St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-21
FINANCIAL.
New York.

New YORK, Aug. 20. = Clearings,
$40, 500, 2S4; balances, Sc, 494, 945. Money
on call tight. ranging from Is to 80 per
cent; last loan 20; closed at 20 bid.
Prime mercantile paper, 81 to- Z. Ster-
ling exchange quiet and heavy at $4.S3
for sixty-day bills. and S4.S7 for demand.
The circular of the treasury depart
ment, issued last evening, in regard to
the purchases of the AZ per cents, was
a check for the time being upon the OPP
erations of the bears, and carried for
the time being considerable anxiety
into their ranks. While there were
grave doubts expressed by some finan
cial authorities that any large amount
of the bonds could be secured, owing
to the fact that they are held
so largely by institutions for
special purposes. the immediate
effect upon the stock market was one of
stimulation in the matter of prices. A
large number of the weaker bears
fastened to cover, and at the opening
this morning the demand from the
shorts was urgent enough to open the
active stocks from a to q per cent
higher than they closed last evening.
The movement was soon exhausted,
however, and further advances were
slight. The disposition to trade was
never at lower ebb, all preferring to
await the outcome OF the offer of the
secretary. The offerings, as announced
at noon. were, to say the least, rather
disappointing to the bulls, but the
threat that if this means should fail to
get the money out of the treasury other
means would be taken, acted still
as a restricting influence upon
operations on the short side
and the dizziness for the remainder of
the day was most intense. The offer
ings of tomorrow are now awaited with
anxiety and If larger than to-day may
bring some improvement in prices, but
if not a resumption of the late hammer
ing may be expected. There was less
heard about the strikes today, and the
crop news received was. If anything.
more favorable, which should have en-
couraged the bulls. but the high rates
for money were still maintained, and
25 per cent loans are not inviting to the
wouId-be Spectator. In the afternoon
the bears showed some encouragement
in consequence of the small offerings of
bonds under the circular, and more ami
nation in the market was accompanied
by some recession in prices. The move
ments were generally slight only,
but Oregon Transcontinental receipts
dropped IL per cent, while Lacka-
wanna and Sugar Refneries lost frae-
tional amounts. The market finally
closed dull and heavy generally at
slight concessions from the opening
prices. Wall street, both yesterday
and to-day, has had severe test, and it
has been shown that there is still very
strong undertone and very scant sup
ply of stocks. The final changes are
generally slight advances, but Canada
Pacific rose 1ss, and there are few
fractional losses. The railroad bond
market still remains very dull and with
out feature of importance and no pro-
nounced tone, although the changes to-
day were generally in the direction of
lower figures among those of impor-
lance. The sales were only SAG, 600,
with no special animation anywhere in
the list. Long Island SIS lost "a at
liz, while the only advance of
note was the Tennessee Coal Birming-
ham division skies, to SO. Govern
ment bonds have been dull and strong.