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
Ist9
BRINGING GOLD FROM ABROAD.
An Importation of Half Million
Movement of Leading Stocks
During the Fear.


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 win be made upon
practically similar lines to the loan of
February, 1895. 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.-
OoU, with an option on an equal amount
To be exact it calls for a first INSTALL
ment of 5,075,000 ounces of gold. and for
similar sum in case of necessity.
Messrs. j. P. Morgan & Co. are the man
ayers of the syndicate and will appor-
ton the allotments to the other mem
DerS, receiving a commission of 1 per
cent for their services.
The 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
or the previous loan agreement. and the
by the syndicate afforded a most i'm
preSSive illustration of it's power. Not
single dollar in gold was allowed to
go out until some time after the legal
obligation of the syndicate had expired
III Will be recalled that the syndicate
then secured the bonds at about 1O41h.
and that within a comparatively short
time a 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-
iate the metal as 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
relief measures would Be effective caused the
traaefs 10 disregard lower quotations for
Americans in the London market The deal
lhgs Tor 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 1sk per
cent ON reports of advances in the prices of
foreign and domestic sugars; In the railway
list the advances were greater in the grangers
l.. q NJ, and the Southwestern stocks. the
appropriations ranging from Il to 2% per cent
INC iaSl III L. q N. Sterling exchange rates
were easier, and it was reported that the last
co cons ala Of gold toe Europe now on the
way would upon arrival. in Europe be imme-
diately reshipped to this country to be en-
pioyed presumably in purchases of govern
ment bonds. Only $780, 600 In gold was with
drawn for shipment to South America Money
on call was active, ranging between and Is
per cent until the closet when rates fell to 8
per cent. No applications for clearings house
loan certificates were made by the banks.
me market closed strong, and at the best
prices of the day. -svfeS
A drooping tendency characterized the early
dealings in bonds, with the Union Pacific is
sues conspicuously weak. In the final deal
1ngs prices of some of the speculative issues
stiffened, and in, some instances the rallies
were material The dealings for the day
amounted to 81, PA 600. -
/ The total sales of stocks today were 153 3S1
shares. including: American Sugar. 16, 100;
American Tobacco, 500; Atchison, $500; Bur-
lington, $500; Chicago Gas, 1900 Distilling,
$500; Louisville & Nashville, 9.4OO; Rock Isl
and, $500; st. Paul, q, 500; Tennessee Coal &
Iron, $500; United States Leather preferred,
5000; Western Union, $500.
The highest, lowest and closing prices of the
leading stocks for the year follow: