Daily globe., 1882-09-27
Financial and Stock Markets.


NEW YORK, Sept. 26, II a. m.-The stock market
opened weak and 1s@1% per cent. lower, the
latter for Delaware, Lackawanna & Western.
Immediately after the opening Michigan Central
fell off per cent, after which prices sold up
x@1 per cent, st. Paul & Manitoba and Michi-
gan Central leading in the advance, but the mar
ket subsequently became heavy and at IL o'clock
recorded a decline of 14@2 per cent?, in which
Nashville, Chattanooga & st. Louis, Delaware,
Lackawanna & Western, Michigan Central, Phila-
delphia Reading and Allegheny Central were
most conspicuous. In answer to inquiry con-
corning the last named stock, the Wall Street
Daily Ne,cs has the following: We are informed
by an official of the Allegheny Central that the
road is in fine condition and its earnings in
creasing rapidly, and on its merits will be a
dlvidend-paying stock, but if arrangements are
made to lease or to consolidate with one of the
trunk lines the stock should more than double its
present price. As to the stock on the Exchange
only say it is very fuctuating and strong
ly supported by its friends, and that as great a
proportion OF its market value can be borrowed
on it as any other stock on the list. Wander
bilt brokers say Philadelphia & Reading is the
biggest thing on the list for rise. Important
negotiations are in progress and may have been
concluded. Western Union Telegraph traders,
who have orders to sell, were supposed to come
from insiders. People who have been right say
the stock is purchase.
AFTERNOON REPORT.
Money 6 per cent. per annum and 1-16 per
cent. per diem. Prime mercantile paper 6@7
per cent. Bar silver, S1.1319@1.135s. Sterling
exchange steady; s4.S2sl long, s4.87% sight.
Governments-Irrepular
State Securities
Bonds-Railroad bonds dull and weak.
Stocks-After IL o'clock the market continued
moderately active and recovery of 1s@% per
cent. took place, but at noon prices again receded
1s@5s per cent. Government 4 per cents were
particularly weak yesterday. White & Co., who
offered half million fours under the market
value to-day, offered the same amount yesterday
one quarter below the quoted price Offers of
large blocks have been privately made to promi-
nent dealers. 1t is surmised that Vanderbilt may
be selling portion of his holdings. He is re-
ported on excellent authority, to have negotiated
large time loan on governments yesterday
Considerable amounts of new per cents are ex-
pected from Washington to-day. Beginning to-
morrow and until further notice the secretary of
the treasury will pay any called bonds without
rebate of interest at the rate of $4,000, 900 per
week. The announcement of the forthcoming
treasury relief started the stock market up, and
prices advanced 1s@4 per cent. 1t then began
to be rumored that the treasury would get no
bonds tomorrow, and the rise halted and prices
declined fraction. Money declined to 8 per
cent.
The Evening Post referring to the unusual
stringency in money, says: 1t should be said
that large lots of money were yesterday borrowed
at fancy rates, which money was not used. That
is to say, colaterals were put up and the
money was not taken, all that was done by bor-
rowers being to pay one days interest for the
money and leave it in the hands of the lender
The same thing is being done to-day, and it puts
in clear light the fact that good part of the
present stringency is artificial. The Post thinks
there is a good reason why the treasury should
act in the matter and grant relief and says there
will be ground for disappointment If Secretary
Folger does not take this view OF the subject.