Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-02
Eastern and European Markets.

regular demand. Blankets and colored hannels
moving steadily"
Eastern and European Markets.
New YORK, Dec. Mooney active at
per cent. per annum; d per cent. per diem,
closing at per cent. Prime mercantile paper
sac per cent. Sterling exchange. bankers
bills steady at s4.79si, Sight exchange on New
York s4.s0&.
Money cost the stock brokers Is to "a of 1
per cent. per day in addition to per cent
until the last half hour of business arrived.
= The rate at the stock exchange fell to g per
cent Governments generally firm, notwith-
standing the liberal offer of the secretary of
the treasury respecting United States 6s, due on
the 1st. He was able to-day to get only $780,
900, of which S1SS, 600 were bought at l.02I
before the price was raised, and the remainder
at l.02E after the advance in prices. Railroad
= bonds irregular, but, in the main, weak and
lower. State securities dull.
Stocks-The stock market opened weak and,
on early dealings, prices declined 4 to 81
per cent, Chicago q Northwestern, Chicago,
Milwaukee & st. Paul, Western Union Tele-
graph aud the coal shares leading in the de-
cline. Toward noon speculation assumed de-
cidedly strong tone and under heavy purchas-
= es to cover short contracts and for long &C
counts prices advanced sharply. During the
afternoon the dealings were characterized by
much frmness and, although there were ucca-
sioual reactions, the general tendency was
toward higher range of values. A very rapid
Improvement took place in late dealings,
when the highest prices of the day were
- reached. The buoyancy was caused by easier
money, the price falling to 6per cent. on the
would relieve the s,ringency of the money
belief that the government would accept
sS,OO0,0O0 of Is of 1880 at an adj
vance of & per cent. over the
former price paid by the treasurer, and
market. The advance in prices at the close
ranged from Is to 614 per cent, the latter in
Chicago l. Northwestern common; Chicago &
Northwestern preferred SELF ng up per cent,
Chicago, Milwaukee st. Paul "a per cent,
New York Central 81 per cent, Western Union
Telegraph 8 per cent, Delaware. Lackawanna
Il Western 3A per cent, Lake Shore ga per
cent and Nashville, Chattanooga & st. Louis
5s4 per cent. Chicago. Burlington Il Quincy
rose il per cent, fell off and recovered ~
per cent.
The EUeRiHg Post says: Shares spec lation
a. the stock exchange to-day is in highly
feverish and unsettled condition. At times
the market has appeared to be on the verge of
panic, but apparently those working for
lower prices are no more anxious to see panic
than are the large speculative holders of stocks
and at the critical moment is held within rea-
sonable bounds. During the first hour prices
fell to per cent. for leading stocks, but little
after an hour an upward reaction began and Ia
still in progress as we write, good part of the
early decline having been recovered.
and the difficulty in getting money is thus
felt to-day fully as well as it has been at any
time, brokers paying all sorts of commission,
mp to one-quarter of per cent. per day to
have their stock carried. The trouble with
the money market is that the banks are prac-
tcally helpless to give aid, their facilities hav-
ing been fully tried by spectators the last few
weeks, which has required enough money on
credits to expand their loans to figures never
before reached. The movement from the South
and parts of tho West have continued very
large, express companies reporting large daily
shipments of coin. This demand is nothing
unusual at this season of the year. but ia felt
more severely this year because OF the expan-
ZION in spec ulation. While the banks are los
ing money in this war as well as the treasury
hey are gaining comparatively by receipts of
money from nearby places, and have to de.
rand mainly for the replenishment of their
revenues on receipts Of foreign specie. These
latter, although large, have thus far proved to
be Inadequate. The treasury to-day begins the
payment of q quarterly interest of $3.50 600,
300 of AZ per cent. bonds. This interest
amounts to 90, 3D. 500, and, of course, will be
paid to banks.
The Bulletin says: 1t was day of fierce
excitement in the stock exchange markets.
As of late speculation turned on the money
market early in the day. 1t was difficult to
get money and brokers paid S to Il per cent.
for plain loans and more in the form of turn
ing stocks. While this continued stocks we're
pressed for sale and in the first hour prices
declined to per cent. For a time a panic
seemed inevitable, but the market was not al.
lowed to run into panic, prices having been
advanced after the first hour until little after
noon. The market then halted aud prices
vsvered again and began to decline and so con.
tinued until 1t was known that the secretary
Rad raised the price at which he would buy the
IS of 1880, and had signi6ed his willingness
10 take SS.0Oo,o00 of bonds at an advanced
price. There was then rush to buy stocks
although money was still lending at d6L pc,
cent. Later the market hesitated and fell I50
Is per cent, but at this point the rate for cal
loans at the Stock Exchange fell to per cent
and the buying of stocks was renewed and CON
tinued up to the close, when the market wa
strong but very feverish, and in condition t,
go with rush either way tomorrow, accord
ingly as money is in supply or scarce. The e.
treme range of prices was wide, the fuctua
lions within this range we're frequent and sud
den, and altogether a more uncertain marke
has seldom been seen. 1t is extremely doubt
full, favorable as is the offer of the secretar,
for s. of 1880. whether 1929 will bring on
sny amount of these boIds. If it does not
hen the whole reliance of the money marke;
g foreign specie. This is arriving freely, bu
not in sufficient amount to make good the de