St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-12
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, Aug. 11.-The talk among
traders at the opening to-day was again bull
ish. The chief bull argument was founded
on the belief that crops throughout England
France and Mediterranean ports would be
only about rs per cent. OF what they were last
year. Chicago operators professed to have
information of negotiations on foot looking to
the expectation of wheat and other cereals
The market opened firm, and foreigners and
shorts were the principal buyers. wabash
was active and higher; aud it was reported
that the bondholders had agreed on some
plan OF reorganization which had been in
allegiance. Manhattan was manipulated up
from 124 to 129, without anyone knowing ex-
actly the reason for the advance. a rumor
was in circulation early in the day that st.
Paul would issue new lot of stock in Sep
TENDER. The st. Paul officials denied the
story, but the street was inclined to
take their denial with a grain of salt.
The bullish feeling, however, was controlled
by another advance in the rate for money, 5
per cent being bid early in the day. 1t was
reported that the Pacific Mail company was
negotiating with the Panama Railway COM
pany about the proportion of the through
rate which the latter is to receive ON bust
ness from New York to San Francisco. AS
soon this matter was settled it was re-
ported that the Pacific Mail company would
accept the subsidy offered by the Pacific rail-
roads. and transcontinental rates will be i'm
mediately advanced. St. Paurs earnings for
the first week in August increased over
SIS, 900 and Chicago & Eastern Illinois in
creased 81, 500. Total sales to noon were
112.O00 shares. Before the market closed
money had been bid up to per cent. The
whole list weakened and the big room traders
took advantage of the opportunity to sell the
whole list down. Northwestern dropped l
per cent. and all the Changers were CORE
spondingly weak. Fifteen minutes before
the close money was per cent. 1t was then
bid up to 2. and finally per cent. over the
night This is the highest rate known in any
manipulated money market in years. The
stock market closed very weak. after sharp
break of ~ per cent.
NEW YORK, Aug. u.-Money on call
Through rates were bid up nominally to 9
and 10 per cent.The bulk of the days business
was at 306 per cent. Prime mercantile paper
4SS1c. Sterling exchange quiet and lower.
Actual rates $4.S304. $50 for sixty day bills,
and $4.St1!14. s4s4 for demand. Govern
ment bonds were dull but not quot
ably lower. State bonds were quiet
and heavy. Railroad bonds were dull
and generally heavy. The total days business
amounted to 9, AZ, 000 of which Erie IDS fur
nished $4,000, the Texas s. Pacific incomes
$4,000 and the Erie 2ds 49,, 009. The Elliott
committee OF Texas Pacific announced to-
day that they would receive no more secure
ties and would return those already deposited
upon the presentation of certificates
The advance affected the bonds Of the COM
pany and the incomes to-nic hit are down
per cent. at 5, Rios at SO and New Orleans
Pacific lists n val. Their activity is much
reduced. Prices for the general list were
somewhat heavy and declines tonight are in
a majority. Cleveland Columbus, Cincinnati
e. Indianapolis lists lost l at 125, Denver s.
Rio Grande trust receipts at 110%, New Or
leans & Mobile IDS at 81, Oregon short line
lists IN at I04114, Fort Wayne lists 2 at 1OS. A
large amount of money which had cen
placed on call at low rates was called in this
morning, the evident intention being to take
advantage OF the higher rates now ruling.
This csused the throwing over of considerable
''long" stock, and although London was
free buyer the purchases failed to hold the
market and the afternoon witnessed
eeeFs4ea in 4bs wnich no WAS
the bidding off Of money 10 per cent and be-
ing loaned at per cent, with not single
transaction between loan of IL per cent.
and the one at the first named figure. But
money closed eventually at 500. Manhattan
Consolidated stock was a feature in to-days
market advancing 3I per cent. for the day
on heavy purchases by insiders. 1t is
rumored that it is the intention of the COM
pany to increase the rate of dividends to
per cent The Wabashes attracted great at
teution and advanced materially during the
early hours, the movement being stimulated
by rumors of an arrangement with the bond
holders to scale their interest. Texas IL
Pacific was specially weak to-day upon the
proposed issue of $1,000 in additional stock
| under the plan agreed upon by the union of
| the Wistal and Olcott committees. First
| prices this morning were generally from Is to
| a per cent higher than the closing of last
| night, but Reading and Missouri, Kansas
q Texas were each up n and Texas s. Pacific
| "a. A moderate business only was trans
acted i'll the morning hours and prices were
! held firm In the afternoon, however,
they yielded slowly until the last hour, when
decided weakness overspread the entire list
and the market closed weak at or near the
lowest figures reached. The final prices show
declines for almost everything on the active
list, Cleveland, Columbus, Cincinnati s. Indi-
annapolis being down / Il, Omaha and Colorado
| Coal each per cent, and others fractional
amounts. The total sales of stocks to-day
were 217,1 shares, including:
Del, Lac. W.. IA, $50 N. Y. Central. 1857
| Del & Hudson. $3.50 Reading 11,020
! Erie. OTIS st. Paul. ....... 1850
Kansas & Tex. 20,205 st. P. s. Omaha. 4,110
Lake Shore. -. 7,742 Texas Pacific. $500
| LOUSY le&Nash 4,150 Western Union. 3,420
| Manhattan Con. 6,100 Wabash Pacific. 10, 655
Northwestern S,4S5
Quotations of stocks and Bonds.
| NEW YORK, Aug. 1.-THE following are the
mir