Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-04

A New York dispatch of last evening says;
Dry goods business continues dull and back
ward with both agents and jobbers owing to
unreasonable weather. Cotton goods more
irregular, but steady aspect on outside makes.
Prints unchanged. Ginghams and dress goods
quiet and easy. Foreign goods in moderate
request for staple fabrics. The Bulletin says
there will be an important auction of 5000
pieces of silks and satins on Wednesday
Eastern and European Markets.
New YORK, March 3.-Money easy at
3@6 per cent, closing at per cent
Prime mercantile paper 1906 per cent.
Sterling exchange, bankers bills STRONG at
s4.s0K. Sight exchange on New York at
s4.S2M.
Governments strong and advanced $s@X
per cent. on the veto of the funding bill, new
is showing the greatest improvement.
Bonds-In the railroad bond market Boston,
Hartford &, Erie 1rsts advanced to So from
547s; Ohio Central incomes to 631z from g.;
Erie seconds, new consolidated, to 100 from
$685. Texas Pacific income land grant sevens
to s. from "a; Chicago, Columbus & Indiana
Central incomes to 694 from 6S. Indiana,
Bloomington & Western incomes declined to
rs from II and then advanced to 80; Kansas
Pacific first consols advanced to 104 from 10S,
and Missouri, Kansas & Texas second consols
to S2$4 from Sl34. New Jersey Central incomes
declined to 1917 from 1O4 and recovered to
1922
State securities dull.
Stocks-The stock market opened weak and
prices declined 14@2 per cent, but speculation
soon became strong and sharp advance in
prices was recorded. The news of the veto of
| the funding bill caused slight reaction, but
| the depression was of brief duration and the
| upward movement in prices speedily recovered.
/ Speculation continued strong throughout the
afternoon, the highest prices of the day being
! reached after the second board, when the i'm
provement from the lowest point of the morn
ing ranged from d to 90 per cent, the latter
| in Western Union Telegraph, which was
bought freely on report that the company's
| right to issue its certificates of Indebtedness
| for 49, per cent. increase in its capital stock
was admitted by the court that had granted
an Injunction against the consolidation. Sub
sequently reaction of 14@2 per cent. ensued,
| the latter in Western Union Telegraph, but in
the final dealings the market again became
strong and prices almost fully recovered. The
| assistant treasurer to-day received S6o,OOO TO
bonds. Denver & Rio Grande railroad earn
| ings the fourth week of February S94, 1859,
| against $50, 995 for the same week in the pre-
vlous year; total earnings in February S317, $751;
same month last year S12S,291.
The Graphic says: Not few people came
down this morning expecting to sell stocks
| and reap profit on the funding bill. From
the very opening, however, there was a strong
tone which developed buoyancy, when at the
| end of the first half hour news came that
veto of the funding bill had been written out,
and just here one of the inconsistencies that
characterize the course of speculation mani
| tested ITSELF Those who had bought stocks
in the hope OF passage of the funding bill as
measure of imitation began to buy on vetoing
of the bill. The sharks took alarm and were
driven to cover by the manipulations of the
operators, who yesterday and the
day before were the principal buyers
of stocks. There is little doubt the
advance to-day was due mainly to the closing
out of short accounts, for the report was freely
circulated funding amendment shorn of all
obnoxious features would be tackled on to the
deficiency bill and passed to-day. The situa-
ton in other respects hasn't changed. So
great has been the increase in the number of
messages offering here that the Western Union
| company has been compelled to borrow opera
tors for its main office from the American
| Union and Atlantic & Pacific offices. All the
companies have had all the business they
could do for the past fortnight, which is
| sign the spring business Of the wiry kind
throughout the country is flourishing.
| The Express says: The funding bill was
| the pivot on which everything in financial
circles turned. At the very opening of bust
| ness there was tired feeling in the stock ex-
change and prices were lower on fear the
banks might again deposit large amounts to
retire circulation pending action of the Presi-
dent in regard to the bill. This feeling, how
ever, was of short duration, and in very
few minutes the tone OF all markets changed
from depression to buoyan n;;y The
accented by spectators as removing any
further cause of agitationn, Notwithstanding the
fact that many of them wanted the funding
bill as an incentive tohigher stock values in
the future.
Commercial Bulletin financial article: The
day opened at the stock exchange with the
news that the funding bill passed the House in
the same form as it came from the Senate,
which made stocks weak. Then news came
the treasury will buy at supposed market
prices five million dollars of and per cent.
bonds next Monday. This strengthened the
market, as did also the later
news, the President has vetoed the bill.
Late in the day the decision of Judge Batch
ford refusing to grant an injunction TO restrain
the Western Union telegraph consolidation
and the report that Judge Sedgwick had so far
modified the recent injunction granted by him
that 4eK per cent. of scrip declared as dividend
to the Western Union telegraph shareholders
could be issued give great strength to tele
graph stocks, and the result of all was gen.
eral rise in stocks, ranging from one to IL per
cent for leading stocks. United States bonds
advanced y az, the latter on per cents, on
the expected demand from banks which have
given up their note circulation, and which
they now want to take out
again. The money market
was easy, with per cent the most Of the
day, and in the last hour the rate fell to 3@4
per cent. for stock brokers.
The treasury in the last ten days has taken
about S1S,000,000 lawful money placed there
by banks giving up their note circulation 1t
has paid out for bonds bought about S6,O00,.
600, so it retains about Sl2,O0o,O0J which has
been taken from the bank reserve. This
money, if it remains in the treasury, will cause
a stringent loan market, and the
question is how to get it ont.
A report was current that the treasurer would
return to the banks which have given u2 their
circulation lawful money which they had