Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-19
Eastern and European Markets.


per cent, closing at 4@5 per cent. Prime mer-
camille paper 4@5 per cent. Sterling ex-
change, bankers bills strong at s4SS11s.
Sight exchange on New York at S4.S614.
Dry goods imports for the week, So, 057, 900.
Governments steady for 6s and IS and 4@%
per cent. higher for AS and As. The advance
in the latter issues was due to the action of
the Senate on the funding bill.
Bonds-In the railroad bond market the
features were Lake Erie & Western income,
which advanced to 1919 from II; New Jersey
III; Nashville, Chattanooga & St. Louis firsts
to 11S from 1867; Texas & Pacific income
land grant sevens to S9$4 from SSs4; Hannibal
& st. joe Fights convertible to 1875 from liz,
and Indiana, Bloomington 81 Western seconds
to 81 from so. Wabash, st. Louis & Pacific
equipment sevens declined to 554 from 81;
Ohio Central incomes to 651a from $50, and
Indiana, Bloomington & Western incomes to
77H from 1874.
soils, which rose per cent. to 641 and reacted
to 63.
Stocks-The stock market was characterized
by strong and buoyant tone at the opening
and an advance of 14@15s per cent. was re-
corded, but at the first board somewhat free
selling movement caused decline of 4@1I
per cent, the latter in Chicago, st. Louis q
New Orleans; Denver & Rio Grande, Pacific
Mail and Canada Southern being also promi-
nent in the decline. Toward midday specula-
ton again became strong and the general list
rose 14@3 per cent, the latter in Pacific Mail,
while Philadelphia & Reading, on heavy pur-
chases, sold upS4 per cent. to 1874. Late in
the day the market became feverish and I'M
settled and in the final sales prices took
downward turn and the closing quotations
showed decline ranging from 4@34 per
cent, the latter in Philadelphia & Reading.
Pacific Mail, New York Central, Missouri,
Kansas & Texas, Canada Southern, Texas Pa
cific, st. Louis & Iron Mountain and Delaware
& Hudson were also conspicuous in the down
ward movement.
The Graphic has the following items: There
will soon be two more vacancies in the New
Jersey Central directory, and John w. Garrett
and Russell Sage will succeed. One of the re-
firing officers will be Mr.. Frelinghuysen, of
New Jersey. There is more than a suspicion
that the injunction suits of the cable COM
consolidation will be no obstacle to the ANAL
gamatien. The lines cost but small amount
of money, and if necessary Gould will buy
them up. 1t is only a.matter of small addi-
tional expenditure. The extortonate price es-
tablished for office rents in lower Broadway
and the whole street is a cause of much indig-
nation among stock brokers, who are COM
PEELED to move in May. Prices have quin-
tupled, in some cases, over last year, and land
lords are insisting on three and four-year
leases at the rates. Brokers generally refuse
to sign long leases at the advanced prices
The Express says that the announcement
that the funding bill had passed the Senate
with the fifth section contained therein, which
compels banks to deposit new bonds as Sc
curity for their circulation, had an unfavor-
able influence on the general market and
great pressure to sell just at the close.
The Commercial Bulletin says: This was
day of great excitement and wide fluctuation in
the stock market. In the stock list as whole
it was feverish, there having been intervals of
strength quickly followed by others of weak
ness. At the close, when the news came from
Washington that the Senate had passed fund
ing bill, fifth section and all, there was a rush
to sell. The stock market left off very unset
tied snd almost panicky. The reason for this
is fear that the banks in large cities will re-
volt against the provisions of this bill so far
as it relates to them, and will go out of the
national system and that confusion and trouble
will be the result. These fears may prove
groundless, but they influenced those who had
profit on their stocks to sell out so as to be in
a position to await the Developments. 1t is
not unlikely but European holders of matur-
ing and per cent bonds may hesitate to
take short 8 per cent. bonds in their place at
higher prices than British consols, which run
forever at per cent. par, and that they will
return their bonds here If this happens the
foreign exchanges will likely enough rise to
the gold exporting point.
The Bulletin also says: We understand
that Mr.. Willard, who recently accomplished
a feat which John Law might we'll be proud
of in his palmy days, of getting subscriptions
of $4,000, 900 to blind pool of $4,000, 900,
and of seeing ungauranteed allottments of
100000 sell at premium the next day, of 35
to 40 per cent. Villard,w we say,is quoted as in
forming Boston banker that he has only got
control of the Northern Pacific railway inter-
est in the Oregon naviga-
ton company his creature and
pet. Assuming there is no mistake about this,
the tail will hereafter wag the dog Recent
advances surprised those who knew most of the
property, but Wizards blind pool is the key
which unlocks whatever mystery there wa
about it.
The Evening Post financial editor says that
the United States Senate favoring per cent.
as the rate of interest for refunding bonds was
a surprise to Wall street, and although there is
high banking authority for the belief that
per cent. bond can be sold, yet it is beyond dis
pute that if the rate be 311s per cent. refunding
OpcldtlOuo ullltCl IIC JILL WOulu LII uO ScUSC Ut
experimental. 1t may be that before the bill
finally goes to the President the time which
the bonds run will be extended and the prin-
cipal and interest be made specifically payable
in gold, or in gold or silver at option of the
buyer of bonds. The bill, in its present shape,
contains provisions respecting the banks
which will make it question, with those of
New York city at least, whether it would not
be as well to go out of the national system and
organize under State laws. In part confirma-
ton of the report yesterday that $S,000,O00
raised by the chief organizer of the Oregon
Navigation company were to be used in OBJ
tanning control of the Northern Pacific rail-
road, we have to-day the authority of leading
bankers for the statement that the chief pro-
moter of the Oregon Navigation company told
Northern Pacific stock.
The trans;.c lions aggregated 100000 shares;
1000 Chicago, Columbus & Indiana Central,
1000 Cleveland, Columbus, Cincinnati & In
dianapolis; 10000 Canada Southern; 400 Cen
trai Pacific; 1000 Chesapeake & Ohio; 1000
Chicago, St. Louis & New Orleans; 10000
Delaware, Lackawanna & Western; 1000
Delaware & Hudson; 5000 Denver & Rio
Grande; $4,000 Erie; $4,000 Hannibal & St.
Joe: 14,OOO St. Louis & Iron Mountain; $1,000
Missouri, Kansas & Texas; 10000 Lake Shore
{, 900 Lake Erie & Western; 5000 Louisville &
Nashville; 5000 Michigan Central; 10000
Manhattan Elevated; 1900 Metropolitan Ele-
waited; $4,000 Chicago& Northwestern; 1900
New Jersey Central; H. 900 New York Central;
5000 Nashville, Chattanooga d st. Louis;