St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-22
FINANCIAL.
New York.

new Orks
Special to the Globe.
NEW YORK, May 21.-St. Paul led the stock
market to-day with another sharp advance 1t
was reported early that Armour had been
buyer of this stock for several days past The
result was shorts began covering, which, to-
gether with purchases for long account,
quickly advanced the price to S71a. Mr.. Ar
mour was quoted as talking very
bullish on the stock, and predict
ing par for it this season. The
entire list of the Changers sympathized in the
improved condition of the market. Chicago
shorts were forced to buy back at loss, but
after the early rally the market relapsed into
dizziness, and prices generally declined. The
Vanderbilts were less active, and whatever
long stock came out was absorbed at steadily
improving prices. Consolidated gas stock
was sold down three points on unfayorable
legislation at Albany. Altogether the early
market was
ACTIVE AND VERY STRONG.
made so by an urgent demand for stocks by
shorts. Just before the close there was an
other squirt in st. Paul. The firmness which
it exhibited early in the day convinced the
bears that some strong parties were in for
bull movement and traders quickly changed
their tactics and began buying. It was an
GOunced that the recent issue of Sc, 600. 600
OF ST.. Paul bonds had been fioated at
los and this was regarded as indicating con-
hdence in the property among foreign capi-
taliStS. The buying furore in st. Paul started
a similar movement in everything else. Even
Western Union felt the effects of the change
in sentiment, and buiged half point. The
close for the general market was firm at
about the best prices of the day.
NEW YORK, May 21.-Money on call easy
at 1902 per cent Prime mercantile paper
4@5; sterling exchange actual rates 81 6SsI
for sixty days bills, and S4.SS34 for demand
Government bonds were dull and unchanged.
State bonds were neglected.; trading in rail-
road bonds amounted to S1,610,00O; conspic-
uous issues were Houston & Texas general
mortgages, Erie IDS, and Gulf, Colorado &
st. Fe Eds, and advances were generally
recorded To-day was another day of encour-
agement for advocates of higher prices for
stocks. Everything tonight shows substantial
gains over last nights closing St. Paul was
the lever by which the rest of the market was
moved. Buying of this stock seemed to be
almost entirely for Western account. The
bulls claim, however, that the shorts, especi-
ally in st. Paul and Lake Shore, have not been
able to cover and the weakness in New York
Central and Lake Shore this forenoon is
ascribed to drive at these stocks by bears,
helped by the circulating of predictions of
trouble in the trunk lines. The floating of a
new five per cent. loan by the ST. Paul is a
great element of strength to that stock and
incidentally to the rest of the list The
market opened firm, though the Vanderbilts
were down % and Pacific Mail "a There was
active trading in the first half hour The
final figures are generally either at or
close to the best prices reached.
the market closing strong at
the advance. Although the whole active list
is higher tonight, st. Paul is the only stock
on the usually active list showing an advance
of more than l per cent. The total safes OF
stocks to-day were 2S6,2l2 shares, including,
DEL, Lack&Wes 26,215 Pacific MAIL. SITS
Erie. ........... 4,O50IS st. Paul. SO, S25
Lake Shore..... 36,430 st. Paul & o.. $3.50
Louisville Il N. 1886 Union Pacific. 9,72s
Northwestern. SO, S25 Western Union. 1925
NJ. Central. -. 5000 N. Pacific, pfd.. 4,425
N. Y. Central. II, 156 Oregon Trans. 1851