St. Paul daily globe., 1893-05-06
DAY OF RECKONING.
Interesting Comment of st. Paul
Bankers on the FURRY in
Wall Street.
-
The Northwestern Situation Is
Looked Upon as Satisfactory
and Encouraging.

A tour among st. Paul financial 1nstl-
tutions develops feeling of confidence
and sense of business ease that is we'll
exempliied in the following express
sions:
| William R. Merriam, President Mer-
| chants National Bank-No unpleasant
| news has been received of late from the
| financial circles of the Northwest. and L
look with a great deal of confidence
] upon the business situation in this sec
ton. The banks and business houses
| here are on firm footing, and some I'M
provement in collections is reported.
The business troubles so noticeable to-
| day and yesterday in the East have
| been due largely to over-speculation IN
the industrial stocks, a class of secur-
tiles which Eastern promoters have in
some cases watered so freely that it is
difficult to estimate their real value.
In fact much of their common
stock might be designated pure
water.' For such speculation
these days of reckoning come. | am
glad to see the stock market reacting
favorably toward the close, and | look
upon all good stocks as safe property
for investors at these prices. The
strength of the grain and provision
markets in the face of the financial dis
turbances in the East is particularly
gratifying to the Northwest, which is
such large producer of these staples.
Of course, the lurid reports from the
East excite the general public, and this
is an unnecessary source or danger to
localities far away from the scene of
disturbance; but the general situation
in the Northwest is very satisfactory.
We cannot, however, feel that the en-
tire business situation is free from
danger until some definite course is
taken to rid the country from the aglta-
ton of the silver question"
Henry p. Upbam, President First Ma
tional Bank-Our reports from the
Northwest are satisfactory. | think we
would have heard if there were any
trouble up here. The squeezing out and
settling up in New York have been
rather lively for day or two, but this
section is not suffering on that account.
The Eastern people are paying the pen
atty of dabblng in windy induStrialS.
The reports may cause a little ripple
among timOrouS people, but the West
does not feel as anxious as it might have
felt in former years.
The high rates quoted for money in
New York refer largely to loans on un-
desirable stocks | don't think regular
customers have to pay much, If any,
more than ordinary rates on legitimate
collateral. The way the wheat market
has kept up under the circumstances
has been very satisfactory. j. w.
FL = irct of
said: 81 hear nothing unfaVorable
today from the Northwest and would
not be surprised to see a favorable re-
action in New York by Monday after
the settlements of their stock exchange
circus are completed. They have had
cleaning up on inflated securities"
Maurice Auerbach, President Union
Bank-They have had quite a furry in
New York, which has cleared up large
amount of trading in windy stocks. 1t
will probably turn out all the better for
legitimate securities. There appears to
be nothing to fear in this section.
Wholesale houses are reporting better
collections in the Northwest this week,
and the business conditions OF Mime
sofa, Wisconsin and Iowa are very sat-
isfactory. There is nothing alarming in
this section. The grain markets have
behaved very we'll of late, and | candid
ly believe that the country is in good
condition. The repeal of the silver pur-
chase act would do much toward setting
financial questions. | look for its repeal
i'll the near future.
ID. A. Monfort, Cashier Second Ma
tional Bank-'So far as this part Of
the country is concerned, we have not
been unfavorably affected by the unsat-
iSfactory condition of affairs in New
York. There has been a shaking out of
holders OF inflated industrials in the
East, and while TO say that recovery
! in Eastern financial affairs may soon be
expected would be merely surmlSe, yet
i lhe facts are apparant that the furry
has been largely a settling time, brought
I