St. Paul daily globe., 1893-04-03
FINANCIAL.
New York.

NEW YORK, April 1.-The stock mar
ket was active almost from start to fin
iSh. There were tree purchases to cover
short contracts. and the buying for the
long account was characterized by a
greater degree of confidence than has
prevailed for some time. This was at
tributed to the fact that the April inter
est Ind dividend disbursements are eX-
pected to restore ease to the money
market in few days, and TO the belief
that railway business will be enormous
for months 10 come On account of the
worlds fair. The April interest pay
ments have also stimulated the inquiry
for investment stocks and bonds. The
professionals generally take hopeful
view of the sltuatiOE, and experienced
little difficulty in advancing prices
today. The decline i'll Distill-
ing and Cattle Feeding of over
2 per cent, owing to the
fact that the stock will no longer be in
demand for election purposes, the trans
fer BOOKS having closed today, failed to
check the rising tendency of the general
list. National COrdage common rose 31
to 67&, PittSburg & Western preferred
2115 to AZ, Lead 214 to 1871, Jersey Central
2 to 122, Delaware & Hudson 2 to 122,
to 1887, and Lackawanna 13s to 147M.
The rise otherwise was equal to 15@l
per cent, and the grangers were eSpeci-
ally in demand. Buying was stimulated
by the increase of 81, 400 600 in the bank
reserve. Il loss having been generally
looked for. At the close prices were Is
to ID below the highest figures attained.
but the tone of the market was strong,
Notwithstanding the announcement that
the further sum of Sl.000,000 gold has
been engaged for shipment to Europe
on Tuesday next. This makes $780,
900 engaged up to the close of business
today. The sales aggregated 17G, 500
shares.
The Post says: "Similar to that of
last week. today'S bank statement was
much more favorable than had been
predicted, the receipt by many banks of
legal tenders from Deighboring cities
having, III large part, eluded the notice
of inquirers. Bank gold holdings were
again substantially unchanged. Consid-
cradle light will be thrown OH the tenac-
ity with which this specie is held by the
facts developed in Comptroller Hep
burns March report. This embraces
all the national banks in the country.
Compared with year ago, it appears
the banks of Chicago have increased
their gold coin and certificate holdings
81, 1928, 1856, while the bulk of the legal
tenders has in the same time fallen off
$5,629, 342. and now stands at the unusu-
ally low figure of S5.S26, $50. Now, of
the entire cash holdings of these
twenty-three banks, fully 10 per cent is
i'll gold. TO appreciate this remarkable
fact comparisons should be made with
the Fourth National Bank of New York
city, whose holdings of gold coin and
certificates at the present date make up
60 per cent of its total cash resources.
While the Chicago banks in the past
year have been increasing their stock
of gold by a million and half, and
while most of the other Western bank
ing centers tell the same story of ex-
panding gold reserves, the banks of
New York city have lost in specie near
ly S25. 900, 900. 1t would hardly be fair un-
der such conditions to blame the local
banks for refusing to turn in voluntarily
any more of their gold balance to the
treasury"