St. Paul daily globe., 1893-08-28
FINANCIAL.
New York.


of Improvement at the stock exchange,
quite number of the prominent issues.
such as New York Central, Lake Shore,
Erie, Sugar, st. Paul, Burlington &
Quincy. Rock Island, Canada Southern,
Northwest, Manhattan, New England.
Northern Pacific common and preferred,
Reading. Pullman Palace, Union Pa
cific and Wabash preferred selling at
the highest point of the week. At the
top notch the stocks named showed
gains for the week of to per cent.
today was the general belief
that the bank statement would
be favorable. The expected hap
pened. The banks added S5,30S. 125
to their reserve, but are still So, 737, 675
below the 25 per cent required by law.
The exhibit was even more favorable
than it looked, for the banks gaining
S5,354, 800 in cash and SIT. 800 in depos-
its, loans were contracted S2,932. 500,
while circulation increased 81 ,042, 900,
making the total increase this month
S2,644, 600. In general way the market
was strengthened by the recent arrivals
Of gold and conviction that the Sher-
man bill will be repealed. The rise in
| daced some selling to reailze profits, but
atthe close the list was strong and firm.
The net gains for the day ranged from
% to ~ per cent. the latter in Lake
Shore; Western Union and New York
Central made fractional losses. The
totafSaleS of listed and unlisted stocks
were 79, 1926 shares.
NEW YORK, Aug. 26.-The Post says:
"a noticeable feature of the week clos
| ing today has been the improved feeling
| in several trade centers. The railroad
! returns and the figures of the weeks
| grain shipments show that the better
| feeling is not at all due to freer money
| accommodation. Improvement in that
market is hardly -perceptible. Twenty
railroads reporting gross earnings for
last week show upwards of II per cent
decrease from 1892 Wheat exports for
| this week, as reported today, have
fallen off 1,l69,300 bushels from last
weeks record, and corn exports
have decreased nearly one-half. The
shrInkage IN the country's clearing
house exchanges, which fairly reflect
| business activity. is enormous. The
| first week in August showed decreases
| in total clearings, as compared with
1892, of only 6 per cent. The second
week showed 20 per cent decrease. The
third, "A per cent, and this week the
falling off is more than 33 per cent. All
these unpleasant facts, however, point
in one direction, and plainly suggest
that the countrY'S production and dis
trlDution of commodities is getting
down, so to speak, to hard pan. Such
reduction of available stocks as
every industry has lately wit
messed cannot possibly go much
further. The iron trade, which
was the first to curtail production, is
naturally the first to resume activity in
certain directions to meet immediate
and perempt0ry demands OF trade.
Other industries must necessarily fol-
lew suite, currency or no currency. The
imported gold has Simplified the prob
lem to some extent; the repeal of the
silverlaw, through general restoration
of confidence, would solve it. But in
some way, proper distribution of COM
moditieS must be resumed. and that
very soon. by makeShlftS if not by the
normal machinery of trade. We are
very far from the barter period OF 1857
Until confidence is restored, however,
the process will be SLOW"
Railway and miscellaneous bonds
were active and strong. The sales were
S914, 900. Atchison seconds rose to 81
Atlantic & Pacific fours 115 to 80, and
Allegheny consol firsts 216 to 721l, Chi
cago Gas firsts l to IA. Erie consol sec.
onds TO 67. Iron Mountain tives 81 tc
60, Kansas & Texas fOurs to 1874, On.
tariO u Western fours 2 to 7S16, Reading
fOurs l to 63. Reading frsts l to 25$L
Reading seconds u to Is, Richmond
Terminal 5S trust receipts, IA to 1915
do is, Z to 47@45; Texas Pacific lists,
to I'll; Savannah & Western Iirst trust
receipts, to 3S: Western Union 5s, tC
81. and West Shore coupon As. to 9515
East Tennessee conSol 5s fell l TO S3
and Pittsburg & Western As to ~
Chicago & Northern Pacific lists ros(
IL to AZ, and receded to 3S2lC039.
Inc EOial Sales OF SIUcxs
TODAY were 50, 800 shares, including:
Burlington @. 4.0OOlNorthern Pacific $780,
chicago Cas-. 6,5OOIot. Paul ....... 1906
Iackawanna. =. 5. .3oC Sugar. 49,. -. 0, ,4p
GeneralElectric. 5,100l Western Union. s.gO