St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-19
Tight Money Restricts Buy
ing of Stocks and Causes
Values to Shrink.
Vicious Attacks Upon Leading
Ra' road Shares Depresses
the Whole List.
Closing Quotations Show
Losses Ranging From Five
Points to Fractions.
Gallaudet & Co., a Firm Con-
sidered Strong, Fails for
a Million.

NEW YORK, Nov. IS. The shrinkage
In the volume of business at the stock
exchange which was so marked yester-
day made further progress to-day and
the returning dullness indicating that
no material demand for stocks existed
induced more selling by the bears and
the tone of the market was weaker than
it has been since Saturday morning, re-
suiting in many marked losses for the
day. The bears were more aggressive
than usual on market of the caiiher
displayed to-day and there was re-
newal of the old tactics of which spread
ing reports rejecting upon the financial
standing of prominent firms in the
street was one of the favoriteS. The
monetary situation was one Of the most
influential factors, however. in
restricting buying, and, while money
was much easier during the latter por-
ton of the day, its scarcity in the fore
noon told severely against prices. 1t
was reported that many banks to-day
took out clearing house certificates, and
the criticism of those banks and lenders
who We're industriously calling loans
yesterday was most severe. The relief
came too late to have any material in
fiuence upon the market. 1t was also
reported that there is hitch in the
Gould-tInion Pacific deal. The report
was followed by an attack upon Onion
Pacific stock. The foreign situation Of
ferred little consolation this morning,
and, while early London prices were
generally higher than our figures of last
evening, a
Weak and Declining Market
was soon developed there, and the de-
from investors who pay for their secur-
tiles outright there was not sufficient
buying power in the market to with
stand the onslaught of the bears. The
latter attacked Jersey Central and Pa
cific Mall, and the former dropped per
cent in short time, and the latter per
cent on very light trading. One fail
! ure was anDonnced in the forenoon and
one in the afternoon, and while neither
had much influence follower prices they
acted as a further deterrent from buy
ing and III conjunction with the scarcity
of money effectuaily quelled the resist
ing power of the market before noon.
The attacks upon the stocks before
mentioned were followed by press
ure over all the list and
the whole list yielded more or less, the
declines from the best prices of the
forenoon reaching as high as per cent,
with Lackawanna specially prominent
in the drop. There were rumOrS of fur
ther trouble among the roads west of
the Mississippi, and this affected the
grangers to some extent, but those
stocks were never very active, and their
movements were comparatively small.
The one strong point In the list was
Distillers' and Cattle Feeders company,
which scored gain of about per cent
and held most of it at the close. The
unlisted department was unusually
quiet. and the movements of those
stocks were entirely unworthy of no
stlce. Rates for money on call went
down to as low as 8 per cent at the
close, but all the business had been
done earlier at the higher rates and the
concessions had not much effect upon
prices. There was slight
Rally in the Last Hour.
when Lackawanna rose per cent, but
the rest Of the list failed to follow, and
the close was active and rather heavy
generally at or near the lowest prices of
the day. The final changes are all in
the direction of lower figures, and Pa
7cific Mail is down 81; Jersey Central,
z51s; Missouri Pacific, 3A: Union Pa
zcific, 25sss; Atchisun, ~: st. Paul. TX;
Burlington. 49,. Louisville & Nash
vile, ~; Erie. l g; Wheeling & Lake
Erie, ~; Rock Island, l; c., c., c. &
st. Louis aud Western Union each l,
and others fractional amounts. Rail-
road bonds maintain about the same
moderate volume of business and today
q M q Il q inIt Itxrl l,aff
tone than yesterday, although the
final changes tonight show many ma
terial losses. The sales of all
issues reached s2.l42, 900, out of which
Northern Pacific IS contributed S1O3, 900.
There was wide and even distribution
of the rest of the business, and the
changes in quotations were not SO
marked as during the past few days.
The active issues generally displayed
considerable strength, but only Iron
Mountain IS scored any marked ad-
vance. rising 215 to 81. The other
changes are generally for losses.
Northwestern consolS are 215 lower. at
1.35a; Omaha consols 2, at In; Erie
seconds 81, at 94115; and Mobile &
Ohio 4s 3, at SO. Government bonds
have been dull and heavy for the As.
State bonds have been entirely neglect
ed, The Post says: 1.-THE money
market is in much more demoralized
and abnormal condition than the stock
market, while the New York and Bos-
ton banks have already adopted the use
of clearing house certificates and Phila-
delphia banks are about to do the same
thing, thus relieving
The Strain<for Money
in the daily settlements and enabling
the banks to extend that much more aid
to customers if they desire to do SO.
Money for call loans OH stock collater-
ais ran up to p of per cent per day
this afternoon on the stock exchange.
Whether this scarcity is to any extent
due to the locking up of money by bear
operators for the effect on the stock
market is difficult to say, but probably
it is not. 1t is certain that the chief
cause is the fact that the banks do not
offer their balances on the stock eX-
change as usual; they find plenty of
borrowers outside. and while it is well
known that commission houses who are
considered strong and have COOL lines
of acceptable stocks get money at per
cent. others who are obliged to bid for
it on the stock exchange are obliged to
pay the eXOrbitant rates. This. of
course. compels many of them, as we'll
as their customers, to sell their stocks
and the liquidation of these depresses
prices and reduces the value of the col
lateralS in other loan calls.
Met All Matured Loans.
NEW YORK, Nov. 1S.-The counsel