St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-09
FIN CIAL.
New York.

Special to the Globe.
NEW YORK, Aug. Tho stock market
opened strong to-day, with Omaha and Lack
awanna leading in point of activity and
strength. The talk was that bull party had
been formed in Omaha, composed of Rea1n,
Jones, White and NewcomD, and it was given
out that part of the program was to ad-
vance the rest Of the Changers in turn. The
leading foreign brokers agreed that the rea-
son SO few stocks came out on the sharp ad-
vances was that Europe is constant and
confident buyer. The Seligmans told Tia cir
friends that the present was the time to buy
St. Louis j. San Francisco common and pre-
ferred. The German bull party in Wabash
still predicted 40 for that stock. Western
Union was a shade frmer on the rumor that
insiders had changed front and were adj
vising against short sales, claiming that
the earnings OF the company
were too large to render selling SAFE The
bull movement in the Texas Pacific securities
continued, both the bonds and the stock scor-
ing an advance Of about l per cent. Lacka-
wanna was higher, principally on the publ
cation of bull talk by S. V. White. who stated
that his opinion on the market had expert
enced change, and that he believed Lacka-
wanna good for 5-point rise. The Wander
bits were all very dull. There was some talk
that they had seen the top for the present,
and that the coal stocks would be the bull
cards for the next week. Nat Jones and N.
B, Ream went to Saratoga to-day, and it was
given out that they would manage their pro-
jected boom in Omaha from that point.
The bank statement showed big
decrease in the reserve, and was construed as
strong bear argument indicating, among
other things, that money was getting dearer.
The bear traders began selling ev erythng as
soon as the statement was out and general
break throughout the list followed. The Van
derbilts were exceptionally well held, while
Il in do yyOS oatiN nd I,
and the talk was that it would touch 40 on the
boom. Regarding Texas Pacific. good Judges
| gave it as their opinion that under the Al
| colt plan of reorganization Rio Grande bonds
| would be worth SO, the New Orleans division
bonds go, and the stock 20 to 25. The market
closed rather easy, at decline from the best
prices of the day.
NEW YORK, Aug. Money on call easy at
30f per cent, closing at 3 per cent. Prime
mercantile paper, 415 per cent. Sterling ex-
change dull and lower; actual rates, 4.S434
@4.S4A for sixty-day bills, and S4.S514@4. S51 ID
for demand. Government bonds were dull
and unchanged. State bonds were dull and
steady. Railroad bonds were quiet and rather
heavy; sales, S2,945,500. Erie Eds, ex-
June coupon, aggregated $500, 600: Texas &
| Pacific Rios SAL, 900, and the incomes
| S31S,O00. Prices sympathized with the move
ment in stocks, and important declines are
numerous. Denver e. Rio Grande trust re-
n.
| hanna & Western lists Coupon Off, ~, at
S6I; Burlington. Cedar Rapids g. Northern
consols, 5s are down 80, at 80. Little news
! affecting values was received to-day but
| there were any amount of favorable
rumors early in the day, and until
noon the complexion of the market
was decidedly bullish. Steady gains were
| made in most OF the active list, but on the ap-
pearance of the bank statement the extra
| ordinary loss in legal tenders and further de-
crease OF the surplus reserve staggered the
street, and the bears secured the opportunity
to raid the market and before2 o'clock prices
had bee depressed 1a01% per cent. support
was then given the market and prices became
| steady. AT the opening this morning first
prices generally shove declines of 1S13S per
| cent, although a few stock were higher
| The market was quiet and after a few slight
| losses became firm and so continued until
noon, when prices were generally above
opening figures. The raid of the bears then
broke the entire list, Pacific Mail showing a
amounts. In the last hour, how
ever, the decline was checked,
the market closed generally steady
at the lowest figures of the day, closing prices
tonight are almost invariably lower among
the active stocks, although Reading shows an
advance of % per cent. St. Paul is down l
and Union Pacific, Jersey Central and Pacific
stock to-day were 250.3 1893 shares, including:
Del, Lac. & W.. 49, Pacific Mall. 1885
Del. q Hud. -. 1866 Reading. ....... 10, 400
Erie. 9,120ISt. Paul. .. l5.41O
Kansas & Tex. 4,3T0ISt P. & Omaha. Is, $50
Lake Shore. ...1447OI Texas Pacific. "a, It's
LOUSY le&Nash $3.50 Western Union. $500
Mem. Cha'st'n.. $500 N. Pac., pfd.... 1889
| Northwestern. 61,215 Union Pacific. L, O7O
| n. Y. Central. 3,050IOregon Trans. 3425
/