St. Paul daily globe., 1885-08-31
FINANCIAL.
New York.

Special to the Globe.
New YORK, Aug. 29.-AccOrding to the
bulls, the recent break and the pause in the
upward movement of values in stocks was
to enable an operator to cover large lines of
shorts. This has been done, and, in fact,
the unknown has gone long, and is still
buying stocks with his identity carefully
concealed. The low price of wheat, it is
thought, is a serious drawback to higher
prices, from the fact that farmers will
not sell if they can help 1t, and
the railway earnings do not increase
as they would under free movement of
grain to market. No reference Is made to
cutting on east-bound traffic, which nitself
is not likely to swell the amount of net
earnings, no matter how much the tonnage
Is increased. There was decidedly dull
opening this morning. Prices We're s % g
lower. At first there was a disposition
to sell the market down, but the
cliqueS came to the rescue. put their shOul-
derS TO the wheel and kept the vehicle from
rolling down hill any farther; but, in doing
that, they practically stopped all move
ment, and brought things to StandStiI.
No one seemed anxious to buy under exist
ing circumstances, with pools all going to
pieces East and West and the edge of the
boom long since blunted. But the Saratoga
party and Deacon White are expected in
New York next week, and a great
MOVEMENT UPWARD
is promised. 1t remains to be seen whether
the promise is fulfilled. The officials of
the South Pennsylvania road have been
enjOined from transferring that property to
the PENNSYLVANIA Central according to con-
tract, but Mr.. Vanderbilt has bought out
the Carnegie interest and will thus be able,
it is thought, to carry out his proposed
scheme. The Gould party was said to be
beariSh on Western Union, and Vanderbilt
was credited with buying the stock with a
view of using it at the next election
of officers, should Mr.. Gould see fit TO
unload upon him. 1t was still into the after
noon before anything in the way OF break
came, and then it was whispered around
that the Northwestern preferred dividend
was to be at the rate of per cent. This
was damper and stocks went down with
a run. There appeared to be no sustaining
orders and the room traders jumped on
the market, selling stocks right and
left. The Vanderbilts were rather stubborn,
as the short interest in them is still quite an
item. Alton was lower again, with sales al
1924, and all the high-priced stocks were
inclined to drop. Mr.. Gould was credited
with assisting the decline, as tits something
that he has favored for some time past Al
the wmd-up Northwestern was particularly
weak, having lost 81 points for the day,
and st. Paul was being dragged down in
sympathy. The whole line closed consider
ably demOralized, unsettled and feverish.
NEW YORK, Aug. 29. - Government bonds
are dull and firm. State bonds are duh and
steady. The sales of railway bonds to-day
II nn n two
months, the total being only 1,0S5,000, OF
which Ere 2dS cOnsOlS contributed SYST, l00
Prices are generally higher. The stock mar
ket to-day has been alternately moderately
active and extremely dull and firm. The
fluctuations, however, were not wide. as
rule, until during the last hour when there
was decided break, led by the grangers.
Prices were weak ut the opening,
decline of 1s0% per cent. from
final figures last evening, and during the
first fifteen minutes there was further frac-
tiOnal decline. This was followed by Il slow but
moderate reaction, and the market became
extremely imperatively steady, and so con
unued till late in the afternoon. The an
nOuncement, shortly after O'Clock, that the
dividend on the preferred stock of the North
western company had been declared, and that
1t amounted TO only Ia per cent. instead of
>, the amount declared for some time past,
was the signal for break III all the Grangers,
in which the remainder of the list sympath-
lied. The declines in the last fOrty-five min
utes were from l to = per cent, the greatest
weakness next to the Changers being in the
Vanderbilt and Lackawanna. In fact, the
latter was heavy all day, and the street was
UNUSUALLY WE'LL SUPPLIED
with vague reports, all tending to show that
there was to be break in this stock There
was very little news of interest atlOat during
the day previous TO the announcement of the
Northwestern dividend, and the market was
altogether featureleSs until after = o'clock.
1t closed generally at the lowest prices of the
day, with a net decline as compared with last
evening of 33S in Northwestern, IL in St
Paul, 3 in Omaha common, 45s in the pre-
ferred, rs in New York Central and 1 per
cent each in Delaware 81 Hud-
son, West Shore, New York Cen
tral, Oregon Navigation and Northern
Pacific preferred, Louisville 81 Nashville was
weak all day and closed with 81 loss of IL.
The market closed weak with a decidedly bear
ish feeling. Increased activity in the last
hour run up the total transactions to &c. 900
shares in excess of yesterdays business,
the sales to-day being 204, $40 shares Com
pairing prices this evening with those of a
week ago the most important changes are q
decline Of 42s in Northwestern, 55S in Omaha
common and AZ in the preferred, 81 in
Lackawanna, 25s in Reading, 23{ in St Paul.
25s in Lake Shore and . in G. Il. s. o. and
Northern Pacific preferred, none of the ac-
tive lists shows any advance. Total sales for
the week were 1885, 500 shares.
The total sales OF stocks to-day were 2O4, ,549
shares, including Delaware, Lackawanna s.
Western, 2T,165; Kansas Sc Texas, 1000: Lake
Shore, l+,1OO; Louisville & Nashville. 1880;
Northwestern, 29,Sl4; New York Central, 49,.
SEQ; st. Paul, 2I.52j; TexuS Pacific, 4.540,
Union Pacific, 6,6t5; Western Union, 23. IOI;
Northern Pacific preferred, 1896; Oregon
Transcontinental, 1920.
QUOTATIONS. OF STOCKS AND BONDS
Following are the closing prices bid yester.
day and the three preceding business days:
Wed. Thur. Fri Sat