St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-06
FINANCIAL.
New York.

NEW YORK. Oct. 4.-Clearings, S12S 594,.
1877; balances S5,31S,0 For the week:
Clearings, S764, 583, lIl balances. S34, 1884,
1877. Money on call easy, with all loans
per cent, closing offered at g. Prime mer-
camille paper, 5a4@7. Sterling exchange
quiet but firm at at 81. 50 for siXty-day bills
and 81. STA for demand. The stock market
was comparatively active but the activity
was OF the usual sort, made entirely by the
operations for Decline and the weakness
was most pronounced, approaching nearly
TO complete generalization, and the losses
incurred during the short session of
with those of any tull day of recent date. The
bears made what would seem to be one final
effort to shake out long stocks and no doubt
but that considerable liquidation was accom-
plished in all portions of the list, with the
single exception OF Lackawanna, which was
the only stock which received any support
whatever. The cry was "a bad bank state
ment." and after the issue of the statement,
which was made unusually early, the most
determined drive of the day was made and
the downward movement, which had been
heavy throughout, was perceptibly accel-
Grated. The opening was made at lower fig
ures, the losses from last nights prices ex-
tending generally TO l2 per cent: but
Kansas d Texas was exceptional with a loss
of 11s per cent. The downward movement
went but little farther for the time being, the
trading element starting to cover but the
movement lacked vim. and later all those
stocks were thrown over and the bears
crowded the market with an avalanche of
short stocks, which broke the market badly,
especially in the grangers, Southwesterns
and the stocks of the Pacific roads. There
was no cessation of the pressure. which
lasted right TO the close. and, although there
was a slight reaction in the final dealings,
the close was active and weak practically at
the lowest figures. The excessive weakness
in the prices of railroad stocks continues to
be out of keeping with the actual values as
shown by the earnings reported. These for
the month of September, just in. show as COM
pared with the corresponding month of last
Colorado Midland being % per cent,
Norfolk q Western 81, while the in
creases for the fourth week of Septem-
Der are: st. Paul ga. Iowa Central IA and
for to-day are: St: Paul 2ls Wheeling &
Lake Erie preferred Us, Union Pacific la,
Wabash preferred 1I2, Missouri Pacific 1sS,
Louisville d Nashville, Rock Island & Bur-
ferred 1Is. North American, Wheeling & Lake
Erie and Western Union l per cent each.
Railroad bonds were moderately active and
while the tone of the market was heavy there
was no sympathy with the demoraliza-
stocks. The final changes are few
as usual, and on business of
$421 900 Reading Second incomes lost 2Ia
at 94Ss. Government bonds have been dull
and steady. State bonds have been dull and
barely steady. The exports of specie from
the port of New York last week amounted to
1912, So of which SS5, 1856 was gold, and
S226, $50 in silver. The imports of specie
during the week amounted to sly. 393, of
which S27,189 was in gold, and 500 204
silver. Petroleum opened weak on a slight
pressure TO sell, but moved up as soon as the
| pressure was removed and closed steady
! The Post says: Disbursement of over S58,-
| 600, 900 by the United States treasury in the
month of September, has put the question of
| money stringency at rest. except as the
| money market may be affected by the hoard
| ing of money, owing to the apprehensions
| above referred to. This morning traders sold
stocks. because they declined yesterday, and
| partly because they expected a decrease in
| the reserve of the bank statement, and yet
| neither of these things were any legitimate
reason for a decline in stocks under the pres,
| ent circumstances, first, because stocks had
! already had such a great decline that they
! must be near the inevitable turning point
| and next, because money was still freely of
| fered for loan on call on stocks this morning
at per cent. The declining prices have un
| doubleday caused further and further liqui
| dation, and the liquidation has caused fur
| this cannot go on always without q sharp re
| action. There have as yet been, no failures
| in connection with the stock market an6
| none rumored. The total sales of stocks TO-
| day were 191.106 shares, including: Atchi
| son, Ia, 21O; Delaware, Iackawanna & West
| ern. 6, $50; Lake Shore, $500; Louisville &
| Nashville 8, 100; Missouri Pacific. $3.50
| North American. 6,47O: Northern Pacific
| preferred. 9.400: Reading, ALSO; Rich
| mond d West Point. 1850; st. Paul, 16, 200
| Union Pacific, 1908.