St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-07-07
New York.

Specidi 10 the GlODe.
NEW YORK. July 6.-Before the opening of
the exchange the indications were that stocks
would be higher. London was buying Amer
lean securities very literally and their quo
tat;Cns were q point or two higher than our
Saturday S closing prices and everybody was
talking bullish with cheap money and favor
able ShOwingS by both Eastern and Western
roads as their principal arguments. The
street was especially bullish ON Western
Union and some even went SO far as to pre-
dict that the stock would sell at
SO before 65 In this connec-
ton it was mentioned as significant
that George Gould, Garrett, Stokes and other
prominent telegraph people were all in Lon
don and there were rumorS Of q settlement of
the cable war, as well as patch-up with the
Baltimore u Ohio telegraph people. 1t was
said that under the reduced cable rates, busi-
ness had increased so enormously that should
rates be advanced only few cents the COM
panies would be able to make money rapidly.
The rapid rise of Saturday in Western Union
was attributed by some to the manipulators
who could not resist the desire to
squeeze the shorts and by others to
an honest attempt to buy for
Investment by parties who thought the sftua-
ton in telegraph circles would soon show an
Improvement. Al the opening prices were
higher, but heavy selling of Western Union
soon put wet blanket on the whole market
and
PRICES EASED OFF.
Western Union went down about "a di-
rectly after the start, and large lots of it were
still coming out. At noon the transactions
in this stock aggregated larger than in any
other on the list. ! The earnings OF
| the Northwestern road, which was
one of the bull cards before the
| opening showed an increase of $4,000 for the
fourth week, and Sl44, 700 for the month OF
June. Omaha earnings were $1,000 for the
| About l:30 o'clock 1t was found that the
crowd was pretty well filed with selling
orders and everybody jumped at the conclu-
| sion that the market had been
doomed up Saturday to sell stocks
OH, and the rush to unload
| commenced and nearly every stock on the
| list declined a point. Western Union led the
| decline with Northwestern a good second
| Western Union closed at 675sc, which was
| 3sac below its highest point. The market for
| the day was an active one. and the transac-
lions were unusually large. Ii is believed
| that Il large part of the stocks held by Chi
cago parties were jumped to-day.
BANK OF MINNESOTA,
Paid Up Capital $500, 900; Surplus $50, 900.
| WM DAWSON, Pres. RoBT. A. SMITH, v. Pres.
ALBERT SCHEFFER, Cashier.
| GILFIILANBLoCK ST. PAUL. MINI
NEW YORK, July 6.-Money on
9a eaiy at a@a 4 per s SCENT PRIME
change dull at S4.S7 for sixty days and
! 1882 for demand. Government bonds were
dull and steady to-day. State bonds were
dull and generally firm. Railroad bonds were
dull; sales, 81 ,O12,O00, with advances recorded
il most cases, among them Detroit, Mackinac
y Marquette hrStS ut i7L Green Bay f1rStS at
| 106. Stocks opened strong. Great interest
was manifested in Western Union, on account
of its excited rise on Saturday. The opening
sale was at 20, or "a higher than Saturday s
closing, and the price slowly sagged
points" was given by both bulls
| and (bears), the former claiming that the stock
would go up to so before August and the lat
ter claiming that developments were near at
hand which would reduce the price much be-
low what it is. Erie was also favorite ut the
opening, it being believed by many traders
that London was large purchaser. the
grangers gradually lost ground on reports OF
the new cut by the Rock Island and droughts
il the Northwest. Chicago was said to be
selling these stocks freely. The statements
of railroad earnings for the month of June
| show u general increase. The sterling ex-
change rate WAS slightly reduced and gave
| something OF stronger feeling to the mar
market. The active list at close
i showed general define of 1s@34. Western
| Union lost the latter figure and Northwestern
| lost 21a, Pacific Mail Ia, Omaha TX and
| Northern Pacific ~ per cent. The total sales
of stocks to-day were 3OO.2S3 shares, inciud.
! ing:
| Erie. 31.S60lSt. Paul. . 1880
Kan. s. Tex. II, 450l Omaha. ... S,OCC
| Lake Shore..... $3.50 Union Pacific. 5.l2O
| Northwestern. 1880 Western Union. 1920
| Louis. & Nash. 5,550iOregon Trans. 5.145
| N. j. Central. 1875 North Pac. pfd 7,O5C
| Pacific Mail. -. $500
GERMANIA BANK,
| Corne Fifth and Wabasha streets, opposite Post.
Office.
CAPITAL 100000.
f. ALgRECHT, Prest. ALEX RAMSEY Vice Pr