Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-08-26
Eastern and European Markets.

New YORK, Aug. 25.-Money active at
3@6 per cent. closing at 8 per cent. Prime
mercantile paper 1906 per cent. Sterling
exchange, bankers bills steady at $4.s01
Sight exchange on New York, "a. s3A.
Governments weak and e to n per cent.
lower, the latter for new As.
Bonds-Railroad bonds fairly active but
generally weak and lower.
State securities dull.
Stocks-The stock market was irregular at
the opening and IN the early dealings ne
maket was unsettled but in the main weak
with declining tendency. At the first board
the general list showed decline of X to2H
per cent, Union Pacific, Denver & Rio Grande
Missouri Pacific, New Jersey Central, Chi
cagO, Milwaukee & st. Paul and Michigan
Central being most prom inent therein. Alter
midday fractional recovery look place, bu.
speculation soon became depressed again auG
during the afternoon decline of n to IA
per cent. took place in the general list, when
New York Elevated dropped TX per cent. and
Metropolitan Elevated 2 per cent. The gen.
eral list rallied a fraction in the late dealings
but closed rather weak. Memphis & Charles
ton declined per cent. and recovered Q per
cent.
The Express says: The decline in the stock
market to-day, as well as in railroad and gov
einment bonds, was du- to Washington adj
vices, which were const'u ed on the street to
the effect that the President was worse, AUD
also a sharp advance in Bank of England DIS
count, which Spectators on the bear SIDE of
account believed would stop the flow of gold
to America. This latter theory will probably
prove fallacious. The higher rate of discount
may possibly check the gold movement for a
moment, but it cannot stop it unless some
thing should happen to cause general return
of American railway securities from abroad.
and the new cotton crop will soon begin to
move, which will greatly increase our exports
and cause exchange to rule at point where
gold must come this way.
The Commercial Bulletin says: The ad-
vance in the Bank of England rate, of course,
is for the double purpose OF attracting gold to
London from the continent and checking the
movement from London to New York. If the
former can be accomplished less attention will
be paid to shipments to this point, for the
Bank Of England year ago was content to
let us draw between $50, 0U0, 900 and $40, 000,-
600, for the reason that it could draw it from
the continent. The effect on rates for foreign
exchange here was to adjust sterling for ~ o.
~ per cent. discount. The market in Lon
don for American bills was active. The action
of the Bank of England did not have de-
pressing effect on British consols. On the
contrary they advanced 1-16 to 4 per cent.
Here it was used to depress stocks and was
supplemented by unfavorabie private advices
from Washington about the condition of the
President. Without doubt the stock market
will feel relief when the suspense about the
condition of the President ceases, and this
whether the suspense ends as everyone wishes,
by his recovery, or as all would regret, by his
death. 1t is thought that when this element
of uncertainty is out of the way the trunk
line railroad presidents of speculative turn
will promptly bring the railroad war to an
end. This, however, is only speculative con-
lecture by good part of the stockers.
The transactions aggregated 263, 200 shares;
Central Pacific $500; Delaware, Lackawanna
d Western II 900; Delaware & Hudson 400;
Denver & Rio Grande 1900; Erie 1000; Han
nisal & st. Joe 1,400: Missouri, Kansas &
Texas 5000; Lake Shore $4,000; Louisville
& Nashville 3,4eO; Michigan Central 5,7OO;
Manhattan Elevated 1,4OU; Memphis &
esess' Chicago korh Mssen1i 500 Pass
Jersey Central 5000; New York Central
sissippi $500; Ontario & Western 1880;
Pacific Mail 1900; Chicago, Milwaukee & St.
Paul 1880; st. Paul & Omaha $500; Texas
Pacific 1880; Union Pacific $1,000; Wabash,
| St. Louis & Pacific $1,000; Western Union
Telegraph Il, 900; Illinois Central 1850; Phila-
| delphia & Reading 1880; Cleveland, Colum.
bus, Cincinnati & Indianapolis 800; Chicago
Burlington & Quincy 1910; New York Ele.
waited 5000.