St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-08
FINANCIAL.
New KOrk.

NEW YORK, Dec. Money on call active
at 6 to 10 per cent, closed at T@S. Prime
mercantile paper, 4O5 Sterling exchange
quiet but steady Go vernment bonds were
dull but firm, and state bonds were duh and
steady. The stock market to-day showed the
usual &C tivity, but the strong undertone
noticed for a long while gave place to de-
cidcd W ,akneSS. The downward tendency,
while apparent early in the day, made very
very little progress until the afternoon, wnen
a decided stump occurred, Increasing
StrIugcncy in the none! market, aided by
realizing sales, was principally responsible
for this. The room traders, however, among
which the sentiment is at present decidedly
bearish, seized the opportunity to hammer
the market all around. The foreign buying
was the principal obstruction to the decline
and materially ded in the strong reaction
just previous to the close. There WIS heavy
trading in Reading again, but there are no
new developments, and the increased BUSH
ness is generally attributed to manipulation.
The proposed amnlgamatiOn between the
East Tennessee, Richmond and West Point
and Norfolk and Western railroads
was the subject of conference to-day and it
is understood that little remains TO be done
beyond arrangement OF details, but while
East Tennessee was strong in the morning,
Norfolk and Western was barely steady on the
whole and Richmond and West Point neg
the afternoon and all yielded The decision
of Judge Gresham had decided effect upon
the Wabash securities, and though some or
the bonds are higher, the stock suffered
material decline. The recommendation of
the Western Union executive committee that
there be no dividend caused considerable sell
ing of that stock. The opening was decidedly
weak. first prices showing declines of 1sQ%
from last evenings figures, the only excep-
tons being Louisville d Nashville and West
ern Union, which were up 1a0H respect
lively. Further declines were made in the
early dealings. Canada Southern being con-
spicuouS. The strength in some of the spe-
cialties, however. rallied prices, when the
market became quiet 1t soon yielded, how-
ever. and in the afternoon decided weakness
became apparent, accompanied by in
crease trailing. Sales, 606,976. Read
ing furnished 1920, St. Paul
Il. 900. Western Union 1886. Union
Pacific PC, $50, Norfolk & Western preferred
q, $40 Lackawanna 26,9U0 Lake Shore 24,646
and Erie p, Sg5. Cameron coal is the only
stock in which the trading was of any i'm
portance, which shows an advance, while Wa
bash preferred is down 33s. The common
stock is also down 23s Richmond s. West
Point and Lackawanna Ia, Hooking Valley
and Michigan Central each IL, Texas Pa
cifc I$6. and Omaha II. Railroad bonds
were less active, and in sympathy with the
share market showed considerable weakness.
Sales. 81, 72l 900, of which the West Shore As
furnished S2S7, 900, Detroit, Mackinac and
Marquette land grants S200,000. and the Den
yer & Rio Grande As S136,00U There was IN
usually heavy trading In the Wabash issues,
ann most of them are higher. The Mackinac
and Marquette land grants were a special
feature of the trading and sold up to 90, but
inallY closed with net advance OF l per
cent. at S531a; Chesapeake & Ohio pu'c chase
money fund lost 2$z at liz, Texas Pacific
income trust receipts 2 at 81. The total sales
of stocks to day were 606,976 shares, includ-
ing:
Canada South n IT, 739' Ohio s. Miss. $3.50
Del. Lack. g. w 20, 800 Pacific Mail..... 1870
Erie %, S95 Reading ........ ia ,24O