St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-11
FINANCIAL.
New York.
Special to the Globe.

Special to the Globe.
NEW YORK, June 10.-At the stock ex-
change the market opened 1S@%
lower, the latter on Erie seconds, but a
disposition to lower shorts was apparent at
once, and during the first hour prices adj
vanced 35@1 for the active list. Erie
seconds, being enormously Oversold and alb
normally sensitive on that very account,
went up full point in few minutes.
After this early firmness the market halted
for time, declined a tri1e and then steadied
up again, in which condition the noon hour
found it. st. Paul was notably firm and
advanced early to 6555 on an increase of
81, 600 in earnings the first week in June.
Lackawanna opened at 1904 and advanced
to 1917 in few quotations. Union Pa
cifc gained u and Pacific Mail "a. North
wards improved "a, although pointers were
out to sell.
Deacon White thus relieves himself in
public circular: 81 can illustrate my views
on the market better by an acknowledged
fact in our recent past history than in any
other way. All will agree that for six or
eight months past imitation has failed to in
fate. The bank reserve would rise SIS, OOO,-
600 in a week and stocks decline per
cent, and so in year the New York
BANKS HAVE ACCUMULATED
more than $50, 900, 900 surplus reserve, and
stocks have been dull and heavy for want
of confidence, while the money has piled
up. For the last month we have been where
depression no longer depresses. Monday,
June 1, there was gloomy news from every
where. A general strike among iron workers,
n frocb hv tho cx-11yo &,
and lower rates for coal, the wheat crop
damaged beyond the worst predictions,
storms, cyclones and what not. 1 thought
stocks were likely to decline 2 or per
cent, but Wednesday saw prices higher
than the close of the proceeding week, and
they are higher. to-day than then. All this
results from the fact that people who take
council from their fears sold out months ago.
Men who have got the stocks now have said
to themselves: This is America, and we
are Americans We, as country, over
produce from excessive industry sometimes,
but after every reaction
THE COUNTRY GROWS UP
to our production, whether of railroads or
manufactured goods. Less than ten years
ago Northwestern common sold at 16 and
then per cent gold bonds of the road
were unstable at 70. In that ten years [
have lived to see the same men who ham,
mered Northwestern common to 16, bidding
134I, buyers for the same goods. They
were unduly depressed in the first instance
and unduly hopeful in the last. The effort
to put stocks down now, which have any
merit, would be like attempting to put a
quart OF goods into pint measure. They
wont stay put. Personally l am trading
very little. 1t is time for hot weather and
rest. have good many stocks. l have
no doubt but that in the future, as in the
past, bears will get my stocks, but at my
prices, to meet an imperative demand in
their own business, which nothing but the
genuine article can fill.n
The market got into the old rut in the
last hour. There was little business doing
and no special pressure of stocks. Oregon
railway recovered some of yesterdays de-
cline, but nearly all the rest were inclined