Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-10
Eastern and European Markets.

New YORK. Dec. 9.-Money per cent. per
annum and 1-32 per cent. per diem, closing at 6
per cent. per annum., 1-16 per diem Prime mer-
camille paper COR per cent. Sterling ex-
change, bankers bills steady at $479. Sight
exchange on New York $4.S1&.
Governments weak and q per cent. lower
for 5s and Is. but stronger and 1s@A per cent.
higher for 411ss, and 1901 per cent. higher for
As. The treasury to-day bought $4,000 in
Us of 1880. Railroad bonds generally strong
and 1a@215 per cent higher, the latter in st.
Louis & San Francisco, class B; the southwest
ern shares were all prominent in the advance.
State securities in fair request and generally
strong.
Stocks-The stock market opened with quite
a boom and prices advanced 1905 per cent. on
an active business. At the first board q re-
action of 1902 per cent. took place, but this
decline was afterwards recovered and the mar
ket continued buoyant until the second board.
when reaction of 14@1& per cent ensued.
In Western Union Telegraph, however, there
was heavy pressure to sell throughout, and
the stock broke on an unfavorable quarterly
statement of the company. The greatest ad.
vance was in Chicago, Burlington & Quincy.
which sold up from 173 to 175. The market
was strong late in the afternoon, with Chicago.
Milwaukee & st. Paul as the feature the stock
selling up to 1ll$4 towards the close How
ever, when money loaned at commission a
marked change in the temper of speculation
took place and prices reacted sharply. The
decline from the highest point ranged from
1902 per cent. Western Union Telegraph,
however, was heavily pressed for sale through
out the entire day and declined ~ per cent,
closing at the lowest point. The special
American committee of the Panama Canal
company are authority for the statement that
subscriptions in Europe to the stock of this
company, the books closing to day, amount to
more than double the amount of shares to be
allotted, so that a considerable reduction will
be made to subscribers. 1t is reported the
presidency of the company will be offered to
Secretary of the Navy Thompson. Central Ari-
iona declined to so on large transactions, be-
cause broker heretofore identified with those
thoroughly acquainted with the working of
the mine was an open seller of the stock, but
it was believed the insiders were buying
heavily at low prices throughout by side bro
kers, for the reason that the new 8O-stamp mill
began running yesterday.
The Commercial Advertiser says the sudden
rise in Union Pacific stock from par to 1911
per cent. has given rise to all sorts of rumors
in Wall street as to change of control at the
annual election in March. There is strong
impression as to the changes that the Chicago,
Burlington & Quincy people in Boston, and
perhaps Mr.. Vanderbilt, have to do with it.
We have heard that Mr.. Gould and his New
England colleagues in Union Pacific manage.
ment are not together in accord as to the policy
of increasing the connections and responsible
ties of the company with the Southwest and
Texas, and it is possible Gould has concluded
to sell out. Another reason for change is
that the Union Pacific and Chicago, Burlington
& Quincy people have been at cross purposes
for year or two about western extension of
the Chicago, Burlington & Quincy system.
The Financial Chronicle is making MP the
returns from forty lines of road, SOL 556, 500 in
the aggregate, being an increase over the heavy
business of the same months last year of 81
per cent, or 1871, 600. The roads earning over
81 ,0O0, 900 on their last years mileage are New
York Central. S3,04SO00; Central Pacific,
50, 154 900; Union Pacific, $2,265, 600. The
Chronicle also reports from thirty-nine lines,
Union Pacific not included, earnings fer eleven
months of the calendar year, Bits, lbs, 900; av-
erage increase of rs per cent. over 1879 or
1886, OOO, 900.
The Bulletin says: Speculation was again
very active at the Stock Exchange, and this in
creased the demand for money SO that the rate
was sharp per cent, and late in the day
commission was paid. The Bank of England
again lost large amount of specie during the
week (s929 ,000) and the reserve was reduced
from 40 per cent to 451 per cent. of liabilities.