Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-17
readily on firm and active market at
from 81 to $S.1211a according to quality.
NEW YORK.
Especial Telegram to the Globe. I

Special Telegram to the Globe.
New YORK, March 16.-The bidding for
money, which commenced Immediately
after the opening this forenoon was suffi-
cient to cause uneasiness. Fifteen per
cent. might be called the first rate, fol
lowed by an advance to Is before midday.
Stocks were feverish and weak in conse-
Quence, and declines throughout the whole
list ensued. There was much more activ-
ity than on yesterday, but it came from
the selling of long stocks and assistance
rendered by the short sellers, who are in =
clined to be very accommodating in help
ing decline. Delaware & Lackawanna
sold below 123. The transactions were
large, and it rallied but trife from the
lowest point. Money fell to 10 during the
closing hour, and stocks improved. Michi-
gan Central sold at 95, after touching
931@. Considering the pressure brought
to bear to depress properties it is remark
able how we'll the market holds. The
changes show little variation from the
final figures of last evening, although
money was in demand at 15 as the ex-
change closed.
The condition of the money market
causes much apprehension among mer-
chants who have been transacting business
on loose and careless principles. The
stringency itself is exasperating enough,
but the Topping over of these large whis-
ky houses, the likelihood of more fops, the
possibility of disturbance in Western
banks, and its reactionary effect here, have
created a widespread feeling of caution
that is visible only i'll times of an impend-
ing financial crisis. Again, the eyes of the
banks were directed longingly toward the
treasury, but no outstretched hand was ex-
tended. The explanation given by the
government officials was that the banks had
allowed their reserves to fall away below
the legal limit, and, as they had done many
times before, after falling into this predic-
'ament, rushed to the government for help.
ing deserved set back. Mr.. French, the
assistant and acting secretary of the treas
ury, has placed himself squarely on the
record as opposed to prepaying the $15,-
100000 May call.
Operators who make specially of West
ern Union are very bullish on the stock.
They claim that it is the cheapest per
cent. in the market; that no company has
shown greater ability in creating a sur
plus, and that business is increasing in
proportion which makes the future abso-
lutely secure. Bull points on Lake Erie &
Western were distributed this morning.
1t is claimed that the stock will rise to
about 40. Parties claiming to have inside
information say that the younger Wander
bilts hold good deal of the stock, which
cost them ten points above ruling
rates. Extreme dullness has pre-
vailed. The tone has been fairly
steady, although brokers are advising
customers to realize ia view Of the contin-
ued stringency of money. Brokers account
for the dullness by saying that when it
takes man all his time to get his loans
arranged, he has very little opportunity
for trading. Opinions differ very widely
as to how long the present state of things
will continue. There are well informed
people who say that three or four days of
stringency always bring money here. and
that the rule will work this time. Others
allege that not much relief can be expected
before the middle of April