St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-02
FINANCIAL.
New York.

NEW YORK, July WAL street was in a
more conhdent mood today and the anxiety
which has been so pronounced during the
week gave way to feeling of relief. The
change was due entirely to President
Cleveland's proclamation calling al extra
session OF congress TO provide legisla-
ton TO alleviate the financial distress
The change of the stock market was
active and excited and in the first fifteen
minutes of business prices bounded up Yea
"a per cent American sugar. preferred
jumped 4S4 10 S2S4, st. Paul & Duluth 4I2
and the general list 12Q2I2 per cent while
the bears were the most anxious buyers pur-
chases were not confined 10 the shorts, by
any means. Commission houses reported a
little more inquiry from outside sources, and
II money should work easier next week they
look for a continuance of the demand. The
grangers, Lackawanna, Union Pacific, Man
haitian anG western Union were among the
strongest stocks at the opening. Toward IL
O'Clock the market Quieted down con-
slderably, and prices rau~~off. Some of
the traders then began to discount
the effect of the bank statement,
which they expected would be unfavorable
Ihey were correct in their premises, and
when the statement was given out showing
loss of 81, 230, go i'll surplus reserve, bringing
the amount held in excess OF legal require
ments TO LIS. the whole market weak
ened, The decline from the top ii lures OF
the morning was equal to l2I12SS per cent
and the reaction was greatest i'll the indus
trials. Missouri Pacific, the grangers. Lack
dNdIlud anu western mon. Inc market left
off comparatively weak, although the ma
jority of the prominent shares showed net
gains of l2Gll12 per cent for the day.
The Post says: With all markets gov
erned to SO extraordinary & degree by senti-
ment it is not easy to say how permanent
will be the present influence of the presi-
dents proclamation. Money accomnIoda.
ton has been universally permitted to stand
over the 4th, and By that time the redeposit
of July disburseme Mt funds must bring re-
lief. return of the gloomy days witnessed
this week. therefore, is scarcely probable.
What would undoubtedly. however, ease the
situation more than any other single event
would be the resumption of gold imports
concerning which options vary in an I'M
usual degree. The experience OF the last two
weeks suggests that with decline in money
rates sterling will advance. AS this, how
ever, means a return of the market to normal
conditions it can hardly be Looked on as
unfavorable, but even, with considerable
advance, rates would still justify the import
of gold bars or eagles. These the Bank of
unprecedented large reserve of gold-up-
wards OF $4,000 O.-it is completely master
of the situation. There is no gold III Lon
don's open market and such as arrives from
time TO time Is bought, as was the case this
week, by the bank. Bnt this situation can
hardly continue permanently. The volume
of grain exports, and the known foreign pur-
chases OF wheat futures, insure a later return
in the trade balance; so that the best the
bank can do in any case is to postpone the
day of reckoning. The banks present un-
usual strength in bullion renders it possible
that the appeals of New York sterling bank
ers may be considered. If SO, the flow of
gold IN this direction may begin very soon.''
The Total &aIax or Sfoas-a