Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-22
STRONG MARKETS.

PRETTY STRONG MARKETS.
The New York Bank Movement Ridiculed |
onJwall street, Though Its Effect Is Yet |
Felt on Gtockss-A Turn OF Ten Points on |
Oregon Navigation stocks--Wheat and
Corn Steady and Provisions RalIying a
Little--The Chicago Live Hog Market
Demoralized.
ST.. PAUL, Feb. 90.
On the board of trade yesterday prices and
transactions were as follows:
Wheat-No. hard, 94c; No. 2 do, Ole; No.
1, SOC; No. 2, SIC; May do, 93c; No. 8, 7Sc.
Corn-No. 2, SEC bid, Csc asked; May 3Sc
bid, 4Oc asked.
Oats-NO. 9 white, Sic bid, 33c asked; No. 8
do, SOC bid 32c asked; No. mixed, 81 Il C bid,
33c asked; May do, 32Hc bid, SIC asked; No.
3 mixed, 29c bid, Sic asked. i
Barley-No. 2, TIC; No. extra, &c; No. 8,
SIC.
Rye-No. 2, 74c bid, 75c asked.
Ground Feed-One car load sold at $1,000.
Baled Hay-S10, so bid, S11.00 asked.
Hogs-Live 1926; dressed 800. One car
load dressed sold at 500.
A New York dispatch of last evening says:
Dry goods: Demand at first hands continues
moderate. Jobbing trade steadily improv-
ing Staple cottons in light demandnend
steady. White goods and quilts fairly active.
Prints quiet, but ginghams in brisk demand.
Wooden goods in light request.
Eastern and European Markets.
New YORK, Feb. 2l.-Money easy at 4@6
per cent, closing at 5 per cent. Prime mer-
camille paper 4@5 per cent. Sterling ex-
change, bankers bills weak at 1851.
Sight exchange on New York at $4.s6.
Governments steady for Is but weak and Is
@3s per cent. lower for other issues.
Bonds-In the railroad bond market st.
Louis g. Iron Mountain second preferred in
comes advanced to 81 from ssh; Manhattan
Elevated firsts to II from 10 and New York
Elevated firsts to 20 from 19A.' International
& Great Northern second incomes declined to
90 from 931{; New Jersey Central incomes to
105 from 106; Missouri, Kansas & Texas con-
soils to 2711S from 1888; Texas & Pacific land
grant sevens to S6M from S71S and later re-
covered to 81. Erie second consols active and
steady at 10O3s; American District Telegraph
improvement sevens strong and advanced to
1888 from 1917.
State securities fairly active; Louisiana con-
soils rose per cent. and reacted to 112.
stocks-The stock market was weak in the
early dealings and prices declined 4@4H per
cent, Nashville, Chattanooga & st. Louis and
Texas Pacific leading in the downward move
| ment. This was followed by a recovery of a
@31s per cent, in which the above-named
shares were most prominent. Before IL NJ.
however, speculation again became weak and
| prices again took downward turn, the market
continuing feverish and unsettled throughout
the afternoon. The lowest prices of the day
| were generally current at the second board,
when the decline from the highest point
ranged from 1a@516 per cent, the latter in
| Nashville, Chattanooga & st. Louis. Chicago,
| st. Louis & New Orleans, Union Pacific, coal
stocks, Texas Pacific, New York Central, Lake
| Shore and Hannibal & st. joe were also promi-
nent in the decline. Toward the close some
what tirmer tone prevailed and the general list
| rallied I@2I per cent. Oregon Navigation,
I after an early decline of 21a per cent, rose 10
per cent. Louisiana & Missouri River rose
| per cent. and reacted l per cent.
The Eucmimg Post says: The amount of
United States legal-tender notes to-day paid
L
| bank circulation was about 81 100000, a total
of S., 6OO,O 600 legal tenders withdrawn from the
banks since the Senate passed the refunding
| bill. On the other hand a dispatch from
| Washington says the treasury has surplus of
$12, 600, 900 which the secretary will use to buy
| IS and 6s, provided the national banks con-
| tinue to withdraw their circulation. Another
| Washington dispatch, which had its influence
| on the stock market this afternoon, says the
| treasury will begin bond purchases Wednes-
! day, tomorrow being holiday.
| From the Eapress: The contraction scare
| in the funding bill was renewed this morning
| and occasioned lower prices on the Stock Elk
| change, but there seemed to be a recovery
I from this late in the day, when better feel
l ing prevailed. The city banks, on their own
| account and that of town institutions, deposit
ed Saturday in the sub treasury here 81 $40, 600
| cash, mostly gold, and S370,000 in checks to
| retire circulation. To-day the department depos-
tied 81 $50 600 in cash and So, 800 in checks for
| the same purpose. As against the contraction
| movement the treasury has $4,000, 900 sur
plus with which to buy bonds for the sinking
| fund, and under the Senate funding bill the
secretary can purchase $50,OOO,OO0 bonds
from funds of gold and silver in the treasury.
| In August the secretary can put out $50, OOO,-
| 600 of certificates, which would float as money
| for long time before sufficient interest would
accumulate to induce people to hoard them.
All this is imitation and will far more than off
| set any contraction of circulation by the
banks.
The Graphic, on the same subject, says:
The action of our city banks, which Saturday
| last decided to withdraw their circulation be-
cause of the tax and low interest bonds, is
| the subject of considerable discussion in
stock exchange circles, where the operation is
| much ridiculed and generally regarded as
extremely ill advised and hasty. 1t is claimed
one of these institutions, which has been
largely benefited and favored in the past BY.
government officials, is short of per cents
in the stock market, and 1t is therefore making
as much opposition to the per cent bill as
possible, and is also endeavoring to induce
other banks to oppose the measure and with
draw their circulation. Conservative bankers,
however, believe their banks will ultimately
conclude to redeposit 5 per cent. bonds and
take out their circulation again within three
months. 1t is understood there is to be an
amendment offered in the House to the bill,
providing for the issue of greenbacks to take
the place of bond circulation that may be with
drawn. If this sensible precaution is taken, it
will instantly restore confidence and take per.
manently away from the banks this fearful
power to Withdraw in one day all their bills
from circulation, or what is worse, lock I'D
an equal amount of gold and legal tenders
andleave the street utterly without means of
doing buAiness Such terrible power no set