St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-17
FINANCIAL.
New York.

1NC0 AOk AAs
New YORK, July Is. - 1t may be
safely said that a very critical week, as
we'll as one Of great significance, closes
today in the financial markets. Espe-
cially in London it had been expected
that the regular fortnightly settlement
OF stock exchange accounts would de-
velOp serious trouble. Within fort
night had occurred the violent break in
prices consequent on the India councils
move. and the feeling in London had
been very weak. This week was bound
to bring the situation to test. AL
though the monetary situation in New
York had grown tritie easier,
it was feared that a further fall
in market prices would precipi-
tate trouble. These double eXpecta
lions were reflected this week III bold
and extensive movement on both Sc
curitY markets by speculative operators
for the decline. The movement was
conducted by the use of every eXpe-
dent known to professional wreckerS
of values, including the reckless circu-
lation of false rumOrS and sales OF
enormous quantities of ''Short' stocks;
but it failed almost completely. Neither
in London nor in New YORK did the
anticipated disasters come to light. In
London there were perhaps a dozen
broker failures, only one of which,
however, was of any consequence, while
nearly all were those OF small business
men not members of the stock eX-
change and described on the
London market somewhat con
temptuOusly as 'Jobbers." The
end of the we ek's experiences
has, therefore. been distinct improve
ment in confidence, and confidence at
the moment is the one thing needful.
The incidents of the week have shown
with unusual force how closely in these
DAYS the worlds financial markets are
bound together. In Capel court and in
Wall street the weeks experiences have
been identical both as time and charac-
ter. A difference mas existed in the
fact that while New York has gathered
encouragement from the increasing
signs of the movement of foreign gold
in this direction, London has regarded
with some apprehension the drain upon
its reserves. It's, however, hardly pos
sibIe that q steady improvement in the
American markets should not far more
than offset IN London the incident of a
heavy specle export. In point of fact,
the Bank of England's gold balance has
for a fortnic hit been larger III amount
than at any period in the last fifteen
years.
In todav's market higher prices were
recorded at the opening of business at
the stock exchange, an advance Of Is to
u per cent having been established in
face of the lower cables. The rise was
stimulated by reports that a new bull
combination has been formed with q
certain operator heretofore conspicuous
in industrial deals as manager. People
in position to know thought the
rumors grew out Of the fact that the
operator, who has been in Quiescent
mood of late, had purchased line of
stocks on the break early IN the week
| for turn. The Kansas bank trouble
and attachment of the mine property
caused change in sentiment, and the
early gain was not only lost, but a net
decline of Il to q per cent was recorded
| for the day. The bank statement, with
its gain in reserve, the first increase
reported since May 81 last, checked
the decline for time. but at
The close the tendency was downward.
Chicago Gas was heavily sold by a
leading broker, and under his offering
the price fell to 613s. Nospeclal reason
was assigned for the selling. General
| Electric also lacked support and fell
| tine grangers Northwest was notably
weak on the Schlesinger embarrass-
| ment. The common, after fractional
| advance to 1917, fell l to 9S34, and let
| off at 100. In the stock loan depart
! meut New York Central lent fiat. Bal
! timore & Ohio and Burlington 4 Quincy
at 203. Louisville IL Nashville at 3,
| Lake Shore at 4, Western Union, Rock
Island and Northwestern at 3, st. Paul
and Chicago Gas at 6 per cent for car
| rving. The market closed weak. The
sales of stocks were ~, o93 shares. -
The Post says: One thing was pretty
evident from today's bank statement
that institution money withdrawn a
fortnight since from bank deposits has
not vet been returned. The eXtraOrdi-
nary contradiction in the statements
| publicly given out by officers of savings
| banks make this somewhat delicate
matter for discussion, but enough OF
| these gentlemen have discussed the
| situation frankly to give fair contil ma
| ton to the belief that such Withdrawals
had been very large. There is no sign
of their redeposit in the statement oil
today. What this statement reflects is
material shrinkage in both loan and
4 deposit accounts, the aggregate OF
| which, after deducting from the loan
/ account the clearing house certificate
| cancellations are pretty much the same.
1 No doubt the breaking down of mar
i GINS in Tuesdays and Wednesdays
| markets explains some of the loan con.
fractions; at any rate it must be evident
/ that the changes are chiefly local. The
gain in specie has been an obvious eX
i pldnation; the loss in legal tenders is
/ less plainl to be accounted for. Con.
| servative estimates had reckOned al
| least 100000 net received on ship
1 ment from interior points; lis not easy,
therefore, to explain the net currency
| loss OF SS7S, 800. Fortunately, the reserve
! itself sho VS. material gain, of which
| the moral effect on the money market
may be considerable.
| asi The Total Sales Of Stocks