Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-31
MONEY AND TRADE.
FINANCIAL.
Money and Stocka.


NEW York, Oct. SO-Governments quiet Rail-
road bonds active and irregular and without import
ant change in prices. State securities dull Bar liver
l16h
Stocks-The market opened strong aud advanced
MOL per cent, but soon became heavy and declined
AG34 per cent, the latter in Delaware Il Hudson
This weakness was due 10 the ightness of money
aud to the ANNOUNCEMENT that the comptroller OF
currency had called upon Bank Examiner Meigs to
notify the New York city national banks that the law
restricting ccrthcation Of checks to the amount OF
depot it would be strictly enforced. During the af
ternoon frmer feeling prevailed and q recovery Of
A01A per cent. eusu d, but this partially los
in final dealings and tho market closed irregular and
feverish. The money market was very stringent III
the last hour and - high k@l per cent was paid
for one ys use, in addition to per cent. per an
mum. Without doubt the loan market was dis
turbed by the check certidcation matter aud by
propositions of public and private corporations for
LIST of November disbursements, The clique of
spectators identified with manipulation of the ban
market was conspicuous for the purchase of stocks
at the decline. Tho announcement b. the comptro-
Ter of ency that the department will see that the
law forbdding national banks to certify checks in
excess of amount to the credit Of the drawer is we'll
received by bank officials who declare it high time
decisive action il taken against this wild and 1am
pant speculation. In other circles, however, the
order is regarded merely technic and being merely
techni al. can be broken by technically. The law
pr -vidlng against generalization Of checks is an
old one and effort was made to enforce it at the
time 1t was passed, but without success, as broker
by applying at bank at 10 O'Clock in the morning
could loan any amount providing his securities were
good and that he made his loans good When the bank
closed that afternoon. However, it is thought the
governments action in the matter will have a de-
pressing effect the Market mainly because of the
ignorance with which many persons will regard it
1t will be well, says the Post if the actio of the
uptroller leads to conservatism and carefullpess
aud curbs wild speculatio at the stock exchange in
worthless stuff in shares Of questionable value at
the same time there Is why good houses in
the stock line should be In any way emb arrassed It
will hardly be Claimed, fancy, that the govern
ment can convert discount banks into savings hanks
The Express says: 1.-THE course of the comptroller
created great indignation among brokers, who are
the best customers Of the down town banks. If the
present m 5vement on the part of the government
should succeed in checking speculation in doubtful
sureties great good would be accomplished and
business diverted to solid class Of stocks and
bonds, which are much less liable to collapse, but
it Is very questionable whether it is any part Of the
governments duty to regulate the operation in Wal,
street This law in regard to Qualifications has been
dead letter since its very enactment and no pre-
tense was ever made Of complying with 1t. The
question Is asked, sWhy was not tn 8 law enforced
before now? The action Of those charged with the
execution of national bank laws naturally creates
serious criticism. The action Of some Of the W IL
street bank presidents il creating very bitter fee
Ing among some Of the stock brokers.s ,whoss q