St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-08
FINANCIAL.
New York.

New YORK, May 6.-After one of the
most exciting weeks in the history Of
the stock exchange. Wall street today
had much longer breathing spell. The
absence of failures, the reports that GER
tain firms who Succumbed to the recent
shrinkage in prices will shortly resume,
and the favorable bank statement, all
combined to restore confidence and lead
to material recovery in prices. The
movements were by no means regular,
but there is nothing strange about this,
when it is considered that many
firms and individuals were disposed to
take advantage Of the rallies in the mar
ket to place their affairs in an easier po-
Sition. Hence, every time substantial
recovery occurred, good many long
stocks came out, and reactions enSued.
. There was comparatively little excite
ment, however, and the dealings we're
not much above the average, aggregat-
hours. A further reduction in sterling
exchange, which renders the likelihood
of gold shipments still more remote,
tended to improve the feeling on the
street.
The most important factors, however,
are the continued absorption of stocks
for London account, and the buying for
home investors who have put in an
appearance on the street for the first
time in a year or more. So many stocks
have been bought and paid for during
the last twenty four hours that weak
houses have been enabled to place
themselves in comparatively easy
condition. OF course, there may be
further forced liquidations next week,
but the belief obtains in usually we'll
informed quarters that the crisis has
been passed. The industrial stocks
showed the largest net gains
today. American Tobacco ad-
vanced II, Sugar 81, preferred
53I, Cotton Oil preferred 235, Chicago
Gas /. Consolidated Gas 2, General EIec-
trio 259, Cordage preferred 3, National
Linseed OIL 25l and United States Rub
Der 81 points. Among the railways
preferred, Omaha, Evansville & Terre
Haute and Great Northern preferred
advanced 2 to points. Active stocks,
st. Paul, Rock Island, Union Pacific,
Missouri Pacific, Lake Shore and Louis
vile & Nashville, closed II to u lower
than on Friday. The market closed
/ firm in tone.
Tie Post says: 1.-THE financial tenn
pest of this week having now spent its
energy, the normal forces OF the stock
market began today to operate again.
There was necessarily confusion and
irregularity. but the excitement was
past, and the trading settled down to
something like its ordinary volume.
Here and there-notably as might be
supposed, in the industrial stocks-the
continued covering of shorts pushed
prices at the end considerably above
yesterdays closing level. Yet these were
The exceptions. London was no longer a
heavy buyer. lii one or two quarters the
foreign houses sold. The feeling that
general conditions are not ct materi-
ally changed, and that London's perma-
nent support is an exceedingly doubt
full factor, had its due influence. Two
favorable elements in the days news,
the gain i'll bank reserves, and the COM
plete decentralization of sterling rates,
probably helped the market; but so
much was discounted in yesterdays
final furious advance, and so Wild and
baseless were the stories then circu-
lated to help along the rally, that
downward movement rather than an
upward reaction was in many ways in