St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-07
FINANCIAL.
= New York.

NEW YORK, Nov. G.-Bank clearings. $780,
247,S63; balances. S6,25U.251. Money on
last loan 3, closed offered at s. Sterling ex-
change quiet and steady at 81. S0,3 for thirty
day bills and 81 4$4 for demand. The stock
market has passed through another day of
severe pressure TO sell, and prices yielded
even more easily than yesterday, the final
losses being more important and numerous
There was liquidation of long accounts i'll
oil the leading , stocks especially the gran
ST. Paul. Louisville d Nashville
and Union Pacific. Investors have also
parted with their holdings in Illinois Central.
The money market has again become prom
inent factor in the situation in Wall street.
and the bulls feel that it is useless 10 attempt
any upward movement until the money mar
ket becomes more settled There was evil
money rate TO day, and rs long as the bank
reserves continue at the present low cbb
there will be continued manipulation of the
market for funds. The London figures were
ali lower again this morning. and the for
eIgners were free sellers IN the early trading
to-day,an the fact that London had changed
position so quickly upon the market was one
of the most Influential factors in inducing
liquidation of small long deals There was a
marked absence of support in any portion of
the list, and the opinion is that it is done to
buy cheap stocks, and taking advantage of
the situation, the bears have begun another
aggressive campaign. There were attempts
at covering by the shorts from time to time
to make sure of the profits accrued on the
decline of the past two days, but these opera
tons were small, and caused only slight in
terruptions to the steady downward move
ment, and the market remained weak right
up to the closing transactions. The news of
the early morning was thought to foreshadow
more unpleasantness among the granger
roads. and the market was opened off from y
to 5H per cent, witb.the whole market declining
ne
was natural. took the lead in the downward
movement, followed by Union Pacific, New
England and others. The one bright spot in
the market was Sugar Retineries which
day, and 1t is intimated thai strong parties
have been buying heavily for the past few
days and will show up with majority of the
certificates. 1t moved up from 81 to 5>14
and only Joined with the general list toward
delivery hour, when partial reaction &C.
CURED. but it is left with material advance
at the close. Chicago Gas and Lackawanna
were afterwards conspicuous for weakness at
different times, and Rock Island was sub
Jected to another severe drive, bringing it
down some per cent, from which point it
afterwards rallied slightly. The whole list.
however, felt the pressure and the de-
cline was practically unchecked throughout
the day and the close was active and weak,
at or about the lowest prices OF the day.
The Vanderbilts with The exception of New
York Central were still very weak and all
stocks showing any resistance whatever
being Reading, Southern Pacific aud Wheel
ing d Lake Erie preferred. The final losses
include st. Paul. 27s; Burlington, ga; Rock
Island, 2ss; Union Pacific, 2; Atchison,
Jersey Central and c., c., G., & ST. L., la
each: Chicago Gas. las; Northwestern, I1s:
Missouri Pacific, lss; Lake Shore "a Lead
Trust, lis; and Richmond & West Point L
per cent, while Sugar is I'D DIS; Silver certi-
fcates also gave way sharply toward the
close and at I02 are 80 per cent lower to-
night. The railroad bond market was little
more animated than usual OF late, the total
sales reaching 81, 37S, 00u but il sympa thiZed
10 some extent with the weakness in the
share list and several issues tonight are ma
terally lower. Among these, the old favor
ties OF The bears, the Reading and Atchison
CLUES, Reading seconds being down 2l2, the
firsts 214. The most prominent decline. how
ever. was in the Wisconsin Central incomes,
which are down D per cent at 40. Govern
ment bonds have been dull and steady. State
bonds have been duh and without feature.
The Post says: "There is nothing IN The stu
alton of railroad affairs west of Chicago, so
far as the fighting between the allied North
western Union Pacific and the other granger
roads is concerned, TO warrant any such de-
cline in stocks as occurred to-day. II is appar-
that the long decline, which has been almost
continuous for nearly six months, is the eff
feet of some deeper and more radical cause
than the rate wars of the Western roads or
the liquidation of few embarrassed firms
in London. Nothing explains this great de-
cline in the prices of all dividend ana inter
est-paying securities except that they are set
Ting down to a basis of 5l2@6Ia per cent
for money, instead Of the 4l205 per cent
which prevailed, with only few Interrupt
tons, for nearly seven years from the begin
ming of 1893 10 about September, 1889. The
total sales of stocks to-day were 429, S5S
shares. including: Atchison, 16,4SO: Della
ware. Lackawanna & Western, 2,S6S; Erie
$500 Lake Shore, 2O,17S; louisville &
Nashville, 1890; Missouri Pacific, a.4O5
Northwestern, 7,0s5; North American,
$3.50; Northern Pacific preferred sos:
New England. 5, 40; Reading, 9,lO0: Rich
mond & West Point, 9,O47; st. Paul, 1850;
Union Pacific, 1926; Western Union,
43l3