Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-01
Eastern and European Markets.

| New YORK, Nov. 30.-Money active at 6
per cent. per annum; a per cent. per diem.
Prime mercantile paper 5@6 per cent. Sterl-
| ing exchange, bankers bills weak at 81 1881.
Sight exchange on New York $4,000.
Produce exports for the week, 81, S32, 900.
The stringency in the money market during
| the afternoon was the most severe known in
Wall street for long time past. Stock ex.
change borrowers had to pay 4 per cent. per
diem and 6per cent. per annum. Governments
steady for 6s but weak and Is per cent. lower
for other Issues. Railroad bonds unsettled
and generally lower. State securities moder.
| ately active.
| Stocks-The stock market opened generally
strong and in early dealings an advance of Il
to 215 per cent. took place, Chicago & North
western, Nashville Chattanooga & st. Louis,
Western Union Telegraph and coal stocks lead
ing the upward movement. Toward noon, I'M
der the influence of tight money, heavy pres
sure to sell was developed, which continued
| throughout the entire afternoon, resulting in
a steady decline in prices, the closing quota
lions being, in most instances, at the lowest
figures of the day. The decline from the high
est point ranged from a to AS per cent. aud
go & Northwestern, Delaware, Lackawanna q
Western, Michigan Central, New York Central,
Chicago, Milwaukee st. Paul and New Jer-
sey Central. Chicago, Burlington d Quincy
rose 3 per cent. early in the day and later re-
acted Il per cent, with the final sales at re-
covery of per cent. Louisville & New Albany
stock, which some months since sold at 100 and
upward, and which has been neglected for a
long time past, was offered at from 40 to so
before it found buyers. There were unusually
heavy transactions III buyers OF 30 options
in stocks at 4 to per cent above prize in
the regular way. Long Island railroad stock,
which, up to yesterday. had not been dealt in
on exchange f"- long time, to day advanced
from 20 to ~ ,..a. !. the close of business
the foreign exchange market was demoralized
and nominal, in fact, it was difficult to sell
bills. This is largely on account of the pres
sure of bills to raise money. Tho treasury TO-
day bought S162 900 of 6s of 1880. The course
of the stock market during the last hour of
business was largely in sympathy with the
course of money. When call loans fell off for
short time to per cent, stocks became firm
and rallied, but when the rate advanced to II
per cent. and interest, the share market was
very much depressed. There was a great pres
sure to sell in late dealings and the downward
movement WIS accelerated by number of
stop orders" in the market. The liquidation
of accounts, backed by slender margins. was
quite general. The Leading operators We're &C.
cused of locking up great sums of money in
order to subserve their purposes in the stock
market, which was to buy cheap stocks under
cover of the decline.
The Graphic says: The speculation today
has been Influenced entirely by the movement
of money, which was stringent from start
to hnish as high as d of per cent. for the
days use being paid quite generally and in
some cases by first class houses. Weak hold
ers have, as q natural result, been forced to
sell out, and this wedding process is one that
will ultimately greatly benefit speculation in
more solid stocks. Money is legitimately close
and the prospect is that it will continue to
work SO for some time to come. At some time
there has been open manipulation of rates,
and this, too, may be expected to continue
until the parties concerned become tired of it
Or succeed in acquiring their lines of stocks at
deserved figures. There will be considerable
payments on the interest account tomorrow
and during the early part of the month and a
heavy amount Of bullion will arrive here this
and next week from abroad. These should
make the loaning rate easier unless it is inter-
fered with. 1t was a noticeable fact that the
strongest stocks to-day were those in which,
for the most part, the most decided advance
has been made on the recent movement. Erie
was strong throughout and buying as for
dow Of he houf
ton of Last weeks sudden activity and advance
| in Lake Erie q Western stock is finally solved
by the announcement that syndicate of capt.
italists has been formed here who have sub
| scribed a sufficient amount of funds for the
immediate construction of an important ex-
tension of the road and which will probably
make the line an important one and render it
an assured success. The large purchases re-
Gently made in the stock market were for the
account of different members Of thu syndicate,
but some large blocks of stocks were bought
outside on private terms.
The Bulletin says: The stringency of the
| money market was the feature of the day in
Wall street, and it was demonstrated to-day
that the large private lenders of money so hold
the balance of power in the present expanded
CouuitiOu Va bouho ouo tHo pLCnSut very large
mercantile and speculative demand for money
that they can make rates for loans without
ever putting forth their full power The large
speculative holders of stocks to day made a
gallant stand, but, putting forth their full
power they were unable to resist decline,
which ranged from Il to 5 per cent, and which
included all the leading stocks except Chicago,
Burlington & Quincy. Chicago & Northwestern
and Philadelphia d Reading. If restrictions
are put upon speculation at all exchanges the
legitimate trade and industries OF the country
will have reason to be thankful, for 1t will
leave the field so far as money is concerned,
more free to them. The pressure for money
was shown in the foreign exchange market.
The posted rates for bills on London we're re-
duced full cent by offerings of borrowed
bankers drafts, viii CHI had been obtainsd as
means for utilizing London capital to carry on
New York speculation.
The ECersing Post says: Private advices are
| that the large movements of gold 10 this coun-
| try are at last attracting serious attention in
London, and it is not unlikely that the Bank
| of England will use it's large power to pre-
| vent it.
The transactions aggregated $4,000 shares, of