St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-20
FINANCIAL.
Now York.

New YORK, Nov. l9.-Money OH call easier
ranging from 3 to 8 per cent; last loan 3,
closing offered at 3. Prime mercantile
paper, 6l2@S12. Sterling exchange active
and firm at S4.T9 for sixty-day bills, and
81 81 for demand. Last night there were
cabled to London alarming rumors which
had been current here during the day about
certain large and influential houses on the
street being in financial trouble and pre-
dieting further failures and gloomy out
look altogether. These were reflected back
here this morning in the shape of rumors
that large houses in London were
on the verge of bankruptcy, and as
the effect of the last nights cab
icky feeling, and sharp losses in American
stocks and this market was opened from l
10 3I2 per cent lower than last nights prices.
That the circulators of the rumors stood
ated by the false reports, however, was
proved by the excellent demand for stocks
all along the line at the concessions, and the
lowest prices of the day were reached during
the first five minutes, while only few stocks
went below the opening figures. 1t was an
nounced that the Pacific Mail people had
surrendered, and that George Gould would
become president of the company. The
market had no more than opened
here when private advices from Lon
early, and the posting of notice by the
Ba nix of England that it would not call loan
created materially better feeling there. and
which soon reflected here in purchases by
foreign houses and the cessation of the sales
by arbitrage houses. The monetary situa-
ton here showed marked improvement as
the day wore along, and the buying assumed
larger proportions Immediately, while the
purchasers of securities by investors shows
no diminution. The oversold condition of
the market was revealed by the high loaning
rates for stocks, several commanding pre-
MUM. Burlington per cent, ana Jersey
Central, New York Central and Lake shore
1-l6, and Reading. Louisville d Nashville
l-64. The rush of the shorts TO Increased
in the afternoon, and while the dealings were
not of large volume. the advance in prices
was most pronounced. and before delivery
hour there were few stocks which had not
recovered all of the losses, both at the open
ing and the early trading. The reaction in
Jersey Central was most marked after drop
ping to quo it rose to 81, though it shaded off
to CSC at the close Burlington & Quincy
and Northern Pacific preferred each showed
about 5 per cent difference between the low
est of the forenoon and the best figures, and
all the leading stocks advanced in proper
ton. The upward movement ceased only
with the close of business, and the final
prices were, as rule, the best of the day, the
close being active and strong. The
final changes are quite Irregular. but the adj
vances are largely in the majority and the
losses shown are very unimportant, while
among the advances Burlington & Quincy is
up 35s; Jersey Central, 3l2; Pacific Mail,
3i2; Chicago Gas. 1s4; Wheeling & Lake
Erie. 1ss: Union Pacific and Lackawanna,
1I2; Northern Pacific preferred, IA: New
York Central and North American, each 1
per cent, and the others generally large frac-
lions. Railroad bonds showed less ANNA
ton. the sales of all issues reaching only
81, $4,000. The market was still weak in
the forenoon and followed the share list
closely in the afternoon, when prices, es-
pecially in the speculative issues, showed
marked Improvement. Among these Erie
DDS rose to 9Sl2 Hooking Valley 5s lost 2ls
however, was strong. in close sympathy with
the share list. Government bonds have
been dull and steady. State bonds dull, steady
The Post says: There were two leading
causes for the recovery of confidence and
prices in the afternoon. First was the action
taken by the Bank Of England in posting a
notice officially denying that the bank will