St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-12
been made and the situation is very
satisfactory TO the lumbermen.
Banking and Exchange.

been made and the situation Is very
satisfactory the lumbermen.
Banking and Exchange.
A feeling of confidence prevails
among the ST. Paul bankers. A general
opinion is given below:
William Biekel, cashier Germania
bank:
Our deposits keep up first-rate, and
money is in good demand at full rates
with the customers supplied for leglti-
mate requirements. see no cause for
any uneaSiness in this city and the
West. The New York market seems to
have been unjustly at the mercy of the
stock gamblers, and but for that the
whole situation would show good, con-
sentative condition.
The business men here are we'll of ;
they are well fixed. The bank state
ments are very satisfactory to st. Paul.
II the Western banks could devise some
way to counterfeit or avoid the Eastern
stock market influences that come so
Unexpectedly at times, boon would be
conferred upon the business men, some
of whom become alarmed without know
ing the Western side OF the situation.
Perhaps few people did not feel fully
settled, not knowing what might result
with the new administration. So far as
l can see, there is no danger. President
Cleveland is a good man, and he has good
advisers who will helppilOt the financial
matters safely.
Money closed steady In New York
yesterday at nominal rates. Exchange
here between banks was at par on Chi
cagO during pant of the week, and
closed at 25@40c discount on Chicago
60Q75c discount on New York.
Notwithstanding the large quantity
of wheat IN farmers hands, indicated
by the government report, May wheat
showed a net advance of sc per bushel
yesterday, and mess pork is 81 per
barrel lower than one week ago, and
closed at $3.50 for May.
From the department of grain, stocks,
ETC., James c. Fitzgerald, of Fitzgerald
4 Smith, the chamber of commerce
commission men, publishes the follow
ing:
It's the few who become distinguished
in any department of human endeavor;
the majority, like sheep, follow, almost
blindly, the leaders. In the financial
world of this country the great majority
of persons just now are decidedly pesSi-
miStic in their views of the present
monetary situation. The press at large
reflect these views, and continue to harp
upon the gravity Of the situation"
UNLESS the government comes to our
relief dire distress is sure to follow"
etc, etc. This sort of stuff to our minds
is absurd. 1t is well enough and proper
that in times of real danger the public
should be warned, but to attempt to In
fluence the minds of men so as to i'm
agine trouble when none really exists
is, to say the least, criminal. 1t
is Just such methods which cause
diStruSt, scare the small bank depoSitor
into Withdrawing his funds, and create
panic. just now our papers are full Of
talk of gold exports, big decrease in the
holdings Of government gold, etc. Well,
why should not our gold go abroad?
According to the report of the govern
ment just issued, concerning the i'm
ports and exports for the month Of
January, our imports have exceeded our
exports by about 100000. This bal
ance in trade must be paid for, and paid
for in coin of the country from which
our purchases are imported. AS for the
governments gold reserve Ito retire
notes., what's the good of having
reserve if it cannot be drawn on when
needed? That the country at large is
prosperous, is evident to any careful
reader of the daily press or trade jour
mails. The cry of alarm comes not from
the manufacturer and jobber. but from
those who desire the government to
issue bonds which they may absorb
bonds which all the world regards
as perfect security and desirable in
vestment. TOday's New York bank
statement reflects the scare which the
press and other agencies have engen-
dered by a heavy reduction in their
reserves, caused mainly by a withdrawal
of funds from that center by Western
correspondents. On the surface, the
reduction is very heavy, yet the re-
serves are considerably above the legal
requirements.
In 1890 it was promised that If the