St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-05
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, Aug. 4.-The vanderbilts
opened easier this morning on reports of rate
cutting among the lines East-bound from Chi
cago. It was stated that both the Wander
bilt and the Pennsylvania lines were cutting,
but the officials of both these properties de-
MED the allegation, admitting, however, that
they had heard that the other fellows were
cutting. Both Michigan Southern and Lake
Shore sold of sharply on these rumors. In
addition London was reported big seller of
weak again. declining in London to 42d. Crop
news was rather favorable than otherwise, and
outside the Vanderbilts the market was
strong. The bull pool in Omaha gave that
stock squirt of u per cent. L. V. White was
quoted asstalking decidedly bearish on the
market This started some selling by his fol-
lowing, and all the coal stocks were inclined
to be heavy. Good pool buying was the feat
ure in Louisville s. Nashville. Western Union
however, sold off to 66, with
NO DEMAND FOR THE STOCK
apparently. The feature Of the early session
was the heavineSs Of the Vanderbilts on ru-
mors of rate-cutting from the West. The
talk was that the big Chicago operators would
all be in Saratoga about the last of tho present
week, and that they had been buying stocks
for some time past with the expectation of
starting big boom while at Saratoga. The
SSHOIdl mdThCG Iulou LARRY dCllFS, Dut dSlOS
from the Vanderbilts there was no special
feature. The close was steady about opening
prices, the Vanderbilts and Western Union
closing at a decline.
NEW YORK Aug. 4-Money on call easy at
2a04 per cent, prime mercantile paper at
495. Sterling exchange dull at $4.85
for sixtyday bills and $3.50 for de-
mand. Government bonds were quiet
and steady. State bonds were quiet
nd firm Poilr
steady. except for the East Tennessee and
Texas Pacific issues, which were strong.
Boston parties bought the latter, and they
were afraid on higher tonight. Sales, 1885,
500. OF this amount the Atlantic & Pacific
incomes contributed 6S8, and East Tennessee
incomes 1885, and Texas s. Pacific Rios coupon
on 203. and the committee on the stock list
to-day 300 and additional bonds under the
consolidated mortgages Of the St. Paul, Min
neapois & Manitoba Railroad company. Lon
don now is the chief influence affecting val
ues, and it continued its sales in the early trad
ing and the market declined. Later in the day
there was some buying for London account
and the decline ceased. There was almost no
news of any note received this morning, ex-
cept tie charges of rate cutting made by th 9
trunk lines against each other, which were
promptly denied There was little feature
to the market in the morning, fluctuations
being for fractions only. In the afternoon.
however, heavy sales of Lake Shore caused
break OF per cent, and toward the close a
cable dispatch was circulated stating that the
Panama Canal company had succeeded in
floating their loan in Paris. This was con-
strued as favorable to the Pacific Mail and on
active trading the stock went up about per
cent, most of which was retained at the close.
Louisville & Nashville and Omaha were prom
inently strong during the day. The opening
was at irregular changes from last evenings
close, the most important being declines Of
50 in Missouri Pacific and % in Michigan Cen
trail, and an advance of ID in Louisville &
Nashville. In the early dealings there was
much irregularity and some feverishness
manifested, but the market steadied toward
noon. being generally fraction lower than
the opening at that time. The attack upon
Lake Shore followed, but was the last effort to
break prices and slow improve
ment took place under the lead of
Pacific Mail and Louisville & Nashville,
the market finally closing quiet and steady,
Final figures generally show losses of Is to Is
per cent the latter in Lake Shore. Norfolk
Western preferred and Texas Pacific are
each up IS per cent. The total sales of stocks
to-day were 199,073 shares, including
Del, Lac. g. W.. 11,150IPacif1c MALL. 9,175
Erie ........... 7,675ISt. Paul. ...... Is, 800
Lake Shore. -. 20, 1S5St. P. s. Omaha. 1856
Louisv'leSNash 16.050Texas Pacific. 13,4S9
Northwestern. $3.50 Union Pacific. 49, 800
N. j. Central. 3, 7S0 Western Union. II, 725
n. Y. Central. 6,6T5