St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-10
FINANCIAL.
New York.

New York.
Special to the Globe.
NEW YORK, Aug. 9.-There was very little
change in the stock market at the opening to-
DAY. The bank statement was generally
ascribed as the cause of the break on Satur-
day, and opinions we're still divided regarding
1t. S. V. White said that it indicated greater
activity in business, and was properly a bull
argument. Traders, however, generally
consider the statement an indica-
ton of hardening of the money
market. 1t was predicted that money
would continue to get dearer until
about November, when it would likely be
worth about per cent. In this view of the
money market, 1t was hardly considered pos
sible that the high-priced stocks could MAIN
tain their present range of values. Lacka-
wanna ard Omaha again absorbed the greater
part OF the trading, and the talk from the
Chicago bulls was still higher prices for
Omaha common. 1t was quickly bid UP to
1875 but at that point long stock come out in
sufficient quantities to cause decline. New
York traders were Of the opinion that the
market was being manipulated in order to
enable the Chicago bull party to sell out
Lackawanna was stropg and higher early in
the day. but about midday sold Off sharply.
St. Louis and San Francisco common ad-
vanced a point under large purchases for
foreign account. The point was made that
RAILROAD EARNINGS
are steadily improving, aud that the outlook
is for the best falls business in years; that
money, while it will be much more active
than it has been. will be abundant and it will
be much easier to engineer stock specula-
lions than at any time since 1881. The fea-
ture of the day, however, was a sharp break
in prices of l to Ia per cent. on an advance
in the rates for money. For a while the
rate ruled steady at 5 per cent. on
call loans, but before the close had
announced, also, that banks were callieg in
their loans on the non-dividend paying stocks
Omaha, the chief bull card of the day, drop
ped quickly from 1873 to 4S13. and the rest of
the list dropped almost as much. The Van
derbilts declined about 1 per cent. Aside
from the fear Of dear money the temper Of
speculation was decidedly bullish, but the
prospect Of higher rates ON call loans made
commission houses cautious about advising
purchasers. The market closed after squirt
OF very active trading during the closing
hour, about per cent. under the opening.
THE CAPITAL BANK,
Drake Block. st. Paul MINI.
CAPITAL 100000. SURPLUS $4,000
L. L. REED, President; w.D KIRK, Cashier
j. w. WAIT. Assistant Cashier
NEW YORK, Aug. e.-Money on call loaned
up TO per cent, but the general rate was
1904 per cent, closing at per cent. Prime
mercantile paper, 405 per cent Sterling ex-
@4.S4A for siXty-day bills and S4.S5H@4. S513
for demand. Government bonds were dull
and quotations d shade easier. State bonds
were dull and steady. Railroad bonds were
quiet and generally heavy. Sales, So, 1s1, 500
Texas s. Pacific incomes furnished 1854 600,
the Rios. coupon OF. 1884, ZOO, and Erie I'd
consols $3.50, 600. Prices sympathized with
the trading in stocks and while active and
firm in the first hour yielded in the afternoon
and final figures were generally small frac-
lions lower. Mexican Central As are OF 2sS
at 306 and Texas & Pacific incomes at 56sl
The effect of Saturdays bank statement
was again felt to-day, Notwithstanding
the generally accepted theory that the
e1nploymept of this capital, SO long idle.
must result in better prices. There was no
neWs,toI Effect values In the early morning
and an irregular but generally strong market
existed until afternoon. London was credited
with be1ng,a buyer, especially Of the Wander
bits and Omaha, which led the market. In
the afternoon the rate for money was bid up
to . per cent, and prices responded by a
drop of u to IL per cent. A story was cir
culated OF an opposition to Pacific Mail, and
that stock was most conspicuous in the de-
cline. Toward the close free support was
given to the list, but the market closed weak,
at ABOUT the lowest figures of the day. First
prices showed irregulSr changes of 1s03s per
cent. The succeeding dealings were also
irregular, with Omaha and New York Central
consplcuously strong, but after midday free
selling movement carried prices down 156I%
per cent, Jersey Central, Paciac Mail, Oregon
TranScontfnental and NorthcSz Pacific
preferred were the chief sufferers. The de-
cline was checked at about 2 o'clock, but the
last hours showed q downward tendency and
the market closed weak, generally at the
lowest prices reached. Final prices of the