St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-10
FINANCIAL.
New York.

NEW YORK. Sept. Depreciation on
the stock exchange during the two
hours of business open to the operators
today was of an unsettled character.
After a very strong opening the deal
ingS became weak gradually and gem
eral decline followed in which the en-
tire active list participated. The de-
preston was followed by a period of
strength. during which the best prices
of The day were made. About IL o'clock
another bear movement WaS developed,
which was led by Chicago Gas, Il sharp
bea1 attack made on the stock, bringing
quotations down 2}S from the top figure,
the closing price showing only recOv-
cry of Is per cent, Sugar was the most
active III The dealings, which OpeEed at
an advance of l per cent, declinig q,
selling up Il. and closing at Il reaction
of rs. St.Paul rose per cent from yes
terGuy's closing, reacting &c, the last
price being the lowest of the day. Read
ing sold up l per cent, lost the improve
ment advanced Is and declined a, re
covered y and reacted Is; Aichison
fuciuated within a margin of 3S per
cent all day. closing within Is of the
lowest point; Western Union lost a
and Chicago, Burlington IL Quincy 4
per cent on the day. These were the
only securities in which tine transactions
Gas and General Electric show a de
cline of Is to "a per cent, New England
and Western Union % Lake Shore and
Rock Island =, Louisville Il Nashville
and Delaware IL Rio Grande preferred
IS and Lake Erie Il Western = percent.
The rest of the general list made adj
vances in the day Of 1s(t03}4 G. the latter
III Rubber. PniIman Is up 80 C; Cord
age and Ellison Electric, 2i3c; Cotton
preferred and Lead preferred. 214c;
SUGAR preferred, 23s G.; Manhattan Con.
,. and Kansas * Texas, Tobacco and
ROME, WATERFOWL IL Ogdensburg ano
American Cable. l.
AT the close the market was generally
weak.
The depression during the last halt
hour Of business was undoubtedly due
to the fact that the bank statement was
hot construed as being entirely favor
able. The decrease in deposits, small as it
was, did not appeal to the speculative
fraternity as indiciive of that feel
ing Of confidence i'll money circles
Which has been heralded as eX-
Seems to have been anticipated, ami the
loss nf not quite quarter Of million
dollars had an unfavOrabe effect. In
every other respect the statement was
good one, the increase in specie and
legal tenders aggrcgating nearly 5000
coo, the reserve going up over four and
a half millions, the deficiency and
surplus OF nearly $3,01O,090 being ac-
Quircd. The contraction in loans, too.
was substantial, auI was due to the
repayment Of money borrowed 10 facili-
tate gold imports. But, despite the
taSty Judgment passed npon it by the
stock operators. the bank statement is
essentially favorable, and is so regarded
i'll business circles.
The Post says: The panic of 1893
has already been described by most
competent observers as business
breakdown, unprecedented IN its pecu-
liar features. fine recovery from the
panic bids fair to ignore precedent quite
a. completely. IL is now lain that the
point IL which this years business diff
fered from almost all previous troubles
Of the kind Was in the general reduc-
ton OF stocks on hand in nearly every
branch of industry which went before
the panic. In other words, this years
collapse followed a period Of actual and
continuous contraction, whereas almost
all other of The panics in financial his
tory have followed extreme expansion.
The six months paralysis of credits
has carried this contraction vastly
IurtllSr. as result the business
world is confronted with short
age in working supplies SO great as to
compel immediate renewed activity to
satisfy ordinary needs. In other years
The aftermath OF panic has meant pro-
longed liquidation of overeXpanded
stocks for which the demand had sud
denly disappeared. Were silver legisla-
ton still menace this revival could
proceed only by Il handtomonth indus
trial process. but with a sound money
vote assured in congress, the natural
machinery of trade has resumed full
operation. The probability is thateven
in the West. where especially inflated
enterprises have been brought down,
wholesome results will very soon be
perceptible. Certainly this is true with
some Eastern industrial" combina-
tons. Nor ought the fact to be over
looked, since all sides concede the GER
tainty OF revision OF the tariff, that the
time is more propiti0uS for such changes
than any period within the present gen
eration.'
MISUNDERSTANDING