St. Paul daily globe., 1890-11-11

ly free from the usual noise ant wild
-XraIionS which marhed Inc trdnSac-
tiuns OF business at the stock exchange
at times, was sufficient to cause the
death of one of the leading members of
the exchange upon the floor at about
noon. The gentleman was James
Struthers. Such an event would in
usual times have been sufficient tn have
caused the closing of the exchange at
onc>, but the magnitude of the inter
ests which would have been endan-
gered by such Il course forbade il, and
after a half hours interruption of the
business trading was resumed upon the
floor. The Could party are credited
to-day with beng large purchasers.
There We're some hopes that the hQui-
datiOn
Had Reached Hts Limit
last week after the Bank of England
had raised its rate of discount on Fri
day. but the early adviceS from London
this morning were of the most 'dlscour-
aging character. and prices of all kinds
OF securities there were materially
lower, while American stocks were
from to , per cent lower than Satur-
days closing hour. There were heavy
selling orders in the market for foreign
account also. and prices were gwen alb
Soluteiy no support whatever, and the
opening declines as compared with the
final figures of Saturday were from l to
per cent as a rule. These losses Caught
many stop orders right on the minute
and the trading element, which was
bearishly inclined. with the and of the
bears sold stocks short heavily and fur
ther losses of from to per cent were
scored. The Gould stocks were the
leaders in the break. and Manhattan at
" was S per cent below its final price of
Saturday. After the first break there
was sharp rally, but 1t failed TO
reach anything like the proportions
of the break. The pressure was re-
newed and the liquidation began again,
the rates for money beginning to rise.
During the forenoon there We're no
offerings of money TO loan and Is per
cent was bid for it, but after the busl-
ness was resumed in the afternoon the
rate went up +. pidly and premium for
It's use was again demanded, 4 per cent
and legal interest being the extreme
rate. The liquidation has been so great
on Saturday and to-day that the ui,turb-
an oi loal s.which:necessarily followed
has caused some demand for money. but
a> sJul asthe shifting of loans is over the
street will find money more abundant
and of course at lower rates. The ra.l-
roads have fully realized the necessity
for Il restoration of rates and arrange
mentS are now under way to effect
an equitable understanding. rnis adj
vance in the rate caused another throw
ing over of stocks bought in the rally,
and in the first half hours business
done in the afternoon the
Lowest Prices of the Day
were generally reached. At the lowest
prices to-day Manhattan was down 8;
a. - \
st. Paul, 5}S; Western Union, 5I; New
Eng and, So; Pacific Mail, 5: Jersey
Central, AZ; Louisville IL Nashville,
AZ: North American. 456; New York
Central. So: Northern Pacific preferred,
81. anu burlington. 3 per cent. The
only strong features were Lake Shore,
Wheeling u Lake Erie and Northwest
ern. The first named was bought by in
slders. and the second is held firm OH
the announcement of the completion of
the Steubenville extension. At the low
prices reached, he Mever, there was good
buying noticed all along the line.
and the effort to pick up good
stocks was most apparent. This
changed the boom to the long side for
the time being, and during the re-
maInder of the afternoon there was a
sharp and vigorous upward movement,
which was sufficient TO bring prices on
the average about half way up to those
OF Saturday. Some of the specialtirs
were very prominent in this rally.
anhattan reached 80, and several of
TIE stocks which had been well held
again passed the opening prlceS. Late
in the afternoon, however, sharp
break in Sugar, which was discovered
to have been left without support,
caused another rush to realize the prof
its accrued upon the afternoons rally,
and some stocks, among which were ST.
Paul and some others, went down
again to the lowest figures of the day.
The market closed weak and active, at
or near the lowest points. The final
Losses Are Very Material
in form. and St. Paul is down 5 5-s; Pa
cific Mail New England each. 5; Sugar,
4 5-S; Louisville & Nashville, 3-S; c.,
c., G. d st. Louis, AZ; Erie, 81: North
American and LackaWanna each, 81:
Northern Pacific preferred. "a; Jersey
Central, 215; Rock Island, 81; Reading,
214; Western Union. 29(; Missouri Pa
chic, "a; Atchison, rs; Richmond d
West POint,2A Canada Southern, 2,and
most OF the artive lost over per cent.
There was little more business in rail
road bonds than usual of late, but the
character of the dealings did not
change, and the fluctuations in most ls-
sues were confined to small fractions,
A few of the leading bonds, however,
showed marked weakness. and few
material losses were sustained.
The Union Pacific issues. the
Reading issues, and the Kansas d
Texas issues were most prominent in
the trading. and all were decidedly
weak; Reading tirSts incomes losing 2I%
at 55115, the thirds 215 at 3615; Atchison
incomes 81 at 4915. The st. Paul is
sues traded in were also specially weak,
and many others showed material losses
AT tile close of the day. The total sales
reached s1,514,0UO. Government bonds
have been dull and heavy. State bonds
have been dull and without feature.
On June 10 the six greatest banks OF
England, France, German, Austria
Hungary, Netherlands and Belgium,
held an aggregate of 9116.9l3,7z5 of
gold. On Nov. they held only elO3,-
443.910, decrease of Els. 1886, or
over s67,0OO.0O0. This decrease of
gold has been almost entirely in
the three great banks of England,
France and Germany, viz: Bank of
England, over 42.OOO,OOO; Bank of
France, nearly e5,000,0OO, and Bank of
Germany, nearly $1,000. 900. Where this
vast amount of money has gone is Diff
cult to say, but large part has gone to
SOutn America. ana just now the strain
upon the Bank of England for further
amounts to go there and to Spain to
support the cretiitof English enterprises
in those countries is the cause of the
advance in the Bank of England rate on
Friday. The object in raising the rate,
of course, is to make the rates of inter-
est SO high in London that it will
Discourage Spectators
from borrowing money or gold to send
out of the country, and also, on the
uther hand, to draw money in gold from
any other country where rates of in
terest are lower than in London. The
fact that money has been much lower