Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-24

with package houses anu JopuiHS "su0
steadily improving. Cotton goods in moder,,
ate demand, but the best makes of plain and
| colored cottons steadily held. Prints qulet.
| Ginghams active and scarce. Dress goods
doing fairly. Wooden goods sluggish.
Eastern and European Markets.
NEW YORK, Feb 23-Money stringent at 3
per cent per annum and 81 per cent. per
diem, closing at per cent. per annum ana
61s per cent. per diem. Prime mercantile pa
per 4@5 per cent. Sterling exchange, bankers
bills weak at s4.S2. Sight exchange on New
York at S4.s455s.
Governments weak and 4@1a per cent.
lower.
Bonds-In the railroad bond market Mobile
& Ohio second debentures fell to 30 from 52;
do first debentures declined to S2h from 81,
and later recovered to 81; Missouri, Kansas q
Texas second consols to So from S4h; Indiana,
Bloomington & Western seconds to 80 from
81, and Boston, Hartford s. Erie firsts to 81
from 5S4. Chesapeake & Ohio firsts, series
B, declined 4 per cent to SO, then advanced
to SS111
State securities dull and nominal.
Stocks-The stock market opened generally
strong and higher, and subsequently rose q
fraction, making full advance of 4@3per
cent. the latter in New Jersey Central Before
the first board, however, the entire market be-
came weak and prices took downward turn;
Speculation continued much depressed
throughout the afternoon, and although there
were occasional slight recoveries prices con-
tinued to tend downward up to the close OF
business, when the lowest figures of the day
were generally current. The decline from the
highest point ranged from to 5 per cent, the
latter in Oregon Navigation; Pacific Mail sell
ing off AZ per cent, New Jersey Central,
Philadelphia & Reading, Nashville, Chattanoo-
pa & St. Louis, Northern Pacific preferred and
Chicago, St. Louis & New Orleans per cent
Delaware, Lackawanna s. Western 81 per
cent, Texas Pacific 81 per cent, Chicago,
Milwaukee & st. Paul So per cent, Canada
Southern and Wabash, st. Louis & Pacific 81
per cent st. Louis d Iron Mountain So per
cent, Delaware & Hudson and Ontario &
Western 31s per cent. and Denver q Rio
Grande per cent. The depression was due
to stringency in the money market.
The Post says: The stock market suddenly
became very weak on a rumor that, taking
the country altogether, there had already neen
deposited with the government S25, DOC, 600 III
lawful money with which to withdraw the
national bank circulation. We very much
doubt the truth of this report, but it had its
lnnueQce ana prices IuTLucT utcllutu n go per
cent, closing weak.
The Express says: The uncertainty in re-
gard to the funding bill and the continued de-
post in the sub-treasury here of gold and
legal tenders by national banks to retire their
circulation were the all-absorbing topics OF
conversation in financial circles to-day, and eX-
ercised marked influence on the stock and
money markets. The sub-treasury received on
Saturday last 81 1854 900 cash to retire crcula
nd 70 dow
81, 100000 cash, which includes checks de-
posted Monday and collected through the
Clearing House to-day. This makes The total
cash received at the Sub-treasury here up to
the present time S6,636 900. The banks Sat
urday last held only S3,S07,275 reserve above
the IS per cent. required by law, so it can
easily be seen why this action should affect
the money market unfavorably as it did to-day.
Money was short at per cent. at the very
opening, and continued to grow dearer until
after O'Clock, when call loans at the stock
exchange rsse to Is per cent. per diem and
legal interest, the immediate effect of which
was sharp and general decline in stock values.
The sub-treasurY was creditor at the Clearing
House this morning to the extent of 1,176,-
900, which is very unusual thing. Some of
the prominent national banks are aggravating
the situation by inducing their country cor
respondents to deposit gold and legal tenders
in the treasury to retire circulation and by all
manner of threats as to what they will do in
the future No such financial bulldozng of
Congress and the President was ever before re-
sorted to. It remains to be seen whether Sec
rotary Sherman will come to the rescue of the
money market and thwart the designs of those
who try to derange the monetary situation and
disturb legitimate trade.
Several large city banks, says the Post, were
heavily creditor at the Clearing House this
morning, they probably having called in loans
so as to be in funds to pay into the treasury in
lawful money for their country bank CORE
spondents, provided the latter elect to give up
their note circulation before the refunding bill
becomes law, or it may be they called in
| their loans simply to get better rates for
money lent. We know several banks and pri-
vate bankers have large amounts to be used
| for the country banks, if, at the last moment,
| the latter decide to relinqulsh their note cir
culation.
Commercial: We believe, we confidently
say, that close money market cannot
| so long. The incoming administration
will not allow one dollar of idle money to ac-
cumulate in the treasury, while the obligation
| rests upon the government for the payment of
| the maturing bonds of 1881. A dispatch
| from Washington says: The banks claim,
| that, as the funding bill now stands, it would
| be impossible for a bank desiring to go ont
| OF business 10 40 SO. Ii Is now proposed 10
| refer the bill to the ways and means commit
| tee, for the purpose of amending, so as to re-
move this objection.
The Public says: For months the stockholders
of the Nashville, Chattanooga & st. Louis
have been striving to obtain through the courts
some protection for their rights. 1t is now no
| secret that proposition to lease the road,
| with guarantee of 6 per cent. dividends upon
stock was under consideration. Such propo-
sition, backed by railroad magnates
| of undoubted ability could not have been refus-
ed by the majority now held by the Louisville
| s. Nashville interest without placing that in
terest in very embarrassing position in the
courts. The only way of avoiding that en-
barrassment is to do even better for stock
holders, and the fact that the road is capable
of earning more than per cent. clear of all
operating expenses, and the interest on the
debt, was known to the managers the recent
movements in themarket indicate thatsome ar
rangements satisfactory to all parties is in
contemplation, for all appeared to be buying
stock; but the statement that full settlement
has been made and all pending suits Withdrawn
| is certainly premature.
Graphic items: r. P. Flower offers to make
one of party of five capitalists to take the
entire new 3 per cent. iloan from the govern
ment at par. Officers of the city banks gen
| if;ad