St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-03
FINANCIAL.
New York.

New YORK, June 2.-The dealings
at the stock exchange today were char
acteriZed by marked depression. Lower
prices from London at the opening, the
Straine d condition OF banking and COM
mercial credits in the West and the fur
Their exports of gold added 10 the bold
ness of those operating for decline.
Wherever it was supposed that long
stock could be reached an attack was
made, and not without results. The
heaviest losses were 81 in Edison lliu
minating, in Baltimore Il Ohio and
Norfolk u Western preferred, in Chi
cago Gas and Manhattan, 32 i'll Louis
vile & Nashville, 25s in General Elec-
wanna. The remainder of the list
yielded 15@1H per cent. Norfolk &
Western preferred was heavy OH the
proposed issue of S5.O00,000 new pre-
ferred stock and similar amount of 5
per cent 100-year bonds Chicago Gas
was weakened by rumors. which lack
confirmation, that efforts were making
to enjoln the payment of the dividend
recently declared. Distlling and Cat
tie Feeding and New England were
comparatively firm. After delivery
hour Edison Illuminating recovered to
los bid, and there was a recovery OF 2
per cent in Manhattan, Il. in Louisville
4 Nashville and 19@1 per cent in other
stocks. The rally was due chiefly to
purchases to cover short contracts. The
market closed steady i'll tone.
The Post says: both in this country
and in Great Britain trade enterprises
are pursuing steady course of liquida-
ton. The grain market particularly
has felt the strain this week, and COM
pulsory closing out Of large wheat con-
tracts has been feature in Liverpool as
we'll as in Chicago. On both sides of the
Atlantic the money question dominates
the situation. Money rates in both mar
ketS are nominally declining. The col
lapse Is purely collapse of credit,
which, indeed, is by far the more serious
and wlde-reaching of the two cOntin-
gencies. In England it is possible to
trace distinctly the cause and the prob
able continuance of the effects. The
cause of LondOn's trouble was in fact
temporary by its nature. If the same
could be said of our own troubles, the
gloom overshadowing all the markets
might be frightened"
Bradstreet's weekly Wall street re-
view says: Speculation seems to drag
along in the same rut. Incidents sup
ply the place of any general or marked
tendency in prices. The thoroughnesS
of the liquidation is attested by the in
diffe renee of the money and stock mar
kets to the heavy gold shipments, the
outflow this week amounting to Sc, 500,
600, while only passing attention is
given to the fact that the governments
gold reserve is reduced to the neigh
borhood of S90,000.000. Public interest
or buying for London account are
practically absent, and the bear traders
supply the only animation which the
market has presented. Pressure to sell
stocks from this quarter, however, does
not seem to bring out long holdings, land
the tendency-tO OverSell, and thus pave
the way for rallies, is still very appar-
ent. The general tone has, however,
been unsteady and discouraged. all in
terruption due to Tuesdays holiday
causing dizziness at the beginning of the
week: and, though more activity was
shown after the resumption of business
Wednesday. it was largely at the ex-
pense of values. The fact that New
York banks are keeping an unusually
large part of their resources in the
available TORN Of call loans, ana that
money can be obtained from day
to day at around 8 per cent,
street and to weaken the force
of the gold shipments and the shrinkage
in treasury reserves. The street, how
ever. cannot fail to benefit, but the
pressure for moneyat the interior, the
demand for rediscOunts from that quar-
ter and the steady succession OF banking
or mercantile disasters, show the ex-
Istence of financial pressure. Another
factor, not without its effect, is The
somewhat exaggerated and probably
premature cry that the Chicago worlds
fair is disappointment, not only in its
direct pecunlary outcome, but in regard
to the volume of traffic which it was
expected to yield to the railroads. FRI
days market showed increased bold
ness on the part of traders, while the
distrust of foreign interests with the
situation here has further interest OH
the speculative situation"