Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-13
Eastern and Europear Marka,s.

SSS SAHsA
NEW YORK, Dec. 11.-Money active at 6 per
| cent. per annum and 1-16 per cent. per diem,
closing at 6 per cent. per annum. Prime mer-
camille paper Cor per cent. Sterling ex-
change, bankers bills dull at 81 ISL. Sight
| exchange Oh New York $4.81.
BANK STATEMENT.
The following is the weekly statement of the
New York associated banks:
Loans. decrease. $1l ,741, 900
| specie, decrease. ........... $1,000. 6Ol, 4U0
Legal tenders, increase. .......... 543, 200
Deposits, decrease. ............ 9,747, 500
Circulation, increase. ............. 1880
Reserve, increase. 2,38S,6 75
The banks now hold $685. 200 less than
legal requirements.
Governments generally firm and a shade
higher for some issues. Railroad bonds IT.
| regular on a large volume of business. State
securities generally inactive.
Stocks-The stock market opened strong and
in the early dealings advanced 4@6 per cent,
the latter in Nashville, Chattanooga & st.
Louis, which, however, subsequently reacted 5
per cent. The general list declined L@3 per
cent, Chicago, Burlington & Quincy, Texas
Pacific and Western Union Telegraph leading
downward. Toward noon speculation took an
upward turn and prices rose I@3 per cent,
Chicago. Burlington & Quincy, Texas Pacific,
the grangers and st. Louis & Iron Mountain
leading. During the afternoon the market
| was irregular and unsettled, and under the
leadership of Western Union Telegraph a de-
cline of 4@2M per cent. was recorded, but in
the late dealings the market again became
strong and a recovery Of H@1I per cent. was
established. Houston & Texas fell off 8 per
cent. in the morning and recovered 4 per cent.
at the close.
The E1presS financial editor writes as fol-
lows: The events of the week in financial cir
cles were very important and embraced wide
fluctuations. Prices on Stock Exchange par
TALLY restored ease and renewed stringency in
money. A sharp advance in discounts, as the
result of heavy business liquidations, on the
unsettling of foreign exchanges by the advance
in the Bank of England rate of discount and
vagaries of the loan market here, and the no.
table buoyancy in government bonds, pro-
duced by the prompt attention given to the re-
funding question in reassembling of Congress.
In the money market rates for call loans were
almost wholly regulated by the course of stock
quotations, the decline in prices early in the
week being accompanied by a reduction in
rates to sos, and exceptionally even to 8 per
cent. per annum and a buoyancy later on by
an advance in rates for money on call to
1-32@l-16 per cent. peridiem and interest, in
discounts. Theifailure OF the great coffee firms
of B. G.. Arnold and Bowie, Dash & Co.. caused
an advance in rates for prime and good mer-
camille paper to 6@S14 per cent. and the strict
est scrutiny of names on the part of tenders.
| Foreign exchange was weak and unsettled on
a very dull market. On Thursday, on the an
nouncement that the Bank of England had ad-
vanced it's rate of discount to 8 per cent, de
| mand bills became irmer and the posted rate
was advanced 20 to $4S2114, but the selling
rates were not sensibly improved and very lit
tie business was transacted. Afterwards the
returning activity in money completely
| demoralized the exchange market.
The arrivals at the assay office here of gold
from Europe, for the week ended yesterday,
were 81 ,640, 700, of which 1877, 800 was in
American coin and 81 1902, 300 in foreign coin
and bars. The total arrivals since Aug. 2
were $52, 1897, 800, of which $5, 769, 900 was in
American coin and BAG, GIT 300 foreign coin
and bars. The total arrivals for the same
period last year were ST., 1892, 600. The
payments by the assay office on this account
were $2,SI1, 168 last week and $46, 1897, 1913 since
Aug.2 As bank statement clearly shows, this
gold is not remaining in New York, but is be-
ing promptly shipped to the West and South,
where it is held and employed in moving the
crops and in enlarging the areas of agricultural
development. Government bonds advanced
from the very opening of the week and became
buoyant on the announcement from Washing
ton that the ways and means committee had
unanimously agreed to fund the IS and 6s of
81 in a 3 per cent. bond, the AIS advancing
14@1ss per cent. and the As 1905 per
cent. However these securities reacted Il to
% per cent. On the apprehension of a serious
political contest in the House of Representa-
tives over the electoral count, but when it was
announced that the House refused to take up
the electoral rule and passed to the private
calendar, the bonds became firm again. The
treasury purchased nearly $l40, 900 of the 6s
of 80 during the past week. Railroad bonds
were quite active and generally higher.
Among the prominent issues in dealings were
Erie new seconds, which advanced IL per
cent. for the week; Erie funded fves, % per
cent. Missouri, Kansas & Texas frsts, 2 per |