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

Special to the GLOBE.
NEW YORK, Aug. The stock market
opened strong to-day, with Omaha and Lack
awanna leading in point OF activity and
strength. The talk was that bull party had
been formed in Omaha, composed of Ream,
Jones, White and NewcomD, and it was given
out that part of the program was to adj
vance the rest Of the Changers in turn. The
leading foreign brokers agreed that the rea-
son SO few stocks came out on the sharp adj
Yances was that Europe is a constant and
confident buyer. The Seligmans told th cir
friends that the present was the time to buy
st. Louis San Francisco common and pre-
ferred. The German bull party in Wabash
still predicted 40 for that stock. Western
Union was shade drmer on the rumor that
insiders had changed front and were ad-
vising against short sales, claiming that
the earnings Of the company
were too large to render selling safe. The
bull movement in the Texas Pacific securities
continued, both the bonds and the stock scor-
ing an advance of about per cent. Lacka-
wanna was higher, principally on the publ
cation of bull talk by S. V. White. who stated
that his opinion on the market had expert
enced change and that he believed Lacka-
wanna good for 5-poiut rise The Wander
bits were all very dull. There was some talk
that they had seen the top for the present
and that the coal stocks would be the bull
cards for the next week. Nat Jones and n
Is, Ream went to Saratoga to-day, and it was
given out that they would manage their pro-
jected boom in Omaha from that point
The bank statement showed big
decrease in the reserve, aud was construed as
strong bear argument indicating, among
other things, that money was getting dearer.
The bear traders began selling everything as
soon as the statement was out, and general
break throughout the list followed. The Van
derbilts were exceptionally we'll held, while
hnr,r &, 10 ~ .aN.,, L.
and the talk was that it would touch 40 on the
boom. Regarding Texas Pacific good Judges
gave 1t as their opinion that under the Al
colt plan of reorganization Rio Grande bonds
would be worth so, the New Orleans division
bonds 80, and the stock 20 to 25. The market
prices of the day.
NEW YORK, Aug. Mooney on call easy at
304 per cent, closing at per cent. Prime
mercantile paper, 405 per cent. Sterling eX-
change dull and lower; actual rates. 81 S43i
@4.S4A for siXty-day bills, and S4.S514@4. SIS u
for demand. Government bonds were dull
and unchanged. State bonds were dull and
steady. Railroad bonds were quiet and rather
heavy: sales, So, 945, 500. Erie DDS ex-
June coupon, aggregated $500, 1000; Texas s.
Pacific Rios, SAL 900, and the incomes
1913, 900. Prices sympathized with the move
ment in stocks, and important declines are
numerous. Denver & Rio Grande trust re-
celptS are up IA, AT Ii New York, SuSQue-
| hanna Western lists Coupon Off, IA, at
| S654; Burlington, Cedar Rapids s. Northern
consols, 5s. are down 81, ut 80. Little news
| affecting values was received to-day but
| there were any amount of favorable
rumors early in the day, and until
noon the complexion OF the market
was decidedly bullish. Steady gains were
made in most of the active list, but on the ap-
| pearance OF the bank statement the extra
ordinary loss in legal tenders and further de-
crease of the surplus reserve staggered the
street, and the bears secured the opportunity
| to raid the market and before2 o'clock prices
had bee depressed 1a@1K per cent. support
was then given the market and prices became
steady At the opening this morning first
prices generally showed declines of 5sDs1 per
cent, although a few stock were higher.
The market was quiet and afte- few Slight
| losses became firm and so continued until
noon, when prices were generally above
| opening figures. The raid of the bears then
broke the entire list, Pacific Mail showing a
| loss Of ~ per cent and others smaller
amounts. In the last hour, how
! ever, the decline was checked,
the market closed generally steady
at the lowest figures OF the day, closing prices
| tonight are almost invariably lower among
| the active stocks, although Reading shows an
advance Of p per cent. St. Paul is down l
and Union Pacific, Jersey Central and Pacific
| Mail each Is per cent. The total sales of
| stock to-day were $50, 1898 shares, including:
Del, Lac. & W.. 26,650lPacific Mall. 1856