St. Paul daily globe., 1893-02-18
BUNS EVEEW.
Geld Shipments z';ali Short Of
Expectations.

NEW ORK, FEB. l7,-R. Vi. Dun "
Co.'s weekly review OF trade: Exports
of gold today will not he $4,000, 900 as at
one time expected, and probably no
more than S2.0)0,0J0, and the treasury
reserve, over 500. .01J.0J0, has not been
diminished. Moreover, quite large pur-
chase OF security on foreign account
are reported, which would cancel heavy
advertised merchandise balances. and
to that extent prevent gold shipments.
Business at Chicago is better than last
year, and collections are satisfactory.
Fears of a railroad strike and doubts
about gold make banks conservative.
Trade at Milwaukee is improving, and
at st. Paul sho AS slight increase.
Speculative markets have been COM
paratively quiet in view of monetary
uncertainties, and somewhat weaker.
excepting that oil has risen 412c and
lard nearly 1sc Wheat is nearly &c
lower, with receipts of 1,600,0O0 bu at
the West in four davs. Corn Is 1l4c
lower aud cotton Is lower though the
receipts continue SMALL Oats and cot
fee are each &c lower. In stocks the
market has been somewhat depressed
by disappointment about bond issues.
The WOODEN works are as busy as ever,
and sales of wool at the three chief
p2r cent. The financial outlook de-
bends largely upon the fact that exports
of the principal products in January
were S29 O00. 900 smaller than last year,
while imports at New York alone were
$1,000, ,00U larger than last year, which
indicates a considerable excess of I'M
ports for the month and explains the
heavy outgo of gold. In February thus
far exports from New York have been
but little below last years, though at
cotton ports very much smaller, and
meanwhile imports show an enormous
increaSe-over 30 per cent. But those
who dread disaster may we'll remember
the rule that a panic that is expected
never comes.
The business failures occurring
throughout the country during the past
seven days number 233, as compared
with total of 26j last week. For the
corresponding week of last year the
figures were 299.
Sradstreet's Review.
Bradstreet's weekly Wall street re-
view SAYS: IAN increase in the nerv-
Gus feeling of the market followed the
decision of the government not to sell
bonds for the purpose of augmentng
the gold holdings of the treasury. Dis
appointment at the Illustration of eX-
pectationS TO that effect and apprehen-
sions as to the Immediate out
come of the currency Sltua-
ton have resulted i'll depression
which Friday developed into
liquidation of some proportions. Spec
uation was governed almost entirely by
these considerations and vibrated in re-
sponSe to the changing prospects Of ac
ton on the part of the treasury upon
the line which Wall street believes to
be the absolutely necessary one under
the circumstances. The industrlalS and
a few stocks which have been unduly
prominent in the recent trading were,
of course, the most prominent sufferers.
The most favorable incident of the
week was the apparent disposition of
London to purchase stocks on the de-
cline here. 1t is Intimated that there is
more than the covering of short
contracts behind this unexpected
attitude, which, it is even asserted, indi-
Gates that Wall streets apprehenslonS
about the outcome of the currency COM
plications are not entertained abroad in
a corresponding degree. The foreign
purchases were noteworthy in view of
the Indifference to our market which
London has exhibited, and their volume
on Friday was such that exchange
declined, the engagements OF gold for
shipment to Europe today being cur
tailed in consequence.
The only feature of the market has
been the ease with which the stocks
subjected to the liquidating process
have sold off.
PHILADELPHIA, Feb. 17.-There was
great excitement on the stock exchange
today. caused by the panicky dealing in
Reading and Lehigh Valley. Reading
opened at 234, a slight advance over
yesterdays closing quotation, ana at
that figure $500 shares were sold before
the decline set in. Taen the price
began to drop and large blocks
were thrown on the market. Over
$1,000 shares were dealt in dur
ing the first hours trading and
there was no diminutiOn in the volume
as the day wore on. The contagion also
extended to the Reading bonds, and
Lehigh Valley stock also came in for
tremendous decline. 1t opened at SO
and closed at 55$4. Reading closing
price was 2036 Readings first and pref
erence bundS fell from 63 to 6115; second
preference from So to 4S1s; the thirds
from 4454 to AN, and the general mort
gage per cents from S314 to S21s.