St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-30
FINANCIAL.
New York,
Special to the Globe.


New YORK, Aug. 29.-Aeeording 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 it 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 in itself
Is not likely to swell the amount of net
earnings, no matter how much the tonnage
Is Increased. There was a decidedly dull
opening this morning. Prices were H@1{
lower. AT first there was a disposition
TO sell the market down, but the
cliques came to the rescue. put their Shout
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 a standstill.
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. lit 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 Z per cent. This
was damper and stocks went down with
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 i'm them is still quite an
item. Alton was lower again, with sales at
1921, and all the high-priced stocks were
inclined to drop. Mr.. Gould was credited
with assisting the decline, as it is something
that he has favored for some time past. AT
the wind-up Northwestern was particularly
weak, having lost 80 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. 20. = Government bonds
are duh and firm State bonds are duh and
| steady. The sales of railway bonds to-day
/ foot up less than on any day in nearly two
months, the total being only Sl,0S5,OOO, OF
which ErIe Eds consols contributed S2s6, 100.
| Prices g re 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 q
rule, until during the last hour when there
was decided break, led by the grangers.
] decline of Egh per cent. from
! final figures last evening, and during the
/ first fifteen minutes there was further frac.
/ tional decline. This was followed by slow but
moderaJe reaction, and the market became
extremely imperatively steady, and so con.
tinued 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
! it amounted 10 only Ia per cent. instead OF
., the amount declared for some time past,
was the signal for break in all the rangers
| in which the remainder of the list sympath.
lied. The declines in the last forty-five min
utes were from 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 WELL SUPPLIED
with vague reports, all tending to show that
there was to be break in this stock. There
was very little news of interest ailoat during
the day previous 10 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 net decline as compared with last
evening of Sss in Northwestern, IL in ST.
! Paul, = in Omaha common, AZ in the pre-
| ferred, IL in New York Central and i pei
cent each in Delaware & Hud-
son, West Shore, New York Cen
I tral. Oregon Navigation and Northern
Pacific preferred, Louisville & Nashville was
weak all day and closed with a loss of p
| The market closed weak with decidedly bear
/ ish feeling. Increased activity in the last
hour run up the total transactions TO 30, 00O
shares in excess of yesterdays business,
the sales to-day being 2O4. $40 shares. Com
| pairing prices this evening with those of q
week ago the most important changes are q
! decline of AS in Northwestern, 55s in Omaha
! common and AZ in the preferred, 80 in
/ Lackawanna, 21s in Reading, 20 in st. Paul,
25s in Lake Shore and = in Z. b. & Q. and
! Northern Pacific preferred, none of the &C
| tive lists shows any advance. Total sales for
the week were 1888, 500 shares.
The total sales of stocks to-day were 204, 54S
4 shares, including Delaware, Lackawanna &
Western, 27,765; Kansas & Texas, 1000; Lake
! Shore, II, 100; Louisville Il Nashville, I9, $40;
| Northwestern, 29,Sl4; New York Central, Is
500; st. Paul, 2l.525; Texas Pacific, $40
Union Pacific, 6,665; Western Union, %, l0l
| Northern Pacific preferred, 3,266; Oregon
Transcontinental, 5000.
| QUOTATIONS OF STOCKS AND BONDS.
Following are the closing prices bid yester
day and the three preceding business days: