Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-12-24
Financial and Stock Markets.

WnlGe lime, per Dbl. Sl.oU
Financial and Stock Markets.
NEW YORK, Dec. 23.-Money 4@6 per
cent, closing at per cent. Prime
mercantile paper 6@7 per cent. Sterling
exchange, bankers bills weak at $4.79M; on
demand, $483X.
Governments Steady and e per cent. lower
for As.
Bonds-Railroads bonds moderately active.
State Securities-Dull.
Stocks-Share speculation opened weak and
4 to ~ per cent. lower for the general mar
ket than the closing prices yesterday, Rich
mond & Danville, Memphis & Charleston,
Pacific Mail and Chicago & Northwestern pre-
ferred being most prominent in the downward
movement, while New York Central advanced
per cent. In the early dealings the general
market, becoming unsettled, showed no i'm
portant changes except for Northern Pacific
preferred, which declined 80 per cent, but
Immediately recovered per cent, and Rich
mond q Danville, which advanced OK per
cent. to 1904. In the early part of the after
noon the general market fell off Il to TX per
cent, the latter for Missouri Pacific. North
ern Pacific preferred sold down from Tx to
6sx, its lowest point during the day, making
its entire decline per cent. In the late deal
lngs the market advanced steadily to the close,
prices selling up ID to 25T per cent, Denver &
Rio Grande, Louisville & Nashville and Mis-
souri,, Kansas & Texas being most conspicu-
Gus in the upward movement. From its low
est point Northern Pacific preferred advanced
41 per cent. to Tx, and the entire market
with a few exceptions, closed firm. Some
idea of the activity and excitement in the mar
ket during the morning may be CLEANED from
the fact that up to noon the tranactions ag-
gregated nearly $4,000 shares.
The Commercial Bulletin says: Share spec
ulation was for the most part feverish and I'M
certain in tone during the early part of the
day, although there were times when the
stock market was decidedly weak, as after
the appearance of the statements of business
of such of the Vanderbilt companies as had
directors meetings to-day. The statements
show that the railroad war has seriously re-
duced the net earnings even of the best of
them. These damaging facts have, however,
been known for long time to insiders in
these companies and it explains why they have
ii
in the decline of 10 to 80 per cent. which the
stocks of these companies have had since
early last summer. There are now indica-
tions that these insiders are preparing to buy
them back if the public choose to sell them.
Among those indications are loans from banks
and others made on the class of United States
bonds held by Vanderbilt, the money being
borrowed, presumably, to buy these stocks.
In fact, one broker who does little except for
Vandorh;It ho,,0hf IN mn oharoc Of olo
Shore, and there are other signs pointing in
the same direction. The chief sellers of stocks
to. day were the weaker class of margin hold
ers, and scalpers or s'room traders" For
small turns, it is to be said the outside orders
were mostly for substantial properties which
pay dividends, and that "balloon specialties"
we're not wanted 1T any price. While the net
result of the fluctuations in the general list
was an advance of Il to 2% per cent. with the
cline of to 81 per cent. and were weak at
The close. United States bonds were firm
throughout, the only decline having been
per cent. in As. The treasury is getting very
few bonds, the total offered to-day having been
$3.50, 900, but the shrinkage in prices at the
Stock Exchange and the diminished demand
for money there, was alone sufficient to keep
money easy. Within two weeks it is known
The January disbursements will begin and
there will probably be from $50 ,000, 900 to
SIC, 000. 600 of January income to be re-
invested
The Commercial Advertiser says: This has
been another very active and feverish day in
the speculative list, but the excitement was
at no time equal to that OF yesterday, and es-
pecially yesterdays closing, when matters be-
tokened trouble to-day, but there have been
and good many prominent broker firms re-
port free outside orders for good
dividend paying stocks. On the whole
much better support has been accorded the
market to-day than could have been expected
twenty-four hours ago. Although many
stocks have suffered severely and lower prices
are predicted for next week, the severe effect of
New York Central, Lake Shore & Michigan
Central and Canada Southern in a largely adj
vanced surplus, though it is not unlikely that
the facts have been known to outsiders for
some time and in part discounted. The gen.
eral market closed strong.
The principal sellers of stocks to day were
weak holders, whose margins have already
run out, and small professional traders or
"scalpers,' - who make most of their money
by selling stocks s'short." The 0short in
terest" in several of the leading stocks is
large, as high as 1872 OF per cent. per
day having been paid by borrowers for the
use of several stocks. Money on government
bonds continues IN ample supply at to pei
cent, and we hear of one large loan on United
States bonds, the borrower having obtained
the money for buying one of the leading Van
derbilt stocks. All the reports of Wander
bits railroad companies show the ravages
which the railroad war has made in the net
income OF these properties.
NEW YORK, Dec. 23.-The Euening Posts
Philadelphia special, dated D. m, says:
There is little less than panic on Third street
to-day. Within the last two days stocks hav