Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-25
MONEY AND TRADE,
FINANCIAL.
Money and Stocks.

NEW YORK, Oct. 24.-Governments quiet and
weak. Bar silver, 114h. Railroad bonds irregular,
but in the main lower. Kansas Pacific income No.
16 were exceptionally strong and advanced "a per
cent. Cleveland Columbus b Indiana Central frsts
sold up to 1877 do. seconds to 81. State securities
dull and generally lower. The money market was
stringent up to the close, and while @A per cent.
was paid in addition to the legal rate early in the af
ternoon, the closing rate was per cent. It became
clear before the day closed that the strngenoy
purely artificial and the work of one or two large
spectators, who had borrowed all the money they
could and withheld it together with their own from
use in the loan market. The object was to break
stocks for the purpose of buying. .,
Stocks-At the stock exchange the excitement
throughout the day was intense and the tran actions
were on very large scale. The small speculators
received lively shaking up, and slim margins were
wiped out with great rapidity. In the early dealings
prices yielded u to 5H per cent. the coal shares,
Pacific Mall Erie, the grangers, and southwestern
shares leading the downward movement. During
the afternoon recovery Of n to sH per cent. took
place, but the advance was partially lost In the clos
ing dealings. The chief cause of the sharp decline
was the locking up of ten million dollars and the
fusal of the banks to accept the light fancies that
have hitherto passed muster as collateral. The
Graphic says the screws put on the money mar
ket to-day, and by parties who least expected to
be engaged In that business. It was supposed that
Mr.. Sages interest on the long side was sufficient
guarantee against his tightening money, but things
are not always what they seem. There were appar-
entity we'll authenticated reports on the street that
| certain large holders of southwestern stocks and
other shares Of Western roads had called in loans
for the purpose of squeezing the money market ard
| shaking out weak holders of stocks If this was
their purpose, they undoubtedly succeeded in par
TALLY accomplishing 1t under the circumstances.
considering the great advance that has recently taken
place. The elasticity Of the market was somewhat
marvellous The moment the pressure was raised,
stocks rallied with great rapidly. Some of the par
ties engaged in pressing the market down are cred
tied with being heavy buyers on the decline. Wash
ingon dispatches state that the treasury traps
| ferred ten m lion dollars in gold to the New York
assay office to facilitate the exchange of foreign
gold coin. Chicago. Milwaukee 4 st. raul earnings
show an increase Of $3.50 for the third week of
October, and Chicago Northwestern $4,000 for
the same period. The first install1nent Of The S5.-
600 QUO Denver Rio Grande extension pool amount
ing to l,0O0.O o. all paid in by the subscribers
to-day to Woershoeffer & Co.. tina cal agents of the
| company The balance is to be paid in at the rate
OF half million per month for the next eight
months.
| At the close transactions aggregated 474.ooo
shares Of which las, 1000 were Er1e 1900 Lake
shore Michigan Southern; 24,O Toledo 4
Wabash: 10000 Chicago Northwestern; $4,000 Mil.
| waukee 4 St. Paul; SO 1000 Delaware Lsckawanna +
Western; 1000 New jersey Central; 1000 Delaware
\ Hudson; $500 Michigan Central; 10000 Union
| Pacific; 5000. Cleveland, Columbus / Indiana Cen
trail; 1l,0O Hannibal & ST. Joe; 5000 Ohio Missis
sippi; 1000 Western Union: 1900 Pacific Mail
5000 st. Lous, Kansas City l. Northern: 2.3O0
Missouri, Kansas Texas: 5000 Northern Pacific
$500 St. Louis Iron Mountain: 5000 Indianapolis
Cincinnati Lafayette; 30. Lake Erie h western
$500 Nashville, Chattanooga l. st. Louis; 1900
| st. Louis h San Francisco g., 90 Louisville Nash.
vile: 5000 New Jersey Southern, and 1000 Chicago.
| st. Paul l. Minneapolis
Money. GOTTA, closing at 8 per cent. Prime
mercantile paper 506H per cent. Sterling exchange
bankers bills dull at SOA; sight exchange on New
York 83k. 49,
Dry goods imports for the week, $l,777,Goo
Inc following were the closing quotations: