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

Eastern and European Markets.
New YORK, Nov. 30.-Money active at 6
per cent. per annum; Il per cent. per diem.
Prime mercantile paper 5@6 per cent. sterl-
ing exchange, bankers bills weak at $4.79A.
Sight exchange on New York $4,000.
Produce exports for the week, 81, S32, 0OO
The stringency in the money market during
| the afternoon was the most severe known in
Wall street for a long time past. Stock ex
change borrowers had to pay a per cent. per
diem and per cent. per annum. Governments
steady for Is but weak and "a 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 n
to rs per cent. took place, Chicago & North
western, Nashville, Chattanooga & st. Louis,
Western Union Telegraph and coal stocks lead
ing the upward movement. Toward noon, un-
der the influence of tight money, a heavy pres
sure to sell was developed, which continued
throughout the entire afternoon, resulting in
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 43s per cent. and
was most marked in telegraph Stocks Chica-
go & Northwestern. Delaware, Lsckawanna d
Western, Michigan Central, New York Central,
Chicago. Milwaukee & st. Paul and New Jer-
sey Central. Chicago, Burlington Quincy
rose per cent. early in the day and later re-
acted 119 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
long time past, was offered at from 40 to 30
before it found buyers. There were unusually
heavy transactions il buyers of 80 options
In stocks at Il to per cent. above prize in
the regular way. Long Island railroad stock,
which, up to yesterday, had not been dealt in
on exchange fo" long time to day advanced
from 20 to - I'D. u. the close of business
the foreign exchange market was demoTalized
and nominal, in fact, it was difficult to sell
bills. This is largely on account of the pres
sure of bills to raise money. The treasury to-
day bought Sl62, 000 of 6s of 1880. The course
of the stuck market during the last hour of
business was largely in sympathy with the |
course of money. Wnen call loans fell off for |
short time to 6 per cent, stocks became firm
and rallied, but when the rate advanced to u |
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 WIGS 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 |
lar In hos oil syk
market, which was to buy cheap stocks under
cover of the decline.
The Graphic says: The speculation to-day |
has been Influenced entirely by the movement
of money, which was stringent from star,
to hnish as high as a of l per cent. for the |
days use being paid quite generally and in |
some cases by first class houses. Weak hold |
ers have, as 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 il |
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 |
heavy amount of bullion. will arrive here this |
and next week from abroad. These should
make the loaning rate easier unless it is inter-
fert d with. IL was noticeable fact that the !
strongest stocks to-day were those in which,
for the most part. the most decided advance
hplh MAJ Ia he E~;o
was strong throughout and buying, as for
many days past, was of the best. The solu.
tion of last weeks sudden activity and advance
in Lake Erie Western stock is finally solved
by the announcement that syndicate of CAPT.
italsts has been formed here who have SUBJ
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 the syndicate,
but some large blocks of stocks were bought
outside on privats 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
condition of banks and the present very large
mercantile and speculative demand for money
that they can make rates for luans without
ever putting forth their full power. The large
speculative holders of stocks to day made
gallant stand, but, putting forth their full
power, they were unable to resist decline,
which ranged from d to 5 per cent, and which