St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-02
EVENING REPORT.

EVENING REPORT.
Money easy at 15per cent, closing at 1611s
Prime mercantile paper 4@5R percent Ster-
ling exchange, bankers bills steady al 81 81; do
ex. demand, $3.50.
Governments-Quiet.
Railroad mortgages-Firm. West Shore fves
rose to 81, reacted to 565s and rallied to
56Es
Bonds-Transactions continue on large scale.
State Securities-Steady.
The sensation of the day in stock circles was
the activity and advance i'll Lackewana Early
in the day brokers for the bull pool cpled in their
loaned stock, which comm anded -32 for use dur
ing the first fifteen minutes of business the rate
however, soon advancing to per cent. The
opening price was 1913 regular and 1891 cash,
subsequently advanced TO 131 regular and 1876
cash. From midday until the delivery hour the
difference range from 31s TO 5 per cent. 1t be-
came known about two that round amounts of
stocks would be bought in for
non-delivery. At 2:15 purchases for non
delivery began. The price opened at 1877,
ran off TO 134ls, advanced to 1899, and dropped
to and closed at 1909. The number of shares
bought in under the rule at these prices was
5000. The sales of regular n the meantime
were BIO .29ai q 1905 al. 292l @1.292s.
The transactions in stock were very heavy
footing up 40 shares, of which 3O,G5O WERE
cash G.G0O under the rule, and 5000, Seller
sixty. The excitement was intense and the
loses of bears enormous. During the squeeze
the street was flooded with rumors of contcm-
plated twists, in other heavily oversold stocks.
The effects of the reports to drive the shorts
into the market as buyers and an advance of Il
TO per cent. followed. Union Pacific, North
western, st. Paul, Lake Shore, Western
Union, Central Pacific, Missouri Pacific
Michigan Central and Louisville & Nashville
made the greatest advances. Northwestern was
exceptionally weak in early dealings, breaking
1lla per cent. to 11GR. subsequently the stock
rose to 1879. This advance was followed by re-
action of Il to l i, the whole list participating
Compared with last nights closing, prices are
generally a to 4 per cent. higher LackaWan-
ia is 3 higher at 1885, Michigan Central 369
Chicago, Burlington u Quincy, Northwestern
and Omaha preferred are Is to g per cent.
lower.
The Post says: ''The squeeze in Lackawanna
to-day was a surprise to a great majority of
spectators in the market as it was not believed
there was so large short interest outstanding
in that stock, though it is quite well known there
is still a large one in Union Pacific, ST. Paul,
Lake Shore, Missouri Pacific and several Others
Tie measure of surprise may be estimated by
the confidence shown by the bears yesterday.
II Is known that a few days ago q bear pool was
formed by three well known spectators
whose headquarters are near the junction
of Broad street and Exchange
place Yesterday they sold between 1900 and
5000 shares each of Lackawanna, Unicn Pacific
" II. raul, and to-day they were buying their
Lackawanna, but not their other stocks 1t
reported that a call for 1000 Lackawsnna at
l 81 went begging last night at s. The call was
good to-day and the makers of it compromised
early for $1,000. There were also plenty of
other incidents to show the bears were very con-
fdent that to-day would show lower prices The
experience of to-day, however, shows
that the contest in the stock market
has narrowed down to Mr. Gould and
Mr.. Vanderbilt one side and a well
defined bear party on the other. 1t also shows
that the latter are pretty sure to get terribly
punished whenever they get out enough of the
short interest to make it worth while to squeeze
them.
The steamer from Europe to-day took out
Sl1OO, 900 in gold.
The Saratoga, for Havana, took out $s12, 1000 in
Spanish gold coin.
The East Tennessee, Virginia and Georgia
Railroad company paid to the treasurer of the
state of Georgia. at the Fourth National bank,
this city, S750,OOO in Georgia bonds the balance
due on the purchas Of the Brunswick and
Macon railroad.
Sales of stocks this week 1884 shares, an
increase of l ,007, 7S3 over the previous week.
The transactions aggregated 100000 shares :
Central Pacific 1000; Delaware, Lackawanna
& Western 146, 900; do cash 81 900, do ''under
the rule 1000; Oregon Transcontinental 5000,
Northern Pacific preferred 5000; New York,
Lake Erie s. Western 5000; Lake Shore az, 600 !;
Louisville & Nashville $4,000; Missouri Pacific
6 900; Chicago & Northwestern $4,000; New
York Central 5000; Philadelphia s. Reading
4 900: Chicago, Milwaukee 6 St. Paul SO, 900;
Texas Pacific 5000; Union Pacific $4,000 i;
western Union Telegraph 10000.
MINING STOCKS.
The mining market was active and strong,