St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-06
FINANCIAL.
New York.

NEW YORK, Oct. 5.-Despite the alb
sence OF large percentage of the
tStock Exchange over the Vigilant-Val-
kyrle yacht race, the transactions ag-
,gregated 12S, 000 shares, of which, how
ever, one-quarter were in Reading and
more than another quarter in whisky,
Atchison and sugar.
The trading outside of these shares
was very light indeed. The great part
of the days business was done before
noon and after that hour dizziness set
tied upon the exchange which was al
most funeral in its character. A strong
buying movement was inaugurated in
Reading at the opening and large blocks
were taken at advancing quotations, the
purchasing orders coming mainly from
Philadelphia and being based on the
improved outlook for satisfac-
tory arrangement regarding the
Spever loan. An advance of II per
cent was recovered before noon. which
was followed by fractional reaction
on realizing sales. When this stock
was out of the way another upward
turn was taken aud another d cent
was added to the value of the stock:
but in the fate dealings part of the
early improvement was lost, and the
close was only Is per cent above the
hnal sale OF yesterday. Whisky. which
came next in point of activity, was
pressed for sale i'll the early trading,
nectiOns, which led to an impression
that possibly contemplated action on
the tariff, was not favorable to the
spirits interest. There was 4 per cent
advance at the opening. and then a
drop of II followed by recov-
cry or l per cent and a reaction
of "a per cent, which was the net
loss of the day. Atchison was sold
quite freely during the morning for
the Boston account and there was also
some sales on London orders, due to a
report that holders of guarantee fund
notes maturing Nov. 1st would be asked
for five years extension in the pay
ment of five per cent commission.
The drive, however, resulted in mere
fractional decline, which was partly
recovered, and the last sale was but &c
below yesterdays closing. Sugar was
pretty strong in the forenoon, advanc-
ing per cent, but losing all but 1Sc of
the Improvement in the late trading.
There was better feeling than on yes
terday in Union Pacific. possibly due to
the reconsideration by the company of
its notice of withdrawal from the West
for the day was Il per cent. American
3 tobacco. both common and preferred,
rose per cent on the declaration of the
regular quarterly dividends of $685. per
cent respectively.
. 'Cordage'S second assessment paid fell
off from 24s4 last night to %, recovering
TO 23119 and closing at %. Lead COM
u mon declined "a on the day, and the
preferred q per cent. The grangers
were steady throughout and show trifi-
ing changes. In fact, outside of the
stocks named above, the only shares
which compared with the closing of
yesterday are more than a fraction
above and below as New York q New
Haven, which is q per cent, and Toledo
d Ohio Central, which is up per cent.
j The general market, which was firm at
the opening, became depressed very
shortly thereafter, but rallied before II
O'Clock, only to again become weak be-
fore noon. and during the afternoon the
heaviness continued, the closing tone
being weak. In the bond market there
was not much business, except in Read
ing issues. and the dealings were irreg-
ular. AS result of the days transac-
tons, Union Pacific collateral skies are
down s; st. Paul, l. and D. division
firsts, Z; Oregon Railway & Navigation
tirsts and Alton IL Terre HaGte firsts, 2;
st. Paul, Chicago d Milwaukee division
fives, ~; Hooking Valley fives, l per
cent.
The Post says: Today's further re.
ductiOn in the Bank of England rate
shows how irresistibly the present tend
ency of money rates the world over is
downward. 1t has been perfectly evil
dent that the banks directors wished to
hold the minimum discount figure high |
nrnQr m a .T1nd oc ~.
ket as possible for foreign purchasers
of gold. The effort failed, as indeed it
was bound to do. 1t did not check the
specie exports to New York, and though
it served to draw TO London in larger
quantities the gold of other nations, this
very process eventually cut the ground
from under the banks own feet. The
money supply of London was rapidly
Increased, and open market discount
rates slipped away from the banks
quotation, so that the banks own regu-
actually and heavily Disseminated
against. How far the bank can arbi-
trarlly influence the money market is
still debatable. 1t certainly cannot con-
troll 1t, there Is reason to believe that
unless it actually boards the money it
cannot even affect it more than week
or two. AT present the usual after
panic phenomenon of glut of money is
visible throughout the financial world.
Here in New York the banks have
within month paid off SIT ,O0O,000 of
their loan certificates, while contract
ing loans less than SS,000,00H. In Lon
dou the course OF events is similar, and
for similar reasons.
The Total Sales of Stocks
Today were 126,50O shares. including:
Atchison, 1880; Sugar, 1900; Chicago
Gas, 10000; Distliers' Il Cattle Feeders,
$4,000; Missouri Pacific, 5000; Reading,
$500; st. Paul, $500; Union Pacific,
$500.
StOcks-ClOsIng.