St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-11
FINANCIAL


NEW 1Ohhs OtpI. S.-OpCCulaClOn on
the stock exchange during the two
hours of business open to the operators
today was of an unsettled character.
After very strong opening the deal
lDgs became weak gradually and gen.
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 II o'clock
another bear movement was developed,
which was led by Chicago Gas. sharp
bear attack made on the stock, bringing
quotations down 25S from the top figure,
the closing price showing only recov-
cry OF Is per cent, Sugar was the most
active in the dealings, which opened at
an advance of l per cent, deciinig 81,
selling up %. and closing at reaction
of 1Ss5. St.Paul rose per cent from yes
terday's closing, reacting sc, the last
price being the lowest of the day. Read
ing sold up per cent, lost the improve
ment. advanced % and declined a, re-
covered Is and reacted Is; Atchison
fiuctuated within margin of "a per
cent all day. closing within x of the
lowest point; Western Union lost "a
and Chicago. Burlington & Quincy Il
per cent on the day. These were the
only securities in which the transactions
exceeded 5000 shares: Whisky, Chicago
Gas and General Electric show a de-
cline of e to q per cent, New England
and Western Union IA, Lake Shore and
Rock Island 4, Louisville & Nashville
and Delaware q Rio Grande preferred
g and Lake Erie & Western p per cent.
The rest of the general list made ad-
vances in the day of 11S@35lc. the latter
in Rubber. Pullman is up SIC; Cord
age and Edison Electric, 215c; Cotton
preferred and Lead preferred, &c:
Sugar preferred, 27sc; Manhattan Con.
solldated and Great Northern preferred,
2, and Kansas IL Texas. Tobacco and
Rome, Watertown q Ogdensburg ana
American Cable. 1.
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
not construed as being entirely favor
able. The decrease in deposits, small as it
was, did not appeal to the speculative
fraternity as indictive of that feel
ing OF confidence in money circles
which has been heralded as eX-
istiug. A good increase in deposits
seems to have been anticipated, and the
loss of not quite uarler of million
dollars had an unfavorable effect. In
every other respect the statement was
good one, the increase in specie and
legal tenders aggregating nearly st, O00,-
600. the reserve going up over four and
half millions, the deficiency and
surplus of nearly S3,000.000 being &C.
CURED. The contraction in loans, too,
was substantial, and was due to the
repayment OF money borrowed to facili-
tate gold imports. But, despite the
hasty Judgment passed upon it by the
stock operators, the bank statement is
essentially favorable, and is so regarded
in 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. The recovery from the
panic bids fair to ignore precedent quite
as completely. 1t is now plain that the
point IN 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 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
further. 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 hand-to-mouth indus
| trial process, but with sound money
vote assured in congress, the natural
machinery of trade has resumed full
operation. The probability is that even
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 propitiOus for such changes
than any period within the present gem
Grafton"
I