St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-17
ELSEWHERE.
Tiesred From Chicago.
Special Telegram to the Globe.


CHICAGO, May 16.-That New Yorll's fl
nancial troubles are not yet at an end is
plainly apparent. Ev cry speculator on
Change governs his operations closely ac-
cording to reports concerning the eastern
situation. Although better or more favor
able time for a panic here could hardly have
been chosen, nobody is particularly desirous
Of courting anything Of the kind, and there
fore every operation is based on something
that will aid in protecting Chicago.
The private wire owned by Messrs.
Schwartz & Dupee was busy this morning
asking for and transmitting the latest devel-
opments on Wall street. From this source
it is learned that the morning found the
street in a cheerful mood, but that there is
an undcrcurrent of excitement which appears
to bode i'll for somebody whose influence is
widely felt. One dispatch said it was the
general feeling that big failure in the trade
to-day was almost sure. 1t said further that
a rumor was in circulation in effect that Rus
sell Sage had settled some
of his privileges at so
cents on a dollar and that there is strong
talk of closing 'change if banks call any
more loans. 1t is not surmised from these
reports tn at Sage is in imminent peril, in
deed such an idea is laughed at, and the
rumor of his sacrifices seems somewhat in
consistent when it is known that Wall street
is now receiving substantial aid from across
the water. Foreign buying this morning of
all good securities is reported to be very
active and most favorable to a speedy and
satisfactory adjustment of the difficulties
which now harass New York Spectators
The feeling on Change here is that while
our markets are becoming more and more
affected by what occurs on wall street there is
not much danger of any similar trouble
here. For years the banks have not been in
such good condition as at present. If
panic had been anticipated better prepara-
tions could not have been made for it. 1t
was remarked this morning by gentlemen
well posted on financial affairs, that it
seemed as though the banks had kept all
their money at home to meet just such an
emergency.
There was some talk about Armour in
''the alley'' this morning, but the best au-
thorities over their belief that affairs on Wall
street nave HoI cduseu Hln any anxiety.
Private messages to j. L. Lester Il Co..
dealt largely with the affairs OF Russell Sage.
One dispatch from Henry Clewes says it
looks as if Sage was selling out the stocks
lately put to him, which if true, will in
fluence for lower market Other adyices
over Testers wire are somewhat more ex-
plicit, and say in effect that Sage is supposed
not to be taking any stocks on privileges, but
is making settlements by giving his check
for differences thus compelling brokers to
sell stock which they have bought, expecting
Sage would receive it on his puts.
The Newark bank failure is given also as
principal cause of the downward movement
in stocks, and seems to have created consid-
erably more excitement than would ordinar-
ily be expected of such a failure. The axiom
that flying straws slow the direction of the
wind is, however, way of easily accounting
for the instant and important effect of the
bursting Of even the smallest financial bub-
bles at such time.
According TO dispatches over Lester's wire
the principal London banks have been large
buyers of fancy stocks all day, and the gen
eral report confirms this evidence, that the
migration of gold has changed its course so
that New York instead of London is now the
importer.
Dispatches to Swartz & Dupee announce
that Gould borrowed large blocks of foreign