Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-06-20

New YORK, June 1S.-Money easy at TX q
3H per cent. Prime mercantile paper 3@415
| per cent. Sterling exchange, bankers bills
| firm at S4.S4A. sighG exchange on New
York Sassy.
The following is the weekly statement OF
the New York associated banks:
Loans, decrease. ..................S J2o,3UU
Specie, decrease. ................. l,29l,oOO
Legal tenders, increase. ........... l6U,OOe
Deposits, decrease ................ 1,335,6 600
Circulation, increase ........ $4,000
Reserve, decrease. ............. IJo,3UU
The banks now hold S6,O08, 400 in excess of
legal requirements.
Stocks-The stock market was generally
firm at the opening, but in the early dealings
there was decline of Is to IL per cent Be-
fore the first board, however, speculation be-
came strong and steady and by noon Houston
& Texas Central had advanced IL per cent and
the general list 4 to TX per cent. After mid
day weak tone prevailed and prices declined
Ii to per cent, Houston 81 Texas Central,
Metropolitan Elevated and Canada Southern
| leading, but during the afternoon the dealings
assumed strong tone and at the second call
prices showed an advance of "A to ~ per
cent, the latter in Lake Erie d Western. In
the late transactions the market became weak
err and the general list at the close showed a
reaction of n to N per cent. Western I'm
ion Telegraph was notably strong and rose 8
per cent, do ex. certificate advancing 90 per
cent. Central Pacific, Peoria, Decatur q Evans
vile, Ohio Central and Rochester e. Pitts
burgh were very strong. The stocks showing
aA
trunk lines and coal stocks. 1t was reported
on the street after 3 o'clock that the courts
had removed the injunction on the telegraph
consolidation. The events of the week IN fin
ancial circles have been important in some in
stances. The government bond market was
weak and lower the first half of the week on
large sales from abroad, but the decline
brought in large order for home investment
and toward the close there was in some cases
a marked improvement in prices and a heavy
absorption of bonds by banks and individual
investors. The most active issues were ex-
tended 5s and 4 per cents, which seem to he
the favorltes with investors at present. Tie
announcement from Washington that the adj
ministration would not bring forward any
funding scheme on the assembling of Con-
gress, stimulated the demand for extended
bonds. State bonds quiet and q feature less.
Railroad bonds fairly active, with speculation,
as rule, following the course of the share
list, opening strong, afterwards declining and
recovering in the late dealings, while invest
ment issues were strong throughout. The
great bulk of business and rsost notable fuc-
tuations were in Texas Pacific incomes, Erie
new seconds, Mobile 81 Ohio debentures, To-
ledo, Delphos 81 Burlington incomes, Ohio
Southern incomes and Boston, Hartford d Erie
| firsts. The last named were exceptionally
| weak throughout. The railroad and miscel-
laneous speculation opened strong and after
wards became buoyant with a general and de-
| cided advance in prices, the upward movement
being stimulated by the large increase in rail-
road earnings reported for the first week Of
June. The movement was led by Southwest
ern stocks, the Pacific stocks, telegraph shares
and Elevated railroad properties. This con-
dition continued during the first half of the
week, but afterward reduction of rates by
the trunk lines, reports of trouble between
some of the leading companies and rumors of
damage to the crops led to free selling move
ment, under which there was sharp decline
in prices in which the entire list participated.
Frequent and vigorous assaults were made
against The markets by bears, which brought
out considerable amounts Of long stocks from
timid holders. Towards the close, no ever,
there was a decided change for The better and
the market was active aud buoyant, with a
sharp recovery from the lowest point of the
week.