St. Paul daily globe., 1890-10-21
FINANCIAL.
New York.

New YORK, Oct 20.-Clearings, SS7,9n6.
373; balances, 81, 3.o35. Money on call
}: closed offered az Dig. Prime mercantile
paper. ..a4@s. Sterling exchange quiet and
steady at S4.s' " for sixty-day bills and
81. SO for demand. The wiping out of the
entire surplus Of the bank reserves again, as
shown by the statement of Saturday, once
more brings the monetary question before
Wall street as a subject for discussion and
uneasiness; and the calculations of the
upon the probability of easy money
or the reverse. 1t is estimated that
the expenditures of the government. taken
in conjunction with the issue of silver
the amount of funds absorbed by The govern
ment for customs aid revenue, but the
accusations of the locking up of
money for speculative purposes by some
large interests are heard again, and the alb
sorption of over $2J,0gnsDO0 surplus in SO
short time, with no speculation of moment,
is rather surprising. 1t is assumed that any
Improvement in the monetary situation
abroad will induce buying of American Sc
curl ties whenever our market gives any en-
couragement. Reports were circulated also
that there was news in Londy IN of further
financial difficulties in South America and
the selling i'll this market, apparently for
London account, was most influential
factor in our market to-day. This selling
was ably seconded by the bear party
and the traders who were pronouucedly
market was therefore, weaker, declining
throughout the day. From the action of the
bears, however, there is reason to suspect
the apparent weakness of the London mar
ket and the sales for foreign account. The
market was active only i'll spots, and these
spots were where the greatest pressure of
short stocks was felt. The opening followed
London, which was lower for all American
stocks, ana this market opened in sympathy
with the decline, all stocks being from Is to
ss per cent lower than Saturdays closing
figures. Reliable advices from London of
late show that London is not inclined to take
the lead in making prices for American
stocks. but follows closely the American
market, and all the recent occurrences
where the reverse has been the case
have been caused by pressure from
that appearance. Prices here in the early
dealings clearly showed a tendency to con-
tinue the upward movement of Saturday, al
though there was little actual strength shown
anywhere except in Chicago Gas and North
American but the fact remains that in spite
of the lower London figures and the lower
opening fractional advances were scored in
| the first hour. Special pressure was brought
| to bear upon Union Pacific, Louisville IL
Nashville and Atchison. however, and the
| course OF prices was reversed, when q new
| element of weakness appeared in Sugar
| Refineries, in which the prospects OF
| further legal impediments to the
reorganization were made the most of the
| shake out speculative holders of the certifi-
Gates. Large amounts OF stock changed
| hands and decline of ga per cent was
| forced in it. The stocks or the regular list
| mentioned with some Of the grangers nota-
bly, Rock Island and Burlington, also felt the
| influence and scored declines from the best
figures of the first hour of from ~ 10 / 6s per
| cent. In the meantime the remainder of the
| list was dull and heavy within exceedingly
narrow limits, the fluctuations being barely
! sufficient to mark the tendency in prices
The downward market. however, was not
! allowed to lag II the leaders, and ceased
| only with the close of business, the close
| being quiet, but heavy to weak, at or
| near the lowee. prices of the day
| in most stocks, notwithstanding rally of
charges in most Of the llsl, while almost In.