St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-17
FINANCIAL.
New York.
Special to the Globe.

Speclal TO the OlODe.
NEW YORK, July 16.-The board this
morning presented a scene of the most in
tense excitement though the bulls had it
ali their own way. The most improbable
stories of railroad earnings, which are not
likely 10 be borne ont by cold figures, were
circulated and found ready credence among
the lambs, who have been lettering about
in hopes that they can get i'm without being
shom. The wild rush of the
strength. but despite their efforts
they were squeezed most numerically.
Lake Shore advanced two points OF the
Jump, going in fifteen minutes from G435 To
665s, while st. Paul went up cent and
quarter in the same time. Northwestern
kept pace, moving slowly from % TO 9SlI.
Lackawanna from 80 to 101, with New
Ork Central at good following. 1t is
hard to explain the furry on any other ny
p0theSiS than the one that unemployed cap
itai must be used in some way. and mon
eyed men have come to the conclusion that
stocks have been selling too low. a. there Is
certainly no increase in business TO Justify
it. Gould and Conner have gone off on a
yachting trip for week. and are appar-
emily taking no part in the market. For
the time being even Bruin Cammack is en-
listed on the bull side. Lake Shore and st.
Paul led the list throughout. and a great
many people appear to be taking stock in
the statement. credited to Armour, that the
latter Is worth dollar. In the face of
HEAVY ENGLIsH SELLING.
New York Central remained steady. and
the reappearance of Deacon White in the
Lackawanna ring gave strength to that
limo ~ hai,sr
two points. The main support of the pres
ent imitation is belief that Vanderbilt mas
been buying his own stocks largely. while
Gould is announced to take hold of his
specialtieS next week. Nobody is in con-
troll of things now. Like a whirIwind
sweeping across a desert the fury of specu-
latiOn surges through the trading room.
carrying values hitler and thither at its own
wild will. How long it will last.
and when it will end. are
matters of pure conjecture. The bears
have turned bulls and are booming the mar
ket for all it is worth. The talk now is
that Lake Shore will resume its dividends
next year, while negotiations for settle
ment of trunk line troubles are said to be
proceeding satisfactorily. The long lost
public is evidently or deck, and commission
houses generally have opened manynew ac-
NOOlilo hhlul- titC ldSl Ten udNS. vi course
the majority are aTrayed on the bull side.
There is considerable realizing from all
quarters, and it seemed rather remarkable
how little the sales affected prices. At the
finish the market was irregular. several
properties showing decline from opening
figures, and Others some improvement.
New YORK, July 16.-Government bonds
are quiet and strong, especially the fours
State bonds have been quiet and quotations
are steady. The sale of railroad bonds to-day
amounted to S3,l96,000, of which $lISO. 600
were Erie second conSols and SS5T GOO West
Shore firsts, leaving 100000 for the re-
mainder of the list. The changes in the lead
ing issues are chiefly fractional Apparently
there has been halt in the rapid upward
movement made by a few leading stocks
This did not occur, however. until after the
first hour to-day. In the first thirty minutes
after the stock exchange opened. the reported
sales were l0l, 600 shares, and for the first
hour $4,000 shares. This undoubtedly did
not include a large number of purchases and
sales of New York Central and Lake Shore,
owing to the great excitement that attended
the transactions in those stocks, when the
crowds were so great that at the opening the
stocks were selling at differences of as much
as 4 per cent at the same time during this
activity, which
WAS IN EXCESS
of anything that has been seen on the ex-
change in many months, New York Central,
which was decidedly weak in the first hour,
rose from 9419 to 9614, and Lake Shore. which
was strong at the opening, from 6l5S TO 671@
Lackawanna sold up from 9g1% to l0i, North
western from 9714 to 80, St. Paul from 1875
to 115s. The higher quotations here men
toned were in all cases the highest of the
day, and with only two or three exceptions
the highest prices for the whole list were
made during the first hour The advance
was aided by the European war news con-
tanned IN the morning papers and by pub
nshed statements, all going to show
that a movement was on foot TO
setue the railroad troubles, even
the most pronounced bears admitting
that something was being done. Attbe same
time there was heavy selling of Vanderbilt
and some other securities by persons who il
is understood represented London operators
and after the first hour the advance was
checked. From that time until the close of the