,OOO
were reported withdrawn from the
bank for export, presumably to South
America. In response to this action
everything in London was fiat this
morning, including American stocks,
in which there were declines from our
last evenings figures extending to over
one per cent, St. Paul, Louisville &
Nashville, Norfolk & Western pre-
ferred and AtchiSon being leaders.
Large engagements of gold were made
in the early morning here for export,
and this market followed the London
figures down, first prices being gener-
ally from "a to "a per cent lower than
those of last evening, while st. Paul
was down & and Lackawanna. Louis
Vile & Nashville and Rock Island 1
per cent each. The market exhibited
little recuperative power, and none of
these losses were regained; the only
strong points in the market being sugar
refneries and silver certificates. The
heavy gold shipments undoubtedly was
influential in keeping the market down
after the first rally in the early trading.
Banking houses here, however, say
that it is now getting to the season
for further heavy gold shipments, the
export of merchandise increases mate
rally from this time out, and some of it
may come back again soon, as the bal
ance of trade does not warrant it. The
railroad news was of slight moment,
and had no apparent effect upon the
course of prices. The railroad list to-
day furnished little feature to the deal
ingS, although there was considerable
animation in both St. Paul and Atchi-
son. which suffered most from the Lon
don selling. The traders were inclined
to take in the shorts in the early deal
ings. but the engagements of such large
amounts of gold for export as the result
of the action of the Bank of England
changed the temper of the deal
ings again, and prices sagged
off slowly for the remainder
of the day. The most prom
inent features of the market, however,
was the unusual activity and decided
strength in silver certificates, which
were put up "a per cent to 1131s, and
closed at 1l3A. The business done in
them footed up 440, 900 ounces. On the
whole, considering the unfavorable cir
cumstances, the market displayed a
stubborn strength, and the bulls are
evidently waiting for matters to settle
abroad before making any effort to adj
vance prices any further here. In the
meantime the bears are hammering the
market as much as they dare but are
not bringing out any long stocks. The
market finally closed firmer at some
thing better than the lowest points on
slight rally in the last few minutes.
The entire list is lower to-
night, and the important losses
comprise Edison Electric, SIC, Pullman
~; Louisville & Nashville and Bur-
lington. each 19s; st. Paul, II; Rock
Island. IL, and Atchison, Hooking Val
ley and Union Pacific, per cent each,
while Sugar is the only one showing
gain, being up II per cent. Railroad
bonds were inclined to be more active
in the forenoon. They became very
dull again in the afternoon, so that the
aggregate of business done during the
day was only 5000 out of which the
Atchison incomes, which are being sold
by the same parties who are
selling the stock, furnished 1924, 600.
The final changes were as usual