St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-16
FINANCIAL.
New York.

NEW YORK, May 15.-Clearings S145. $780,
994; balances, $685. 1856. Money on call
was tight, ranging from q to 10 per cent,
last loans 8, closed offered at 6. Prime mer-
camille paper 4a@7. Sterling exchange
quiet and weak. at 81. S312 for sixty-day
bills and S4S5ls for demand. The stock
market to-day was again extremely active,
especially during the forenoon. when the
transactions nearly eQualed. yesterday s
large business, but there was marked fall
ing off later in the day. The temper of the
market was. almost from the start, reaction
airy, and while commission houses
ing ORDERS the realizations were larger
than at any time heretofore, and the down.
ward tendency In prices was aided by the
hammering operations of the traders and the
professional element generally. While there
seems to be no dlmlnutiOn of the bulish
sentiment and reactions are expected from
time to time, the market at last has run up
against its old enemy, tight money, and to-
day the rates on call ran up as high as 10 per
cent while they never got below = per cent.
London figures were again materially higher
this morning and the foreigners sent
liberal buying orders, which, with the
early demand from domestic sources had the
effect of opening up the market from "a to IS
per cent. The pressure TO sell was so great,
however, that the tuoyant tone disappeared
Immediately. ana slow and steady sagging
of prices began, which lasted almost through
out the day. There were occasional rallies
which, however, went for little except in a
few stocks, which received special attention
from their supporters. New England was
one of these, and 1t was the bull card of the
forenoon, keeping pace with Sugar Rein
cries and some Of the specialtes like San
Francisco. Later Oregon Transcontinenta-
made sharp upward squirt, but OF all the
strong stocks there is only one, Wheel
ing g. Lake Erie, which finally closed
the day with more than small fractional
gain. In the decline those stocks which
have had the largest and quickest advance
were naturally the first to suffer, and Chicago
gas dropped away per cent and sugar after
an advance in the forenoon declined about
per cent. Missouri Pacific aud Pacific Mail
were both specially weak on comparatively
light trading but Manhattan was strong and
retained most of its improvement. Mexican
Central and Mexican National certificates
which have been called into activity by the
silver legislation were both active again to-
day, but neither made any special movement.
The realiZatfons in the last hour under the
influence of the high rates for money
became most pronounced. and while
there was slight rally toward
the end of the session, the
prices of the day. The entire list with few
exceptions are lower tonight and while the
losses are moetly small fractions. sugar de-
clined 14 Missouri Pacific 1Ss and Pacific
Mail ls. Railroad bonds were not so active
nor so strong as yesterday, but the sales
reached 50, 3a4, 600 with the same issues
leading in the trading that have become
prominent of late. AS q rule fluctuations
even among the active bonds were con-
fined to small fractions and the final
changes are for the most part insignificant.
Government bonds have been dull and
steady. State bonds have been active and
firm to strong The Post says: The news of
the forenoon was of mixed character. The
reports from the west show further demon
aliZation of passenger rates, but the impress
sion exists that matters have reached their
worst, and that an improvement will shortly
follow. The general temper continues bull
ish and while reactions are expected, higher
prices are regarded as certain 10 follow. The
market was heavier and through the afternoon
continued realization of profits and the low
est prices of the day were made in the first
half of the last hour The higher rates for
money had some effect to depress prices,
and there was also some hammering on the
part of traders The total sale of stock were
5S7, 139 shares including, Atchison 53,550;
Canada Southern $685., Delaware. Lack
awana & Western 1900; Louisville d
Nashville $500; Missouri Pacific 1890;
Northwestern 1000; Northern Pacific, pfd.
5000; New England, $4,000; Oregon Trans
continental. 1900: Pacific Mall $500;
Reading, As, 1OJ; Richmond & West Point,
81, 700; Texas Pacific, 8. 700; Union Pacific,
5000; St. Paul, 26.700; Western Union,
600