Daily globe., 1881-02-25
A MONEY SQUEEZE.


day, and Wall Street Was squeezed-The
Bulldozing Bankers Criticized = The
| Treasury Affords Little Relief, and
Stocks Partially RecOver-Grain and Pro-
vision Values But Little Affected.
ST. PAUL, Feb 25.
| On the board of trade yesterday prices and
transactions were as follows:
| Wheat-NO hard, 94c; No. do, Ole; No.
1, 9Oc; No. 2, Sic; No. 8, 7Sc.
Corn-No. 9, SIC bid, 3Sc asked; May, SSc
bid. Sales one carload spot at 3Sc; one carload
February at 3Sc and one carload at &c.
| Oats-No white, SIC bid, S3c asked; No. 8
do, SOC bid, SIC asked; No. 2 mixed, Bic
bid, SIC asked; do, May 32Hc bid; No. 3
mixed, soc bid, Sic asked Sale one carload
No. mixed at 32c.
Barley-No. 2, 75c; No. extra, 66c; No. 3,
! 56c
Rye-No. 2, 74c.
Ground Feed-S15.50.
Corn Meal-$14.50.
Bran-SS.0O.
Baled Hay-Offered at $1O.5O.
Hogs-Live, s5.25; dressed 800. Sale one
carload live at S5.25.
New York dispatch of last evening says:
Dry goods: The demand for spring goo1s has
been checked by very cold weather; but staple
goods in fair request Cotton goods in moder-
ate demand, but the leading markets steady.
Prints quiet Ginghams active and scarce.
The Bulletin says $500 pieces of dress silks
will be sold at auction Wednesday next.
Eastern and European Markets.
NEW YORK, Feb. 2.-Money quite stringent
again to-day and ranged between 1-32@T per
cent per diem in addition to legal Interest,"
closing at 3l@% per cent. per diem and per
cent. per annum. Prime mercantile paper
1906 per cent. Sterling exchange, bankers
bills, go days, actual business at $4.S1Z. Sight
exchange on New York at $4.S319.
Governments weak and 1s@1 per cent lower
for all issues except AIS, which were un-
changed.
Bonds-In the railroad bond market the fea-
lures were Erie second consols, which declined
to so from 99X, then advanced to 100 and
closed at 995s@99sl; Missouri, Kansas &
Texas seconds, which declined to 80 from 62I,
then recovered to S24 and again declined to
S2k: Lehigh & Wilkesbarre conso!s assented,
which declined to 1O914@1O91s from 111A;
Chicago, Columbus & Indiana Central incomes
to 60 from II X and later recovered to 69H;
Chicago, Milwaukee & st. Paul tirsts, Iowa q
Minnesota division, which fell to 1924 from
125; Mobile e. Ohio first debentures, which
fell to 81 from S211zz, and then advanced to So;
New York Elevated firsts, which fell to 11S
from 12O; Louisville 81 Nashville general
mortgage skies, which fell to 1091a@1O9I
from 104L, and Delaware, Lackawanna &
Western seconds to 124K from 1876.
State securities in light demand.
Stocks-The stock market opened weaker.
In the early dealings the market was depressed
and declined 4 @3 per cent in the general list,
the latter in Louisville & Nashville, while
Alton s. Terre Haute preferred sold down to
115, this stock being offered at 127 at the close
yesterday. The stringency in the money
market was the main cause of weakness, and
the announcement that the secretary of the
treasury would Immediately redeem, on pre-
sentation there, $1,000, 600 of bonds included
in the one hundred and first call, issued Mon
day, speculation assumed an exceedingly buoy
ant tone and brisk purchasing movement was
inaugurated, which resulted in rapid advance
ranging from about to per cent, Hannibal
& st. Joe leading in the improvement. Denver
& Rio Grande, New Jersey Central granger
stocks, Texas Pacific, Western Union Tele
graph, Central Pacific, Union Pacific, Lake
Erie s. Western, Louisville Il Nashville, Pacific
Mail and trunk line properties were also proml-
nent in the advance. When the excitement
subsidized prices reacted 1854 per cent, the
latter in Hannibal 81 st. Joe common. During
the afternoon the dealings were irregular, but
later in the day, notwithstanding the hardening
tendency of money, a recovery OF 4@lI per
cent. took place, which was, however, par
TALLY lost in the final sales and the market
closed irregular.
The Post says: The drain of money from
the bank reserves into the treasury, where it
will remain until paid out for notes of banks
giving up their circulation, will have seri
Gus effect on the money market of the country
unless the treasury promptly releases the sur
plusi revenue, which now amounts to about
S16,000,000. There are two ways for the sec
retary to do, the first by general purchase OF
bonds for the sinking fund and the second to
give notice that he will prepay $25 100000 of
5 per cents which have been called in for re-
demption on the 2lst day of May. This latter
mode of relief the secretary has decided upon,
the following dispatch having been received
by Gen. Hillhouse of the sub-treasury a little
before noon:
WASHINGTON, Feb. 24.-Assistant Treasurer
United States, New York-The department
will redeem the bonds embraced within the
one hundred and first call upon their presenta-
ton at this department Washington, with
interest to the close of presentation.
(Signed) JOHN SHERMAN, Secretary.
The per cent. bonds which will be paid by
the above order are selling on the market at
S1OO4 01OO2s. The treasurer will pay par for
them and accrued interest to date of presenta-
tion. This accrued interest amounts to 81
cents and the price which he will pay, S100.37.
Several millions of these bonds are now
pledged at Washington to secure bank note
circulation, and if the banks choose they can
be presented and money obtained for them at
once The only difficulty which will now be
found will be to get hold Of these called bonds.
The effect of the news that the treasury had
come to the rescue was electrical in the stock
market The market opened in q condition of
semi-panic, and du,ing the first hour and a
half prices fell to per cent. The change on
receipt of the news was as sudden as can be
imagined, and prices went back. The recov-
cry ranged from to 6 per cent, and where
there was something like a bull panic there
was sudden change to bear panic.
The Commercial says: Some National banks
in this city played very contemplate part in
the furry of yesterday and to-day. Its not
the first time they have acted ina way against
public credit. One instance, which we cannot
name at present, but which will be understood
by most of Wall street people. The want of
loyalty to the public credit has shown itself
ON ali occasions from the outbreak of the