St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-03
FINANCIAL.
New York.

NEW YORK, July 1.-Wall street was in a
more confident mood today and the anxiety
which has been so pronounced during the
week gave way to feeling of relief The
change was due entirely to President
CleYelands proclamation calling an extra
session of congress to provide legisla-
ton to alleviate the financial distress
The change of the stock market was
active and excited and in the first fifteen
minutes of business prices bounded up I2@
"a per cent. American sugar. preferred
jumped 4S4 TO S2&, st. Paul & Duluth Alp,
and the general list I26l2l2 per cent while
chases were not confined to the shorts by
any means. Commission houses reported
little more inquiry from outside sources, and
If money should work easier next week they
look for a continuance of the demand. The
grangers, Lackawanna, Union Pacific Man
haitian and Western Union were among the
strongest stocks at the opening. Toward II
O'Clock the market quieted down con-
SlderablY, and prices ran off. Some OF
the traders then began to discount
the effect of the bank statement,
which they expected would be unfayorable
They were correct in their premises, and
when the statement was given out showing
loss of 81, 23O, $50 in surplus reserve, bringing
the amount held in excess of legal REQUIRE
ments to 81, 25l,7 rs, the whole market weak
ened. The decline from the top figures OF
the morning. was equal to l2692sS per cent,
and the reaction was greatest i'll the indus
trials. Missouri Pacific, the grangers, Lack
aWanna and western Union. The market left
Off comparatively weak, although the ma
Jority of the prominent shares showed net
gains of l2Ql1l2 per cent for the day
The Post says: with all markets gov
erned to SO extraordinary degree by senti-
ment, 1t is not easy to say how permanent
will be the present influence of the presi-
dents proclamation. Money accommoda-
ton has been universally permitted to stand
over the 4th, and by that time the redeposit
of July disbursement funds must bring re-
lief. return of the gloomy days witnessed
this week, therefore, is scarcely probable
What would undoubtedly, however, ease the
situation more than any other single event
would be the resumption of gold imports,
concerning which options vary in an I'M
usual degree. The experience of the last two
weeks suggests that with decline in money
rates sterling will advance AS this how
ever, means q return of the market TO normal
conditions. it can hardly be looked on as
unfavorable, but even. with q considerable
advance, rates would still justify the import
of gold bars or eagles. These the Bank of
unprecedented large reserve of gold-up-
wards OF &3O, 0O0, 000-it is completely master
of the situation. There is no gold in Lon
don's open market and such as arrives from
time to time is bought as was the case this
week, by the bank. Bnt this situation can
hardly continue permanently. The volume
of grain exports, and the known foreign pur-
cnases OF wheat futures, insure a later return
in the trade balance; so that the best the
bank can do in any case is to postpone the
day of reckoning. The banks present I'M
usual strength in bullion renders it possible
that-the appeals of New York sterling bank
ers may be considered If So the flow of
gold IN this direction may begin very Goon.''
The Total Sales of Stocks