St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-13
FINANCIAL
New York.

Special to the Globe
NEW YORK. Aug. 12.-The absorbing topic
in stock exchange circles to-day was money.
The advance yesterday awakened q good
many people to the fact that money was get
ting to be scarce article, and as a conse-
quence it was apparent that they could not
carry stocks for mere song, as has been the
case for two years past. The big bulls and
the bull cliques affected to consider the mat
ter of small consequence, alleging that the
high rates were fictitious, and would soon
drop to or per cent. The course of the
market, however, did not verify this predic-
ton to-day. Money opened about per cent.
and steadily advanced until 10 per cent. was
bid. The market eased off, steadily, and
finally when 10 per cent. was bid for mon ey
it broke sharply, the Changers leading in the
drop. Railway earnings for the first week of
August were fairly favorable. Long Island
increased 1888, Ohio & Mississippi SS,6I1
Alton $685., Northwestern s17,90O, Wabash
$64, 1877, Denver Rio Grande $4,000 Sterling
exchange rates were down to $4.S31a and
$4.s5 due to the continued pressure for secu-
rity bills. The announcement that the secre-
tary Of the treasury had issued u bond call
for 500, 900, 900 had a tendency to ease the
money market, and incidentally increase con-
fidence in the price of stocks. The rate for
money declined to two per cent just before
the close, and the bulls breathed easier. The
stock market improved all around during the
laSC quarter Oh Ill uOur. IQere was very llC-
tie news to affect prices outside the money
market. 1t was announced that the Balti-
more & Ohio company had signed tie lease
granting it the use of the Jersey Central into
New York, and that roads through business
would go via this;route to the West hereafter.
The total sales for the day were were quite
large, aggregating about 100000 shares. The
list closed at an advance from the lowest
prices OF the day.
Nrw VnRK Anp 10 -MOnav coll ru1nd
easier, ranging from to 10 per cent, closing
at 203 per cent; prime mercantile paper
4@5c. Sterling unchanged, weaker. Actual
rates 81. S2a for 60-day bills and $4.S31a04. S4
for demand. Government bonds were dull
and lower. State bonds were dull and steady.
Railroad bonds were quiet and generally
heavy. Total sales to-day S2,S76, 500. The
increase is chiefly accounted tor by the in
creased activity in Erie End consols, which,
| under heavy buying for European account,
furnished 1927, 500. 1t is understood that
there has been considerable selling OF bonds by
banks chiefly in order to keep their reserve
| within legal limits. Prices throughout the
day were heavy and important advances are
rare. The stock market to-day was 1rregu-
lar and feverish at times. This was caused
by the non-quotation of different forces
The bulls are nervous over the
increasing rates for money and
| the bears ON account of the slowness of the
market to yield under unfavorable condi-
tlOnS. Inc market to-day was alO6Q urSC Dy
| the purchases for foreign account, and later
| by the further reduction IN the rates for
| sterling exchange. The unfavorable influ-
| ences were the financial situation and reports
of further damage by hot weather in the
West. There was continued hammering by
| local operators throughout the day. Texas Il
| Pacific was the conspicuousy weak stock on
| the unfavorable outlook under the new COM
binatiOn for reorganization. Manhattan made
a further ADVANCE, but business in both 1t and
the Wabash were confined within narrow
| limits. Prices at the opening showed irregu-
| lar changes, which were, however. generally
| within l per cent of last evenings final
| figures. New York Central, however, was up
| n per cent, and Delaware & Hudson and
Northern Pacific had each Is per cent. and
| Louisville & Nashville Was down u. Prices
| generally declined in the early dealings,
| but only fractional amounts, which
were generally recovered, after which the
| market remained steady until afternoon,
| when general decline took place, which was
| checked in the last hour and the market
| closed firm on the rally. Final prices gem
| orally show declines and Norfolk and Western
| preferred is down N, Texas Pacific rs,
| Canada Southern per cent. and other frac-
| tions. Manhattan Consolidated was the only
| conspicuous exception showing an advance OF
| ~ per cent. The total sales Of stocks to-day
| were 225, 504 shares, including:
| Frie s0nl ST PalIl 15. T2O