Morning journal and courier., 1886-07-05
Eit1at1ciaI.
\ Lively FURRY On 'Chan&e-Western
Union Takes a Sudden Spurt-The
L1veliest Day of The Week And
Surprise To The street..

L1veliest Day of The Week And
Surprise To The Street.
NEW YORK. July g.
Much to the surprise of the street this proved to
be by far the veliest day of the week the Stock
Exchange. The shorts lulled into feeling
of security by the statements imputed to certain
operators that they would attempt important
movements in the market until after the national
holiday, and even the smaller bulls calculated upon
| a dull and unihteresting speculation. The day de-
veloped entirely different state of affairs Prices
began to creep up slowly at first, but the upward
movement steadily gained in force and was making
| progress when the gong sounded at o'clock
Neither the reported reduction In the prices of coal
by some Of the companies the alleged troubles
| between the Chicago and Chicago. Burlington &
Quincy, which it said had led to rate cutting
| to southwestern points, had any effect. On the
other hand, the fact that money is easy, that the
| export movement of gold has ceased and more par
tcularly the sudden squirt in Western Union-all
had their influence. In other words it was bull
day, and any thing calculated to depress prices was
regarded with Indifference by the general run of
| traders. The movement in Western Union over
| Swallowed all others. The stock presented nothing
| unusual until about o'clock, and its gradual adj
vance from 651@ to 67 attracted no more than ordi
nary attention. But from the latter point there was
a rapid rise to 69X, which put the whole Exchange
in fiutter. The shorts, fearing sharp twist
rushed in to cover, and their purchases probably
engineering the speculation. Thus far nothing has
| leaked out concerning settlement with the Balt
more & Ohio or in regard to anything else that
might account for rise of points in one day in q
stock which only recently passed its dividend. Ru
mers were plentiful but they have been in circula
tion for days, and the stories a1eat contained
nothing that was to the street. Notwithstand-
ing the mystery and the denals by Western Union
people, however, many operators now feel con-
| WINGED that something is up and that when the
proper time comes the bulls will have something
tangible to give out to account for their large pur
chases of the stock The gain in the st. Paul earn
ings for the fourth week and month of May also
sisted the advance and stimulated buying for both
| the long and short accounts. st. Paul. Northwest,
the coal shares, Union Pacific, Lake Shore North
ern Pacific, Pacific Mail and Erie were all more or
less prominent and improved the extent of sla113
per cent Erie preferred jumped 315 and Louisville
New Albany & Chicago per cent. The market
closed strong at the best figures of the day. The
| sales aggregated POS, 591 shares.
| Money loaned at 11ea2 per cent.
| Exchange was dull and without feature Actual
business was done at 4.S714a4 S1L5 for sixty day
bills, 4ssAa4 SO for demand 4.s9a4.s94 for cables
and 4.S5a4. ssh for commercial.
| Governments closed firm.
Closing prices reported over the private wires of
4 l. De-,