St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-08
FINANCIAL.
New York.

New oRK. Nov. Bank clearings. SILL
Az, 165; balances, S6,564. S31. Money on
call light, ranging from 4 to 25 per cent,
last loan q, closed offered at g. Prime mer-
camille paper COS. sterling exchange quiet
and weak at 81. 1913 for sixty -day bills and
S4.SJ for demand. The stock market to-day,
especially during the forenoon and portion
of the afternoon, was Wesker than at any
time during the present decline in values
was started, an / it acted as if the last fiual
raid we're in progress. The whole market had
semi-panlcky appearance, anu long and short
Sellers We'd with each other; 1t seemed
possible to the lowest level. The final
changes of the day, however, owing to d
material rally in the latter portion of Iheaft
ernOOn, are not SO large as might be expect
ed. and few OF the stronger shares are even
higher though only i'll one of them is the
Improvement of importance. The original
cause OF the stampede on the part OF The
holders OF long stocks is to be found in the
action OF the governors of the Bank of Eng
land, no at a special meeting held this
morning advanced the minimum rate of dis
count from TO 6 per cent, after leaving it
unchanged at the regular meeting yesterday
This action was well calculated to cause the
most serious apprehension on the part of
holders of securities, as 1t indicated some
sudden emergency, the importance of
which was augmented by the unex pected ac-
ton. The selling by London operators was
very heavy at the opening, and domestic op-
fOreshadowing greater scarcity of money
here and probable further export of geld
TO London. and they joined quickly in the
selling movement which soon assumed larg-
er proportions than have been seen for
months in this market The city banks at
the same time aggravated the situation by
refusing to lend money on many stocks, and,
In some cases. on any at ALL the oyer-con-
servatism resulting in the bidding up of
money 10 70 per cent, though afterward,
when the excitement had been allayed 10
some degree, the rate went off TO legal fig
ures, thus demonstrating the fact that
there was no real scarcity of
funds. The news of the day was of neil
trial character, but only the increase of the
Bank of England rate had any influence
upon values and with the outpouring of
stocks from London opening prices were all
from "a To o. lower than last night. while
North American and Atcbison We're down
llB each. and Louisville d Nashville per
cent. ! he selling went on uninterrupted and
with constantly gathering force. the slight
rallies amounting to Interruptions of the
downward movement only. while the bears
added their efforts to increase the general de-
moralization. There was sort of suppressed
excitement. and Notwithstanding the enor-
nous transactions there was very little noise
ana -" nat was more remarkable in the face
Of the marked declines of the past three
days, no failures TO record. The downward
movement continued until toward D. m
and Its violence may be measured by the
ing the banner with drop of IL per cent TO
1SS, while Illinois Central followed with IA
to 3; st. Paul, D to 1894: c., c., C. & ST. L..
3ss 10 Gul2; Rock Island, 414 to 50; New
England, as3 to 35 "A, and others in proper
ton. In many stocks the lowest prices today
were the lowest reached il years. and while
Reading lost only per cent to 3ila, the de-
cline was accompanied by a renewal of the
Old story OF dissolution of the pool, and the
figure has certainly not been reached for a
long time before. Missouri Pacific drouped
equally Some one bought large lines of Union
Pacific to-day when the market was weak
ana that stock held up remarkably well and
did not follow the resi- of the list down never
getting more than 5s per cent below its omen
ing price and is one of the few stocks which
showed an advance for the day Sugar was
also strong and showed evidence of good
buying, although it was let off with the gen
eral list IN the early part of the afternoon
only to recover all the concession. One Of
the features of the day was the strength ey
hlbited by the Vanderbilts. The reaction was
sharp and material, some stocks actualIv re-
gaining all OF the early losses, while the
weakest stocks made large gains in the last
hours trading. The evidence of insid o
support was very marked. The close. how
ever, was weak, leaving most of the
list at material losses for the day.
The unlisted department was not specially
prominent in the market although there
was larger trading in Lead, and Sugar showed
some or its accustomed activity in the after
noon. The list is almost invariably lower.
the only marked exception being Lake Shore
with gain of l per cent; but c., c., c. Il St
Louis Is DOWN 27s, Rock Island ga, st, Paul
2l2, New England /; Illinois Central North
ern Pacific preferred, Louisville & Nashville
and Lackawanna each ia; Pacific Mail 81,
Atchison and North American each 10 !:
Jersey Central, Erie, Reading and Texas
Pacific, each per cent, and Pulim ii ) per
cent: Railroad bonds were qtnet the sales
reaching only Sl,3lS.UOO, but they were
again in close SymDathy :, jfh tho
share list, and declines are The order
OF the day. Everything traded in
is lower and the important losses arc greater
in number than for many week. The deal
among which the Atchison issues and the
Reading incomes were most conspicuous.
Reading seconds lost 2l2 at 39,ant the thirds
8 at 2S. Other losses include Illinois Cen