St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-20
FINANCIAL.
New York.

NEW YORK, March 1S.-The bulls on
stocks showed more courage today than
they have for some time past. At the
opening they took hold of American
Sugar and Northern Pacific preferred,
and in the first fifteen minutes of bust
ness established an advance in these
stocks Of q per cent. American Sugar
was purchased freely by leading oper-
ator connected with the pool, while
the change for the better in North
ern Pacific affairs was SignaliZed by
purchases of round amounts of the
preferred stock for both the
short and long accounts. The fact
that the directors are to fund the float
ing debt by issuing collateral trust notes
instead of selling st. Paul d North
ern Pacific stock as at first contemplated,
created quite bullsh feeling i'll the
stock. The upward tendency of the
market was checked, however, by re-
ports of the exports of about $1,000 900
gold by Tuesdays European steamers.
The reaction ranged from n to q per
cent, but the weakness was not of long
duration. 1t was reported that the COM
pany was in financial difficulties, and
that a receivership was imminent. Of
ticials of the company denied these
statements emphatically.
When the bank statement was pub
lished, there was a decided change for
the better, the gain in the bank reserves
having been unexpected AT the same
time it was stated that the exports of
gold Tuesday next would amount to
only $500, 000 and that the shipment was
based OIL an old order, and had nothing
to Go with the present condition of the
money or foreign exchange market. In
the rise which followed, the industrials
were most conspicuous. American Sugar
dage to 60 and Lead to 1914. The grang-
ers, coalers, Missouri Pacific, New Eng
land and Northern Pacific preferred
were all prominent in the late rise.
Among the specialtles, Pittsburg Il
Western preferred was conspicuous for
an advance of 2T to 35T. The total
sales Of stocks were 165,73S. The mar
ket closed strong.
The Post says: I'm statement of av-
erage specie and legal tender holdings,
today'S bank statement conforms to
known facts. Practically the clearing
house banks hold today exactly as much
money as they held week ago. That
they are offering more ample accommo-
datiOn is due little, if at all, to a large
net inflow of funds during the week,
but to the release, through the whole
sale liquidation in the weeks market of
money already held here, but hitherto
tied up in long stock. The contraction
in loans during the last three weeks
thus appears to have reached the enor-
nous total of $40, 500, 900, and whatever
of this amount has remained in
this city has served to supply
the money markets needs. The heavy
decrease reported in deposits is not
so easy to explain, and suggests
that in this item at least there is re-
Elected rather the earlier transactions of
the week than actual present conditions.
A remarkable illustration of the causes
of the late heavy shipment of money
westward has been afforded by the cOun-
try's clearing house returns for last
week. Within that period, when total
bank exchanges in New York fell off
nearly S2O,O00,OOO from the previous
years record, Chicago's increase was
100000, and other Western grain
centers in proportion"