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


moving steadily"
Eastern and European Markets.
NEW YORK, Dec. Money active at G
per cent. per annum; u per cent. per diem,
closing at per cent. Prime mercantile pape,
5@6 per cent. Sterling exchange, bankers
bills steady at s4.79%. Sight exchange on New
York s4.SO%.
Money cost the stock brokers 4 to Il of
per cent. per day in addition to 6 per cent.
until the last half hour of business arrived.
The rate at the stock exchange fell to 6 per
cent. Governments generally firm, notwith-
standing the liberal offer Of the secretary of
the treasury respecting United States 6s, due on
the lst. rs was able to-day to get only $780,
600, of which $1SS, 600 we're bought at 1.02A
before the price was raised, aud the remainder
at 102T 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 II to 81
per cent, Chicago & Northwestern, Chicago,
Milwaukee i St. Paul, Western Union Tele-
graph and 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
oounts prices advanced sharply. During the
afternoon the dealings were characterized by
much firmness and. although there were scca-
sional 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 stringency of the money
belief that the government would accept
S3.OO0,0O0 of Is of 1880 at an ad-
vance Of L per cent. over the
former price paid by the treasurer. and
market. The advance in prices at the close
ranged from Is to 81 per cent, the latter in
Chicago l. Northwestern common; Chicago d
Northwestern preferred selling up s per cent,
Chicago, Milwaukee st. Paul 2% per cent,
New York Central 81 per cent, Western Union
Telegraph per cent, Delaware; Lackawanna
q Western 81 per cent. Lake Shore 81 per
cent and Nashville, Chattanooga & st. Louis
8% per cent. Chicago. Burlington Quincy
rose 4 per cent, fell off and recovered az
per cent.
The Evening Post says: Shares spec-ia'iau
at 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 a panic
than are the large speculative holders of stocks
and at the critical moment is held within res.
sonable bounds. During the first hour prices
fell to per cent. for leading stocks, but little
after an hour an upward reaction began aud is
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 onequarter of l per cent. per day to
have their stock carried. The trouble with
the money market is that the banks are prac.
ticaly helpless to give aid their facilities hav-
ing been fully tried by spectators the last few
weeks which has required enough money on
cIedits to expand their loans to figures never
bafore reached. The movement from the South
and parts Of the 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 is felt
more severely this year because of the expan-
sion in spec ulation. While the banks are los
ing money in this war as well as the treasury.
they are gaining comparatively by receipts of
money from nearby places, and have to de.
pend 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 a quarterly interest of $3.50, Co.,
600 of ~ per cent. bonds. This interest
amounts to $2,S12. 500, and, of course will he
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 Is to u per cent,
for plain loans and more in the form of turn
ing stocks. While this continued stocks were
pressed for sale and in the first hour prices
declined L to per cent. For a time 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 and prices
wavered again and began to decline and 80 CON-
nnued until 1t was known that the secretary
had raised the price at which he would buv the
% VI 1OOos oou Lou siSulu6Q MS WILLINGNESS
to take S3.0O0.000 of bonds at an advanced
price, There was then rush to buy stocks.
although money was still Lending at 1xta1< ne,
cent. Later the market hesitated and fell 1<o7
IL per cent, but at this point the rate for cali
loans at the Stock Exchange fell to Der cent
and the buying of stocks was renewed and CON.
tinued mp to the close, when the market WAS
strong but very feverish. and in condition To
go with a rush either way tomorrow, accord.
ingly as money is in supply or scarce. The ex
treme range of prices was wide, the fluctus.
tions within this range were frequent and sud-
den, and altogether a more uncertain market
has seldom been seen. 1t is extremely doubt
full. favorable as is the offer of the secretary
for 6s of 1880, whether 1929 will bring out
any amount of these bonds. If it does not.
then the whole reliance of the money market
is foreign specie. This is arriving freely, but
not in sufficient amount to make good the de-