St. Paul daily globe., 1893-05-06
FINANCIAL.
New York.

NEW YORK, May 5.-ThePost says Of
the Wall street situation: ''It was only
natural that in the climax of this excite
meut and despite the London buying,
even the standard railway shares should
have broken violently. The bidding up
of money rates to 40 per cent, though
the rate within an hour fell again to 6,
aggravated the situation. Not only did
Manhattan Elevated stock, of which to-
days fallen trader has long been the
recognized manipulation, collapse at
rate rivaling the decline in the indus
trials, but stocks such as the anthracite
and granger specialtieS lost from two
points upward. But the turn came
very suddenly! Startled by the per-
sistent London buying, and checked
for space by the announcement of an
other failure, the huge short interest
finally began to cover on the most eX-
tenSive scale. AS confidence returned,
such OF the traders as were left unhurt.
Joined in the buying for the rise. In
VeStment purchases, in heavy single
blocks, again supplied their part. In
the last hour. as the belief in a reaction
spread, the movement grew into one of
those stampedeS always familiar after a
temporary panic, and in not few of
the best known stocks, prices rose far
above yesterdays closing prices. Bull
rumors' of the most curious descrip-
ton took the place of the equally wild
bear stories of yesterday and the day
before; another Illustration. happier
than that which preceded it, of Wall
streets mercurial disposition"
BradStreet's weekly Wall street re-
view says: The stock market, after
having offered long and stout resist
ance to the influence of the unsettled
currency question, has at length sue
cumbed to the inevitable, and endured
this week liquidation approaching
almost to the dignity of panic. Fail
ureS have occurred, prices have in some
directions broken down with violence,
the generalization of the market and
the street being for the time extreme in
their character. The street, as
the matter is viewed. has SIM
ply discounted the evils which
the existence of the present
financial system is bound to produce in
general business throughout the coun-
try. The severity of the process has.
however, been limited by several cir
existence of the stock clearing house
system, which had mitigated the force
of the unfaVOrable money market and
carried out the business of the street
with minimum of friction and with
out unnecessary failures. The second
consideration has been heretofore re-
ferred to, and is found i'll the complete
absence of extended speculation inda-
ton in the railroad share list. The
latter, it is true, has suffered severely,
in sympathy with the industrial list,
but so far as panic manifestations have
appeared, they were confined to the
latter group and to very few of the
regular list Of stocks, the rapidity with
which the complete break down OF
prices was arrested on Friday being
especially noticeable. rhe susceptible
ity of the industrial group to such a
process is evident when it is considered
that not only had inflated manipula-
tion been permitted to run rife with
many Of them, but that the business
methods of some of the most conspicu-
Gus seem to be still governed by trust
ideas. The distrust of the money mar
ket would necessarily find exercise in
such direction by the rejection of collat-
eral of that class, it being understood
that many lenders have been discrimi-
mating closely against them"
A fuller report of the Wall street
markets will be found on the first page
of today's GLOBE.
The Total SaIes of gtocks