St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
WALL STREET.
Br2dstreets' Review OF the Past
Week Among Bulls and Bears

Il
Week Among Bulls and Bears.
NEW YORK, Aug. 4-Bradstreet's
weekly review of Wall street will to-
morrow say: Although the heavy
transfers of gold from Europe to this
country have failed to create an imme-
date change in the financial position.
the effect upon the temper and action
of speculation has been marked. Wall
street has, indeed, shown disposition
to discount Reinforcement 0y sharp adj
vance i'll stock values, which last Tues
day and Wednesday almost attained
the dignity of bear panic. The over
grown short interest, which has been
created by the long drawn and extreme
decline, was, in fact, the main source
of the buying power OH which the i'm
prOvement was secured. Certain lead
ing operators. it is believed, lent their
assistance IN the work Of twisting" the
shorts. success in such course being
almost assured by the heavy borrowing
demands for stocks and the premiums
OF from Is to per cent per day paid for
the use OF certain leading SpeculativeS.
Activity by speculative interests on the
bull side seems, however. TO have been
merely temporary, the financial Situa-
ton being still barrier to the develop
ment of extensive buying for long ac-
! count. Europe has continued to be a
moderate purchaser of stocks, while the
absorption Of fractional lots by invest
orS is still feature. though Ill both
cases the stimulus afforded by the panic
prices of last week is now absent.
The week has, however, shown that
there are two sides to speculation, ana
that best tactics cannot be indefinitely
successful. The combination of an
oVer-grOwn short interest and of uneX-
pectedly large gold imports was Sutfi-
cient to overcome the fears aroused at
the opening of the week in regard to the
possibility OF runs on savings banks or
of the creation of additional diStruSt
from the resolution of the New York
institutions to enforce the time clause
in cases of Withdrawals of deposits.
The Chicago failures and collapse of
the deal i'll provisions produced a slight,
reaction, but was correctly Interpreted
as atfOrdIng the promise of heavy
foreign buying, with corresponding
adjustment of trade balances in our
favor. The rapidity of the pace at which
prices recovered and the absence OF
real buying power Indicated, however.
that movement had its limits, while the
increased demand for currency, the
stringency Of the money market, and
The renewed tirmness of exchange fur
niShed abundant grounds for a gen lire
reaction, which appeared on Thursday.
At the same time more or less nervous
ness exists in regard to the meeting of
congress next week, and the spirit which
will govern their action upon the silver
question. The fact that the prevalent
depression has already begun to
affect railroad operations is also not
without an influence 1t may, howev-
er, he remarked that the recesSions
have been marked by an absence of de-
mOraliZatiOn, and that the declines were
moderate and unattended by decided
demonstrations from the still unwieldy
short interest. The latter faction, in
deed. reasserted its presence in unmiS-
taxable fashion Friday, when the mar
keJ. in face Of further unfavOrable
Developments, showed further strength
and made SURPRISE g advances. The
anxiety of the shorts 10 cover. and the
evident fact that they have oversoId
many stocks;Nwas again the only pre-
Sumable cause for the exhibition, which
was, however, under the circumstances.
one OF the most remarkable of its kind
which Wall street has ever witnessed.