Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-16

New YORK, Jan. 15.-Money easy at 500
per cent, closing at per cent. Prime mer-
camille paper 5@6 per cent. Sterling ex-
change, bankers bills dull at 9s2s. Sight
exchange on New York 991a.
BANK STATEMENT.
The following is the weekly statement OF
the New York associated banks:
Loans, decrease ......S l,Sl5,SOO
Snecie increase 3,513, 900
Legal tender, increase. .......... !,5oS,IVO
Deposits, increase. ............... 6,5o9, lOO
Circnlation. decrease. 1900
Reserve, increase. o,Ioo,US0
The banks now hold SS,054, 400 IN excess OF
legal requirements.
Governments steady for 6s and 5s, and
weak and 40 a per cent. lower for AIS and
As.
Bonds-Railroad bonds active and irregular.
In the railroad bond market to-day
Minneapolis & St. Louis firsts advanced
to 100 from rs; St. Louis & Iron Mountain
second preferred income to So from S6119; do
first preferred income 971a from 96A; do
Cairo & Fulton first to 111M from 110A;
Texas & Pacific income land grant rs to q
from 76; Chicago, Columbus d Indiana
Central income to "a from Is; Chicago, Mil
waukee & St. Paul, Iowa q Dakota Division,
to 125 from 1874; Cleveland, Columbus, Gin
cinnati & Indianapolis consols to III from
100; Texas Pacific frsts, Rio Grande Division,
to 100 from 99L and Lehigh e. Wilkesbarre
consols to 109% from 100, and Mobile q Ohio
second debentures declined to AZ from 81, and
later recovered to So Panama railroad has
declared quarterly dividend of 5 per cent. pay
able February l; transfers to be closed from
January 20 to February20
State securities dull and nominal.
Stocks-At the opening of Stock Exchange
the market was strong for the railroad list;
advanced 1l@111a per cent, but subsequently
reached 14@14 per cent. At first board q
strong tone prevailed and prices advanced
steadily. The improvement ranged from Il
to AZ per cent, the latter in St. Louis & Iron
Mountain, Hannibal & St. Joe, Union Pacific,
Alton d Terre Haute, st. Paul & Omaha, Ohio
& Mississippi, and Chicago, Burlington d
Quincy, were also prominent in improvement.
In late dealing sales, to realize profit, caused
reaction Of a to 2 per cent, which was par
TALLY recovered at the Close Canada Southern
became weak on Vanderbilt's denial that the
New York Central company had leased that
road, and closed at S41s. Philadelphia
& Reading, which opened at adj
vance of 1 per cent. dropped II per cent. to
SO, recovered to Ga, and closed at e. bid.
Telegraph stocks were less active than usual.
Western Union Telegraph advanced 254 per
cent. in the forenoon, and declined 31s per-
cent, recovered 2 and reacted Is per cent
American Union Telegraph declined ~ per
cent on days business, and Atlantic & Pacific
Telegraph II per cent.
The Evening Express says: A late special
from London states that $1,000 shares of the
Philadelphia & Reading were bought in for
cash in open market, after close of boards, at
prices considerably higher than those pre-
viously current. The stock is said to be
scarce at London, and these purchases were for
short account The same newspaper says the
events of the week in financial circles were of
most unprecedented Importance, embracing as
they did the most gigantic speculative opera
tions ever known in history of stock exchange,
whose volume of business reached enormous
proportions. The monetary situation was
characterized by ease and with re-
turn flow OF currency from
the interior and semi-annual disbursements.
The supply of capital seeking employment has
been large. The rates for call loans on railway
and miscellaneous collaterals were sac per
cent, and at intervals lower figures prevailed
Government bond dealers were more readily
supplied at 3@4 per cent, while prime mer-
camille paper was discounted at 5@5H per cent.
Foreign exchanges were lower early in the
week, but subsequently bankers bills were adj
vanced from 9S5s to 9SI for sixty days, and
from 1915 to 991a for demand. The latter were
strengthened by an advance in the Bank of
England discount rate to SO per cent. There
we're no arrivals of gold from Europe reported
from the assay office for the week yesterday.
The total arrivals since August 2, 1880, were
s65, 775, 600, of which s., sS6, 900 was American
coin, and S5S, $3.50, 00O foreign and bars. The
total arrivals for the corresponding period in
1S79-S0, were $73,415, $50. Payments by
assay offices on this account were 81 500, 600
for the week, and 59,SS9,00O since August
I'd. Government bonds, on an increased bust
ness, exhibited great strength, and there was a
sharp advance in As and AS on the action Of
the House of Representatives, which voted
that the rate of interest on any further issues
of bonds by the government be per cent
The As and AIS were in small supply,
and this had tendency to stimulate
the upward movement. In railroad bonds an
enormous business was done, and large orders
from investors and spectators resulted in a
further general advance in prices. The great
est improvement was in Chicago, Columbus &
Indiana Central and st. Louis & Iron Mountain
income assures, which rose to 1917 per cent.
After these the interest centered chiefly in
Erie, Kansas & Texas, Texas Pacific, New
Jersey Central, Champaign, Havana & West
ern, Chicago & Northwestern, and Chicago,
Milwaukee & st. Paul bonds. Railway and
miscellaneous speculation was active and an
advance at most throughout the week. There
were various causes at work to produce the
remarkable activity and buoyancy which char
acterized dealings from the opening almost to
the very close Of the week. The overshadow-
ing features of course have been negotiations
for the consolidation of telegraph companies.
When it became known that these negotiations
had been practically concluded the widest ex-