St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-17
FINANCIAL.
New York.

New YORK. Dec. 16. - AS on yesterday.
everything turned on the gold export and
money questions. Early i'll the day all sorts
of rumors were i'll circulation about exports
of s., 100000 gold by tomorrow's European
steamers, and anywhere from S3OJ0oOO TO
$1,000, 900 next week. These rumorS were re-
iterated so persistently that finally the street
really believed they were true. TACT
which added to the feverish aud uncertain
feeling among traders was the action
of certain bank presidents in calling
in loans, backed up as it was by talk from
the same persons that Europe Will make eX-
traordinary drafts upon the gold reserves OF
this country during the next few months.
Whether this sort of thing is intended 10
check the outflow of the yellow metal or is
for the purpose of helping along spectators
i'll stocks has not yet been satisfactorily de-
termined. but il can be stated that many
conservative bankers and brokers express
the belief that the gold scare will soon run
itself out and are giving themselves no un-
easinesS over the situation.
The rates for call loans were quickly ad-
vanced from tC Is per cent and stocks de-
clined under sharp pressure to sell. Ihen
the money rate fell back TO : per cent ana
rally ensued the recovery Being assisted ny
definite knowledge that only Sj00,G0J gold
would be shipped from Boston and that no
engagements had been entered into i'll this
city to export gold tomorrow. In the meau-
time also the activity i'll money had caused
certain bankers to make sterling loans ana
don were reduced to $4,000 se12. Every
thing was moving along smoothly ana
the leading shares mad rallied l2 TO
Us per cent, when the rate for money
was suddenly bid up to 2C025 per cent. This
started the smaller bulls on the run, ana
amid considerable excitement prices went
lower than the figures touched during the
morning. DiStilling and Cattle Feeding st.
Paul, Chicago Gas. General Electric Manhat-
tan National COrdage, National Lead, Pacific
MuiI National American sugar
showed losses ranging from 1l2 to 8 per cent;
number of stocks showed merely fractional
changes for the day. Atchison: Burlington
u Quincy, Rock Island, Louisville d Nash
vile, Missouri Pacific, New England Read
ing and Northern Pacific left off practically
unchanged. New England was strengthened
by reports that the New York New Haven
had been checkmated in its efforts 10 secure
control of the Connecticut River read Ihe
market left Oft steady.
The Post says: The first news received of
this mornings money market was of dis
tinctly favorable character, taking advantage
of the sudden advance i'll money rates for
eign bankers arranged over night for ster-
ling loan the result Of which was that for
eign money appeared in tCdays local money
market as soon as business opened. ms
prevented at the start anything like scare
| i'll the loan market though it by no means
| broke loaning rates to the weeks normal
| level.
| Bradstreet's weekly Wall street review:
| The actual shipment of Si,250,OOO gold to
| Europe this week was apparently less lnflu-
entail upon the temper OF speculation IMAM
| the possibly exaggerated rumorS prevalent in
| regard to the shipments next week. The
condition of the country foreign trade rem
| ders the export of considerable specie nat
ural unavoidable process. The idea that
So 000. 000 more gold Will be taken to the con-
| tiuent next week appears to be somewhat over
| the market. Nevertheless, there is little doubt
| that SIS, 600, 900 and more will go out. AS the
| New York bank surplus is already down to
| S., 900, 000, such a drain would In the best OF
| times create d contraction in the loan market
! ard force more or less speculative liquida-
| ton according to its duration ana severity.
| At this moment, however, an additional
| complication is created by te existence of
! the Sherman act and the steady reduction OF
| the treasuFy's available balance i'll specie.
Wall street has not in practice taken a
! clear view of this situation. 1t is however,
| now forced TO regard the possibility OF a
slight premium on gold or the appearance OF
| the treasury as borrower tor the purpose OF
| replenishing its gold reserves and maintain
! ing The silver certificates at parity with gold,
| as directed in the act. There seems to be
| little doubt expressed that the latter course
| will be adopted if necessary, and the general
opinion is that i'll such an event the repeal
| or suspension of the Sherman act Will be IA
| ciitated. The uncertainties OF the whole
situation contribute greatly TO the uneasiness
| and nervous feeling of the money or stoeB
| markets 1t is not strange that furry IL
| the loan market, with sharp drop In stocB
| urices has been the feature of the past two
| days the previous steadiness of specula
ton, in the face of those dangers, had tC
some extent left Wall street ill-prepared fol
| such an outcome At the same time it mus
be remembered that there has been no in
| ffated speculation, and stock holdings, ever
manipulated 'industrials,' are not widely
| distributed,
StOcks-CIOsing.