St. Paul daily globe., 1893-05-04
FENASCaAL.
NeW York.

New YORK, May 3.-This has been a
day of great excitement and depression
at the stock exchange. The sales
reached the large total of 5S6, ,G5l shares,
liqudatiOns having been on more eX-
tensive scale than for long time.
There was nothing in the way of news
to affect prices adversely. Sterling eX-
change was easier, and gold exports by
Saturdays steamers are still i'll doubt.
Money was also in better supply to the
stock exchange brokers, and rates of
interest declined under increased Offer
ings by the banks and other lenders.
The heavy selling of stocks Is
attributable almost entirely to
the exhaustion of margins and the un-
certainty created by the rumors in cir
culation affecting the credit of corpora
tiOns and individuals. The only failure
reported was that of A. III. Wheeler, and
this was of little consequence; but the
bears, taking advantage OF the demorali-
ZatiOn. started stories about the alleged
embarrassment of leading operators and
banks. The most diigent search after
the close of the exchange failed to cor
rObOrate these stories of impending
trouble. There is no doubt, however,
that many loans on the induStrialS were
called in, and that some firms were
forced to sell. Rallies in the market
were frequent, but they counted for
little, each and every recovery starting
the selling movement afreSh.
The depression was most marked
after delivery hour (2:15 p. NJ, when
there was absolutely no support in any
quarter, and prices dropped one or more
was in a semi-panicky condition, and
the board room was practically bedlam
let loose. National COrdage broke 1879
to 351@; preferred. 10 to SO; Chicago
Gas, l255 to 6S15; Sugar, rs to SOS; do
preferred, 3 to 92%; American To-
bacco, 3 to Ga; Rock Island, 3 to II;
Consolidated Gas, 80 to 115: Evans
vile IL Terre Haute, 9$4 to 1856; Gen
eral Electric, 358 to SS; Great North
ern preferred, ~ to 12G; Louis
Vile, New Albany & Chicago, 3 to
l536, Manhattan 81 to 1874, Mobile IL
ONO q to Is, National Starch 5 TO II,
New York IL Northern preferred 3% to
1414, Rock Island 3 to II, Edison lilu-
minating to 115, East Tennessee first
preferred to %, Long Island 2A to 105,
Missouri, Kansas Il Texas preferred 4
to 1873, Omaha 235 to 44%s, Rubber ~
to 48, and Western Union 6@5 TO 81. In
the last fifteen minutes OF business,
rallied 14(03 per cent, but the market
nevertheless closed weak and demoral-
lied.
11he Post says: THAT the stock eX-
change has been able, without wide
spread disaster, to withstand the strain
of today's break in prices, is the surest
witness to the general sOundnesS at the
financial center. How far the trouble
which at one time gravely threatened
has been averted, it is hot easy at the
present moment to say. Regarding the
speculative combination i'll the in
dustrial stocks whose career of eight
mouths past has reached this week so
remarkable a close, nothing need be
added to what has so often been set forth
in this column. The majority of iniu-
ential Wall street houses, taking warn-
ing from the ou.loSk. have long since
stood apart from active speculation i'll
this or any other part of the market. 1t
is to this conservatism that the COM
munity owes today'S escape from serious
trouble"