St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-22
FINANCIAL.
New York.

NEW YORK, June 20.-At the stock eX-
change the market opened 1s@1a higher for
most of the list, and the boom of the past
few days was continued with the rush for
the first hour or two. The bull leaders and
managers are now careering high Oh out
spread wings of confidence and boldnesS,
and all the shorts are being forced in. The
market now is essentially one-sided, as the
bulls for week past have had things all
their own way. 1t was thought to-day,
however, that the market was getting dam
gerously strong and that those who
bought now would be buying on
the top of a bulge. The particular
feature of the morning was the
surprising advances in Manitoba, which
opened at 81 "a and mounted upward in a
series of jumps to 9614. Cause-a large
short interest. The road, however, is said
to be doing very well and now will have a
surplus at the end of the year of $500, 900,
after paying all its expenses and dividends.
MANITOBA LED,
with St. Paul Stock next. The latter got
above 70 and, while not the most active, is
the most talked Of. Armour's entrance into
the directory is said to have been followed
by immense purchases by him and by West
erners. Buying orders aggregating IS, 600
shares of stock have come from Chi
cago alone. Large orders have been
received from Lester e Co, Eldredge & Co.,
and other Chicago houses. The short inter-
est appears to be thoroughly alarmed. There
is hardly stock on the list that has not
been affected by this buying more or less,
except Northern Pacific, which has not yet
started. Union Pacific still hangs fire, but
Central Pacific has advanced with the rest
Louisville u Nashville is now weak, from
decreased earnings and a report of rate cut
ting at the South. West Shore officials say
there is no truth in the report about settle
ment of difficulties between itself and New
York Central, and more plausible
theory of
THIS ENTIRE BOOM
in the stock market is that strong bull
pool formed two or three weeks ago in
West Shore bonds and found that they
could help themselves best by bulling the
Vanderbilts at the same time. But the
movement, when started, surprised its orig
inators, and the result is an advance greater
than they looked for. The bonds, there
fore, are thought now to be good sale.
Michigan Central, during April, earned
800, 600 more than its fixed charges. but for
four months previous to April it ran be-
hind steadily. Its net earnings for the
year will be about the same
as in 1884 it is calculated Another rumor
is that a Loudon-New Y ork combination is
trying to get control of New York Central.
The Osborne party say they are not buying
| the Vanderbilts, neither is Mr. Gould, and
| they do not know who is. The bears are
not at all delnonstrative at any time and ap-
pear to be considerably nonplusSed by the
radical change which has taken place during
the last week. The market closed firm
enough to make them uncomfortable.
| NEW YORK, June 20.-Government bonds
are quiet and strong at an advance of q pei
cent. for everything except the tours, which are
unchanged. State bonds have been quiet and
strong. Railroad bonds continue very active
and generally strohg. The total sales to-day
were little larger than yesterday, amount
| ing to So, 100000 but the increase was due to
a larger business in Erie second consulS, the
| transactions on which aggregated 81, 49,, 900.
The sales of West Shore were $685., 900. Prices
are generally higher and there was
a very decided gain accompanied by
the activity in Erie seconds which
closed at 3211a, net gain Of "a per cent.
The West Shore lists closed "a per cent.
higher Houston Texas Central, Western
division coupon, off 2; New Orleans Pacific
| coupon off ~; Wabash, Chicago division, IS,
4; St. Louis, Kansas City & North real
estate Ts,2. A few issues traded in are
lower. The business in these securities dur
| ing the current week has been the largest for
the year. The total sales were 14,S17, 500, an
| increase over last week, which was about an
| average week for some time past, of 6,462, 900.
The stock market has been active and
| strong nearly all day. Prices at the opening
were, in many cases, a shade better than clos
ing last evening, and in early dealing there
Il
| bilts, Lackawanna and St. Paul. The first
| hour the market was less active, but con-
| siderable amount of business continued tc
| be done throughout the day.
PRICES ADVANCED
| until near / O'Clock, when there was a halt