St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-19
FINANCIAL.
New York.

NEW YORK. Dec. II. -Ehe week closed at
the stock exchange with weak and feverish
market Although the rates of sterling eX-
change were sensibly easier than for some
days past, yet it was so generally reported
that the export movement of gold would be
resumed next week that many timid holders
were induced to sell out. AT the same time,
of course, the bears took every means posi-
BILE 10 intensity the feeling of uncertainty.
The latest reports are that between S3,000.0O0
aud $1,000 006 of gold will be shipped TO the
continent Tuesday next, regardless OF the
condition of the foreign exchanges. 1t is
stated that bankers here have received per
emptory orders for the amounts named. The
bank statement proved TO be great surprise,
the loss on surplus reserves having been way
below expectations. Those who were cal
culatng on q heavy decrease apparently
failed to take into account the heavy influx
OF money from the interior, attracted by the
higher rates of interest prevailing at this
center.
On the publication of the clearing house
exhibit O rally OF "A to l3S per cent occurred
in the stock market, but there was renewed
pressure to sell during the last fifteen min
utes of business, and some shares were at
the lowest figures of the day and week. AS
compared with Fridays final quotations
Chicago Gas, Distilling and Cattle Feeding,
Manhattan, Western Union, Lead and Jersey
Central closed at declines of S4D2 per cent.
On the other hand, Union Pacific and Louis
vile & Nashville were a fraction higher,
while Sugar, Burlington q Quincy, st. Paul,
Rock Island lake Shore Missouri Pacific
and New York Central left off practically the
same as Friday. The sales aggregated 20S,917
listed and "a, 705 unlisted. The market closed
irregular.
The Posts financial writer today says:
NATURALLY enough, perhaps considering the
violence of yesterdays break, the market of
this morning failed to reflect the equality OF
the change in the situation since yesterday
afternoon. Stocks in general were unsettled.
and it was not until the Unexpectedly favor
able bank statement appeared that any ten
dency to recovery was noticeable. The in
dustrials met with no greater favor
today than yesterday. A few were sup
ported by their own people, but the
! rest went to pieces again with renewed VIC
| lence. Taken as a whole. the market closed
with comparatively few heavy declines, and
| the tone at the close, although by no means
confident, was distinctly better. So far as
! the stock market alone was concerned, the
side speculation. The blow has fallen
chiefly on a band Of foolish professional
adventurers who have followed the jack O.
lantern of industrial speculation, refusing
: 10 be warned by their half dozen pre-
vjous speculations, only less disastrous by
| the reputed signs that lenders were uneasy
| over the acceptance of such collateral. The
outside public, so far as it has had anything to
| do with the speculation. has been an element
! of conservatism and strength. AS for the
money market, Iue DeSI luhL Cdu NC ediu -
| that the weeks experiences are bank scare, "
| aggravated by several unlucky condolences.
That the outlook for Il repeal of the silver
purchase law is considerable y less promising
| than it was a few weeks ago, must
regretfully be admitted. The effort to
get gold from us for Europe had
not diminished, and many bankers ex-
press confidence in further shipments. All
| this has served to bring about one of those
peculiar and sudden spasms of frightI so
| often witnessed In the history of bank man
| agement, but it cannot be too often affirmed
| that an abnormal or currency crisis sooner or
| later works its own cure. The exciting Incl
dents of this week have certainly hastened
| the remedy.
'EIle Total Sales OfStOcks