St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-16
FINANCIAL.
New York.

New York.
NEW YORK, July ID. - 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
or 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 trifie easier.
it was feared that a further fall
in market prices would precipi-
tate trouble. These double eXpecta
tons 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 weeks experiences
has, therefore. been a distinct improve
ment in confidence, and confidence at
81, 10 10 f.,I
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 eXperie noes have
been identical both as time and charac-
ter. A difference has existed i'm 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. tits, however, hardly pos
sible that q steady improvement in the
American markets should not far more
than offset iu London the incident of
heavy specie export. In point of fact.
the Bank OF England's gold balance has
for afortnicht been larger in amount
than at any period in the last fifteen
years.
In today's market higher prices were
recorded at the opening of business at
livestock exchange, an advance OF IS to
Is per cent having been established i'll
face of the lower cables. The rise was
stimulated by reports that new bull
combination has been formed with
certain operator heretofore conspicuous
in industrial deals as manager. People
in a position to know thought the
rumors grew out of the fact that the
operator, who has been in a QUieScent
mood of late, had purchased a line of
stockslon the break early IN the week
for a turn. The Kansas bank trouble
and attachment of the mine property
caused a change in sentiment, and the
early gain was not only lost, but net
decline of 4 TO 81 per cent was recorded
for the day. The bank statement, with
its gain in reserve, the first increase
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 6154. NOSpeclal reason
was assigned for the selling. General
Electri also lacked support and fell
from 65L to 67$4, closing at 62T. Among
the grangerS Northwest was notably
weak on the Schlesinger embarrass-
ment. The common, after fractional
advance to 10l4. fell l TO 9S$4. and let
off at leo. In the stock loan depart
ment New York Central lent fiat. Bal
timore d Ohio and Burlington & Quincy
at 203, Louisville d Nashville at 3,
Lake Shore at 4, Western Union, Rock
Island and Northwestern at 5, st. Paul
and Chicago Gas at per cent for car
rying. The market closed weak. The
sales of stocks were 1858 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 yet been returned. The eXtraOrdl-
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 contiima-
ton to the belief that such Withdrawals
had been very large. There is no sign
of their redeposit in the statement of
today. What this statement reflects is
material shrinkage i'll both loan and
deposit accounts, the aggregate OF
Which, after deducting from the loan
account the clearing house certificate
cancellations are pretty much the same.
No doubt the breaking down of mar
gins i'll Tuesdays and Wednesdays
markets explains some of the loan con-
fractions; at any rate it must be evident
thatthe changes are chiefly local. The
gain in specie has been an obvious ex
PLANTATION: the loss in legal tenders is
less plainly TO be accounted for. Con-
sentative estimates had reckoned at
least 100000 net received on ship
mentfrom interior points; it is not easy,
therefore, to explain the net currency
loss of SS1S, 900. Fortunately, the reserve
itself sho as a material gain, of which
the moral effect on the money market
may be considerable.