St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-01
EAGER For BONDS.
ANNOUNCEMENT OF THE GOLD
DEAL HELPS THE STOCK
MARKET.
SHARP ADVANCE In PRICES.
TERMS OF THE CONTRACT RE-
CEIVED WITH GENERAL
FAVOR. 81
Isa9
BRINGING GOLD FROM ABROAD.
An Importation of Half Million
Movement of Leading Stocks
During the Year.
aslE

NEW YORK, Dec. 31-The stock mar
ket today was essentially a professional
one, as was to be expected in view of
the closing Of the year and the evening
up of contracts incidental thereto The
main influence was the impending gov
eminent bond issue, concerning which
forecasts were made somewhat more.
definite in character than heretofore.
They contained but little in the way of
novelty. AS has been outlined in these
dispatches, the issue will be made upon
practically similar lines to the loan of
February, 1885. The chief manager is
the same, and the price of the bonds is
expected TO net the treasury about 3%
per cent. The agreement covers the
delivery to the treasury of gold from
OUTSIDE sources equivalent to 500. 00O.-
OuU, with an option on an equal amount.
To be exact it calls for a first INSTALL
ment of 5,075, 900 ounces of gold. and for
a similar sum in case of necessity
Messrs. ]. P. Morgan & Co. are the man
ayers OF the syndicate and will appor-
tlon the allotments to the other mem
Ders, receiving commission of l per
cent for their services
Inc all-important point about the
new deal is that the syndicate does not
guarantee to guard the treasury gold
reserve This was the cardinal feature
OF the previous loan agreement, and the
PNllOi Ol the contract
by the syndicate afforded a most i'm
pressive illustration of its power. Not
a single dollar in gold was allowed tn
go out until some time after the legal
obligation of the syndicate had expired
1t VIII be recalled that the syndicate
then secured the bonds at about 1O41h
ana that within comparatively short
.line Jump OF twenty points occurred
IN their price. So far as can be learned
only comparatively slight proportion
OF the bonds allotted to European in
Vestors and capitalists was reshipped
to this country. The profits then made
explain clearly the present premium on
gold, caused by the efforts to accumu-
late the metal as a commodity to be ex-
changed at the present time for so
valuable an investment as the new is
sue should prove to be'of
Inc confident sentiment that the treasury
rellef measures would De effective caused the
traders to disregard lower quotations for
Americans in the London market The de.J
lngs for that account by, the, arbitrage houses
were Insignificant. PRICES in the local mar
ket improved sharply, chiefly on the covering
special influences, attracted buying for long
account. Sugar, for instance, gained lex per
cent ON reports of advances in the prices of
i i;s. and domestic sugars; In the railway
IsI the advances were greater in the grangers
. l.. g. NJ, and the Southwestern stocks the
appropriations ranging from Il to 2b per cent
tne last in L. & N. Sterling exchange rates
We're easier, and it was reported that the last
CONSIGNMENT Of gold tes Europe now on the
diately reshipped to this country to be en-
p ployed presumably in purchases of govern
drawn for shipment to South America Money
on call was active, ranging between and Is
pei cent until the close when rates fell to 8
per cent. No applications for clearings house
loan certificates were made by the banks.
Inc market closed strong, and at the best
prices of the day. -avfs5
A drooping tendency characterized the early
dealings in bonds, with the Union Pacific is
sues conspicuously weak. In the final deal
ings prices of some of the speculative issues
suHened, and in some instances the rallies
were material The dealings for the day.
amounted to S1,2340OO.
The total sales of stocks today were 1853 3S1
shares, including: American Sugar, 16 100:
American Tobacco, 6.1Oo; Atchison. $500; Bur
lington, $500; Chicago Gas, 11,0O0; Distilling,
$500; Louisville Nashville. 9.4OO; Rock ISL
and, $500; st. Paul, 27,50O; Tennessee Coal G
Iron, $500; United States Leather preferred.
1900; Western Union, $500
The highest, lowest and closing prices of the
leading stocks for the wear follow.