St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-06-10
FINANCIAL.
New Work.

New Ork.
Special to the Globe.
NEW YORK, June 9.--The talk on the stock
market to-day was somewhat mixed, though
the advantage appeared to be with the bulls.
The principal diff Guilty in the way of a bull
movement was said to be the bearish senti-
ments very generally held in regard to West
ern Union. "A director in that company was
quoted as saying that q cash dividend was out
OF the question. The corrected statement of
earnings for the preceding quarter would
show a falling Off of 100000, and as the sur
plus was not cash, the best that could be done
would be to issue another scrip divi-
dend. Erie bonds were again strong.
and the talk WAS that foreigners
were large buyers. Northwestern sold ex-
dividend early. which made an apparent
decline of per cent, part of which was
recovered during the day. Union Pacific
was inactive. and the belief WAS that the
seventy-year extension bill had failed for the
present session of congress. New York
houses were generally bullsh. but outside of
Erie there was little encouragement i'll the
market for them. 1t was still believed that
the Chicago bulls hac closed out their long
stocks. Milwaukee, Lake Shore & Western
earnings for 'the first week of May
increased S2s, SEQ. The announce
ment that Western Union had
passed its dividend was made about noon.
During the afternoon there was q bulge of
soon as it was learned that The Western
Union dividend had been passed, the shorts
in that stock began to cover, causing an ad
vance of IL per cent. There was good buy
ing of the Changers and the Vanderbilts.
Even the coal stocks began to look up, Lack
awanna closing with q clear gain of per
cent. The sharp break in wheat at Chicago
was interpreted as Indicating that the crop
outlook was good and that as consequence
tonnage for the ensuing year would be large.
Closing prices were firm at about the best
figure Of the day.
New YORK, June 9.-Money on call was
easy at 1]@03 per cent. Prime mercantile
paper at 407, sterling exchange from actual
rates S4.s6s4 for sixty days and S4.SS1a for de-
maud. Government bonds were dull and
steady, state bonds were quiet and firm, rail-
road bonds continue active and strong, Erie
second consuls ex-June coupon were the con-
spicuous features in dealings. while the
funded fves and Canada Southern seconds
were also notable fer activity. The closing
prices show large proportion of gains. Cen
trail Iowa, Eastern division, 6s are up 9 at
20, Erie funded< IS "a at 91A; st. Joseph
and Grand Island incomes ~ at IS, and st.
Louis. Kansas City and Northern Clarinda
6s,. at Y. In, stocks the principal talk
was in regard to Lake Shore
and Nickel Plate. There was good buying
by insiders in Lake Shore, and the motion
made by Judge Ranney at Cleveland to post
pone the hearing in the Nickel Plate case
in view Of the rumors of q settlement, is con-
sidered at least significant. In regard to Ore
gon TranScontinental it is claimed by the
friends of the present management that they
have more proxies in large blocks than the
opposition ever claimed to have. The result
of the meeting of the Western Union direct
ors had no appreciable effect upon the stock,
as their action was discounted during the
last few days. London was large buyer of
Lake Shore, while the German houses are
credited with trading both ways in the
market to-day. The market was firm at the
opening, the majority of the stocks being
from e to II above last evenings closing
figures. 1t was quiet toward noon
and even dull, although there was a slow
appreciation of values. In the early
dealings Western Union was conspicu-
ously strong, reaoting fraction later in the
day. Towards 2 O'Clock there was renewed
buying and with Increased activity the mar
ket became decidedly strong, remaining so
throughout the day and closed strong ut the
best figures reached. Loaning rates were
easier with the supply somewhat in excess of
the demand. Everything is higher tonight
Western Union and Lackawanna are up az,
Erie, Louisville Il Nashville, Northern Pacific
preferred and St. Paul each IL, Lake Shore
~ and the remainder Of the list fractional
amounts.
The total sales of stocks to-day were 2S1, 1855
shares, including