St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-18
THE STATE OF TRADE.
The Situation, while Not Imme-
diately Disturbing, Justifies Cau-
IfOn.

The Situation, While Not Imme-
diately Disturbing, Justifies Cau-
IfOn.
New YORK, Dec. 17.-R. G. Dun & Co..
will issue the following weekly trade re-
view tomorrow: The past has been a
week of unusual excitement The sharp
decline in the stock market was fore
shadowed by the recent unhealthy advance
in securities that did not secure. and in
some of these the fall was from $50 to S27
per share. But fifteen other stocks lost
over $40 per share, and the average price of
active stocks, good and bad. fell SS. 80 per
share from Dec to the lowest point on
Wednesday last. Knocking the froth off
the Market" one broker called it. In that
case there was good deal of froth. 1t is
surprising and creditable that thus far only
one failure in the exchange has resulted
from such fall. Money was artificially
backed up beyond doubt, and the decline
thus increased. The rates rose from to
per cent, on Saturday to 10 per cent. as the
lowest and 1S6 per cent. as the highest on
Wednesday. This difficulty has been met
by shipments from many interior points,
Canadian banks sending So. 600. 900, by
the arrival of the 81, 800. 900 on Thursday
from France, and the shipments of 50, 000, 600
from London. and by the treasurer's offer
to prepay $4,000, 900 interest. The ad-
vance in rates by the Bank of England is
meant to check the outflow of gold, but the
supply now in sight here and the shrinkage
in the speculative demands should prevent
any stringency in money for commercial or
industrial needs, if Europe does not unload
stocks. So far
THE WALL STREET EXCITEMENT
has no effect on general business. Other
speculative markets were neglected. and
the sales were far below previous records.
Oil and grain dropped Wednesday. but re-
covered. Coffee broke at Havre and has
not recovered. Cotton yielded shade, but
hog products advanced. The Thomas COM
pany. which largely controls iron prices,
fixes $50 as its price for No. iron for 1887,
and has sold 30 per cent. more in 1856 than
in any other year, and engaged III, 600 tons
already for next year. Important failures
at several points show Individual rather
than general overtrading. Dry goods are
less active but the trade is not unhealthy.
The exchanges outside New York still show
that the volume of business at the North is
very large, though some depression exists
agreed to advance eastbOund rates cents
Dec. 80. and have large earnings already.
But while Wall street acrObatics do not yet
affect general business. continued depression
might in two ways. Failure to sell secur
tiles might check railroad building and iron
making. and the return of the large body of
American stocks held abroad would cause a
still further depression. The
INTERSTATE COMMERCE BILL
is thought dangerous by many investors
and its progress may cause the unloading of
securities. The issue of silver certificates
increases, 50, 600. 600 more having been put
out last week, while the treasury took in
81, 500, 600 more gold. Risks in stocks by
individuals all over the country are likely to
increase the number of commercial failures.
already unusually large for the season. The
situation, therefore, while not now disturb
ing, justifies caution. The business fail
ures occurring throughout the country dur
ing the last seven days number for the
United states 260 and tor Canada %. a
total of 2SS against 274 last week. and PAP
the week previous. The casualties i'll the
Middle, Western, Southern and Pacific
states are above the average in number,
which is also the case in Canada. In New
York city Is failures are reported, only two
of which are of consequence.