St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-27
FINANCIAL.
Now York.
Special to the Globe.

NEW YORK, May 26.-The stock market was
narrower to-day than for some time past, the
bulk of the trading being in Erie seconds and
Lake Shore. The heavy buying yesterday by
D. o. Mills and the Wormsers started story
about pool having been formed to put the
seconds to par. The trading in them to-day
was heavy, but there was no apparent dispo-
sition to bid up prices. In Lake Shore there
was strong and determined buying all the
morning, which advanced the stock nearly 2
per cent. 1t is said that the Chicago s. At
lantic would be induced to join the Chicago
East-bound pool. This would remove COM
plications in the pool, and, it was thought, in
sure the maintenance of rates. An increase
of S2S, 600 in the earnings of the Northwestern
for the third week of May encouraged the
bulls in the Changers. ST. Paul and North
western each advanced point on
RATHER LIGHT TRANSACTIONS.
Reports from railroads generally show i'm
proved earnings, and the feeling of traders
was largely in favor of the bull side. The
feature of the latter part of the days trading
was sharp advance in the Changers and in
Kansas s. Texas. Chicago operators were
again large buyers Of ST. Paul and North
western. The boom in Kansas 81 Texas was
largely on HoXie'S statement that 81, 500, 900
out of the earnings of the company last year
had been expended for improvements, and
that except for this, the surplus for the year
would have been nearly 100000. The cause
for the advance in Lake Shore, was alleged
to be an effort by the clique to squeeze shorts,
the stock loaning ut one time at 1S2. Canada
Pacific earnings for the third week in May
increased $4,000, and Wabash for the same
period increased S31 900. The market closed
iom with nearly every active stock showing
an advance over opening.
NEW YORK, May 26.-Money on call easy at
1908 per cent. Prime mercantile paper, 40
per cent. Sterling exchange dull at S4.S7 for
sixty-day bills. Government bonds were dull
and unchanged to-day, except the 3s, which
are 4 per cent. lower. State bonds were
strong. Railroad bonds were again active,
the total sales aggregating 50, 722 600. The
market was strong through the greater part
of the day, but yielded slightly towards the
close. Final prices generally show material
advances. Second consols furnished 81 ,O63-
000 at a net advance of q per cent. st. Paul
&.Dakota division sold up ~ per cent at 1851,
Omaha conSolS ~ at 126, Lake Shore I'd
coupons ~ at l27, Louisville, New Albany &
Chicago lists ~ at ITO, st. Louis & San Fran
cisco class A at 104, and Richmond & Dan
vile debentures at 1919. In the early
morning hours stocks were conspicuous for
nothing but the buying of Lake Shore. Sew
eral large loans of Lake Shore stock were
called in, which started extensive covering of
shorts. In the afternoon it was Joined by the
grangerS and Lackawanna, and the announce
ment of heavy increased earnings by the roads
i'll the Northwest, coupled with the settlement
association, with the promise that the G. s. A.
would soon become member, and the fail
ure OF the strikers and the return of the
miners to work in the bituminous coal region
all helped the upward movement. Prices
continued to advance on large transactions
without reaction worthy of the name, and
the market closed firm at the highest prices
of the day. Notwithstanding free buying of
Lake Shore and other stocks, loaHipg rates
still continue firm and it is believed the short
interest has not been materially reduced.
The market opened as it closed last night
rather heavy, generally at q to IS decline
There were some further slight declines
in the early dealings. but under the leader
ship of the Lake Shore and St. Paul soon
became firm. ana, although quiet, material
advances were made before noon. After that
time, however, there was increased activity
all along the line, and the favorite stocks
moved up rapidly. The net results of the
days operations are advances over the whole
active list of amounts ranging from SIN all
fractions to nearly 2 per cent. Lake Shore
heads the list with u, followed by ST. Paul
with IA, Missouri, Kansas s. Texas ~, North
ern Pacific preferred l "a, New York Central
and Western Union each per cent, and the
remainder of the list fractional amounts
There was a noticeable activity and strength
in st. Louis and San Francisco stocks. The
common rose per cent, and the preferred
IL. the first preferred ~. 1t is expected
that the company will extend its line
to Paris, Tex, which it is thought will greatly
increase the company's business. Norfolk
and Western preferred advanced a and St.
Paul and Duluth 1 per cent. St. Paul was the
most active to-day and furnished SO $40
shares, Lake Shore following with 5S,S25 and
Lackawanna next with 30,640. The total saies
OF stocks to-day were $50, 500 shares, including:
Del, Lack&Wes 3O,64OI Reading. ....... 1890
E-in g.