St. Paul daily globe., 1893-06-11
FINANClAE.
New York.

NEW YORK. June 10.-Speculation at the
stock exchange was characterized by strength
throughout the session The success OF the
Northern Pacific funding plan. as announced
by President Oakes, in the belief that the
Richmond Terminal and the National Cord
age reorganization plans will be carried
through, all added to the bullish feeling
which set in after the excitement i'll Chicago
was stipulated by the favorable reports Of
the railroads, the st. Paul company showing
anjncrease in gross receipts for the past
week of SS3, ,20l. Then again the operators
most prominent on the board nave changed
front and pronouncedly bullish on
number of the leading specialties, nota-
bly, Chicago Gas. Today a leading trader
who has contested the rise in the market for. .
thepaSt few days began to cover up, and his
purchases were mainly instrumental In
bringing about the advance which occurred.
The bank statement, with its loss of SS.oG6.-
800 in surplus reserve. was ignored, and after
its issue q number of stocks sold at the best
figures of the week Another feature was
the enormous loss in legal tenders of over
50, 000, ,0a0 which is due 10 the heavy ship
ments of currency to the interior during the
week to help out financial institutions. The
improvement in prices ranged from Y to "a
per cent. and was most marked in Chicago
Gas Rock Island. Manhattan, st. Louis and
Omaha, st. Paul and Quincy Pittsburgh
Western preferred. Cotton Oil, Illinois Cen
trail. Louisville Il Nashville. New York Cen
trial. Northern Pacific preferred Union Pa
citic. Sugar, Lead and Cordage preferred.
All the stocks named sold at the top figures
OF the week an | closed at or near the high
est point. The market closed strong. The
sales aggregated lGS,6i2 of which l0,63s were
unlisted.
The Post says: "Probably the falling off in
local money balances reported in todays
bank statement was larger than actual con-
ditioDs warrant The statement covers gold
shipments OF $3.50 ',000 on Saturday, and
Tuesday about 'S1,0J0.010 paid to the sub
treasury and something like S5,OO0.O00 trans
ferred to the West, total outflow of Sc, 590,-
0O0 against 81, ,6SS, ,00l reported in the state
ment WHAT is especially significant, how
ever, is statement record or 81, lS7,bUO de-
crease in deposits. This tells the story of
the Western shipments. 1t is now three
weeks at least since the bulk of the credits
drawn upon this week were established here
by the Chicago and St.Louis banks. Western
commercial paper was then freely discounted
the Western banks were content to
leave the resulting credit balances here.
subject to draft in eases of emergency. The
emergency arose at the opening OF this week,
when the panicky collapse III the chicago
wheat market made New York exchange
almost unstable. Under such circum-
stances, ii was inevitable that the New York
balance should be drawn out and shipped at
once, but the effect is pretty sure to be as
temporary as the acute local panic which
was its cause. Precisely the motives which
promoted the Chicago banks last month to
leave their newly created balance on deposit
in New York will operate again when the
Chicago situation has returned to calm.
When this occurs aud the low money rates
which always follow panics are prevailing
in Chicago it can hardly be doubted that this
weeks westward shipments OF currency will
come back"
The Total Sales OF Stocks
today were 13S 70) shares, Including:
Atchisop ~ 5.?03I Richmond Ter. 4.4>0
Burlington d @. II, 100 Rock Island. =. 4.9oo
Chicago Gas " l3. 100 st. Paul com. ~, 100
0nolSnoar 1 Inl