St. Paul daily globe., 1893-06-12
FINANCIAL.
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
early in the week. The buying movement
was stipulated by the favorable reports OF
the railroads, the st. Paul company showing
an increase in gross receipts for the past
week of $50, 200. Then again the operators
most prominent on the board have changed
front and pronouncedly bullish Oh
bly, Chicago Gas. Today leading trader
who has contested the rise in the market for
the past few days began to cover up, and his
purchases were mainly instrumental i'll
bringing about the advance which occurred.
The bank statement, with its loss of $685.,
600 in surplus reserve, was ignored and after
its issue a number of stocks sold at the best
figures of the week. Another feature was
the enormous loss in legal tenders of over
81, 600 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 l2 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 G. Nashville, New York Cen
tral, Northern Pacific preferred, Union Pa
cific. Sugar, Lead and COrdage preferred.
All the stocks named sold at the top figures
OF the week and closed at or near the high
est point The market closed strong. The
sales aggregated los, 6l2, of which IL, 63s were
unlisted.
The Post says: Probably the falling off in
local money balances reported in tOday'S
bank statement was larger than actual con-
ditions warrant The statement covers gold
shipments OF S2.501,0G0 on Saturday. and
Tuesday about S1,000,000 paid to the sub
treasury and something like 10000 trans
ferred TO the West, total outflow of IS, 500,-
900 against So, GSs, 001 reported i'll the state
ment What is especially significant how
ever, is a statement record of Sl2, ,4S5, 600 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
by the New York city banks; but
the Western banks were content to
leave the resulting credit balances here.
subject to draft in cases of emergency. The
emergency arose at the opening of this week,
when the panicky collapse in the Chicago
wheat market made New York exchange
almost unstable. Under such circum-
stances, il 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 It's 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. and 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, 7O1 shares, Including:
Atchison . 5.20OIRichmond Ter. AGO
Burlington Il @ II 100 Rock Island. " 1900
Chicago Gas . .13, 100ISt. Paul com. ~, 400
Distlling 10, POO Sugar. ...... 49, IA. 100
National Lead. $500