St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-25
FINANCIAL.
New EOrk.

Special to the Globe.
New YORK. Aug. 24.-At the stock ex-
change the market opened 5z@l4 higher for
some properties and k@% lower for others.
A moderate selling movement opened the
days work, but the decline was only frac-
tional before signs of support and reaction
became visible. The feeling, however,
among the majority of spectators, both in
New York and elsewhere, is slowly
growing more bearish. WOerishoffer
and Cammack, with their fol-
lowers, predict 10 per cent.
decline. Cammack sold stocks short Sat
urday, and says he means TO protect them.
The Vanderbilt party n Saratoga are not
doing much. but express confidence in better
prices for the future. The active manipu-
tatiOn of the Omahas is TO be continued. on
the probability of per cent. dividend at
the next semi-annual declaration. The
Pennsylvania company is said to have Sc
cured control of the Jersey Central, and
will guarantee per cent on its stock. This
is done to keep the Baltimore x
Ohio out Of New York, and is
a part Of the late Vanderbilt and Pennsyl-
vania agreement. The yearly statement of
Louisville IL Nashville shows deficit of
S127, 600. Brokers report a gradual I'M
vestment bonds. Erie seconds
WERE WEAK
and lower to-day on the announcement by
President King that the interest on them
would not be paid until the floating debt of
the road had been further decreased.
London has been a heavy seller of
ket, as n whole, was inclined
toward moderation, if not dullneSS, and
during the forenoon but little progress had
been made in either direction. The leaders
appeared to be rather Indifferent as TO the
course of prices and the market was left 90
drift as it pleased. The light-weights felt
the effect Of the halt i'm advance and were
hardly in sight throughout the session. The
Observation-Disclosures party is re-
ported as selling some stocks short
and feeling around for the top. About
eight out Of every ten houses lean TO the
bear side to-day, and look for a reaction and
more activity later on. The market ap-
pears as though it was getting into little
bit of rut, and may not do much one way
or the other for some time 10 come. The
close was dull and there were many weak
spots just as the gong struck, and a report
from Saratoga that bear pool was being
formed helped 10 depreSs.
NEW YORK, Aug. 24.-Government bonds
have been very dull, but quotations firm
State bonds have been more active and prices
strong. There was but small business in
the general railroad bond list to-day, al
though the total sales aggregated s.. I4l. 600:
but West Share lists contributed 81. IGO, 900 and
the Erie IDS $3.50. 000, leaving only S63I 900 for
the remainder of the list. Prices are gen
orally unchanged, but there were more ad-
vances than declines The feature was the
=. "a
one house. This was supposed 10 be IN order
TO take advantage Of the privilege OF turning
in these bonds 10 Drexel Morgan s. Co. which
privilege expires tomorrow. The stock
market opened irregular, but under selling by
room traders soon began TO sag OF, and all
day long was dull and heavy, although there
were few sharp breaks. The Northern Pa
cific securities were, perhaps. the weakest
feature, and next 20 them the coal stocks and
the Changers. The so-called Gould and Van
derbilt stocks reacted moderately, in SYM
pathy, except the Missouri, Kansas g. Texas.
which fell OF ! per cent Compared with
Saturday nights closing prices, Delaware &
Hudson is Ia per cent. lower, Lackawanna
ia per cent, Jersey Central and North
ern Pacific preferred each rs per cent,
Northwestern, ST. Paul and Missouri, Kansas
& Texas and Northern Pacific common each l.
Manitoba Is, and Chicago, Burlington &
Quincy, Lake Shore and Oregon Transconti-
mental each q. Other declines ranged from
= TO Is per cent, so that the average decline
for the day throughout the last was q per
cent. The explanations given for the decline
were that the Woerishoffer and Van Emburg
parties were sellers and thar bear party had
been made up in Saratoga which
had sold stocks all day. Union Pa
cihc was well held and so were the
omahas. The point on Union Pacific is that
negotiations are pending for the sale OF
bonds 10 pay off the floating debt. President
Adams admits the negotiations and says that
New York parties were in conference with
him on Saturday, but nothing has vet been
accomplished. The total sales were only 49,
49, shares, which is the smallest days bust
ness in three weeks, but the business was
well distributed, only five stocks in the list,
Lackawanna, ST. Paul, Northwestern, North
ern Pacific preferred and Western Union,
having sales OF over 1000 shares.
The total sales OF stocks to-day were I53, l37