St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-17
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, June 16.-The stock sellers
are almost getting to look respondent. For
fortnight the bears have been claiming
that they were pleased by the strength ex-
hibited by the market, for the reason that
they could sell to better advantage. But
this strength has continued so long and the
advance, though slow, has been so steady
that this kind of talk is being abandoned,
an evidence it doesn't do the bear any good
unless it is followed by reaction, and re-
action so far there has been none. The
market opened 1s@A higher and prices ad-
vanced sharply during the first hour. The
Changers were in the lead. Indeed the
bulk of all trading was in Northwestern
and ST. Paul, and, under good buying the
first rose to 944 and the second to 6414.
strong and advanced to $1.264. Omaha
preferred
FOLLOWED THE OTHERS.
up to 7236. Lackawanna touched 103%
and then began to decline with more selling
than buying. Western Union was COM
paratively inactive, but managed to strike
62I during the forenoon. Lake Shore was
up to So, but fell off again. New York
Central touched S536 and Louisville & Nash
vile 34119. After this upturn was over the
market halted and prices fell off fraction
ally. Advices from Wall street were very
bulliSh. Longs were advised not to sell
out, as the market was going to go higher
The top figure for Lackawanna was put at
ITO and par for Northwestern. The Osborn
party were loud in talking up the market.
On the other side it was wired that the mar
ket was at the top and would surely break
to-day or tomorrow, that there were heavy
orders to sell ST. Paul on scale up, that
Gould was merely bulling the grangers to
get rid of Union Pacific and Western Union
and much more
TO THE SAME EFFECT.
Woerishoffer and Scott were said to be
trying to raise money to put West Shore in
such condition that A. J. Cassatt would
accept the receivership. The earnings of
the Rock Island for the first week in June
increased S33, 900. A story was started
that the ST Paul company contemplated a
new issue of bonds, but it did not gain
much credence. It is quite noteworthy
that amid all the late advance in stocks
Union Pacific has not participated to any
extent Gould has been baked for once
Omaha preferred was active and weakened
at the finish. A ~ per cent. dividend
comes On it during the next week and its
friends say lit is cheap at the present figures.
When the day closed stocks were generally
steady. There was only a moderate bust
ness doing and little feature to the dealings.
NEW YORK, June 16.-Government bonds
have been quiet but firm, with quotations IN
changed. There has been moderate business
in state bonds, and prices for some Of the
more active issues are 1aD1 per cent. higher.
The railroad bond market continues active
and steady the total sales being 1,T72, 600, of
which West Shore frsts contributed $685. 600,
and Erie seconds $215,000. The remainder
was well distributed among the more favored
issues, and prices are generally higher. This
has been the most active day at the stock ex-
change during the past three weeks, the total
sales amounting to 223,SH shares. The
market opened active and strong, which
continued until late in the day, when trading
became more active. First prices were gen.
orally shade above closing quotations last,
evening, and without any material reaction
the whole list, with one or two exceptions,
continued to advance until near 1 o'clock. In
that time the gains were from Il to IL per
cent, the latter for ST. Paul, but Northwest
ern rose l, Lackawanna and Omaha preferred
each % and Missouri Pacific 81. Union Pacific
was the weak stock on the list selling at only
% above the closing price yesterday. After
1 o'clock there was steady
YIELD IN QUOTATIONS,
during which, in most cases, all the early adj
vances were lost and fractional amounts in
addition, the decline ranging from "a to II
per cent, the latter Northwestern and
Pacific Mail, but Omaha preferred and Lack
awanna preferred each lost / "a, New York
Central and Lake Shore each l. Louisville s.
Nashville and Union Pacific each 81. The
strongest stock on the list was ST. Paul, which
failed to lose more than abe out "a of the morn
ing's advance. The market closed heavy and
in most cases at or very near the lowest quo
tation reached. The result of the days
operation was a final loss, compared
with last evening, for the active
list of % to q per cent, the heaviest decline
being sustained by Union Pacific, but Pacific
Mall is down q and Lake Shore and st. Paul
each H.. The bulls talk very confidently of
much higher prices in the near future. The
bears claim, on the other hand, the leading
bull operators were heavy sellers this after
noon, and that for the time being the highest
prices have been reached. They admit. how
ever, that the abnormal ease of the money
market and the enormous amount of idle cap
ital awaiting temporary investment at very
rate of iptnrpSf of the call loans