The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-09-14
MARKETS BY TELEGRAPH.
FINANCIAL.

FINANCIAL
NEW YORK, Sept. 10, noon.-Stocks active and
change-ions. 81 S4s4Gef s.; short, 81 s7g56l
IS. Government bonds neglected State bonds
dull but firm.
CHICAGO North l i Rl fer%in q w. rt Is
Lake Shore. 49,. '9S4 Western Union. 81
$500 D. m-Exchange dull but firm Money
at PsG Ss ereSoS s SaaHe Ss
eminent bonds dull but firm; four per cents
1894; four and half per cents 1881. State
bonds neglected
The action of st. Paul directors in passing a
dividend on common, and especially reducing
the rate on preferred occasioned a degree of
excitement on the stock market this morning
which has not been seen since Dec. IL, 1886.
While such action was not unexpected the
market was not prepared to take the load of
stock dumped upon it by frightened foreigners,
and material concessions in prices were the rule
throughout the entire list at the opening.
Board room traders were all bearish and &C
tivty aided bears in their efforts to bring about
further decline. They were helped by other
causes chief among which was an advance IN
its rate of discount by the Bank of England.
There was, however, an unusually heavy cover
ing of shorts and supporting orders were nu-
merous. In st. Paul large number of stop
orders were reached and its decline at the open
ing was nearly doubled by their execution.
There was good buying ia Vanderbilts, Wizards
and some others, and this did much TO allay the
excitement ana fears, which AT the opening
were most intense. The scare was about over
after the first fifteen minutes, during which
time over 10000 shares changed hands. Over
1881 900 shares were sold in half an hour, and in
the hour l75 900 outside of grangers the range
of prices was small. fair proportion of the
general list was confined to less than Per cent.
Declines at the opening we're St. Paul 3, Hook
ing Valley 2, Northwest ia and others y to III
per cent But while further slight losses were
sustained in few stocks, most of the list began
10 rally Immediately, and fractional gains were
scored all over the list. Even st. Paul rallied
with the rest. The market weakened again
toward II o'clock however, and before noon the
lowest prices of the day were reached. the
losses from the best figures ranging up to "a
per cent in st. Paul. After noon the market
again moved up, with coal stocks and Wander
bits specially strong, and while the business
done showed steady decrease, there was but
little movement or feature to subsequent trad
ing, Buyers at the low prices of the morning
realized In the last hour, and the market closed
heavy aud quiet at close to opening figures
The feeling on the street this evening. however,
is very unsettled. OF course everything is lower
st. Paul lost g. preferred 49, Northwest pa
Missouri Pacific ~, Lackawanna 1ss. Northern
Pacific preferred 49, Manhattan and Omaha
IA oregon TranscOutinental and Norfolk ana
Western preferred ~; Hooking Valley; New
Jersey Central, Northern Pacific, Pacific Man
and Union Pacific per cent, and others trac-
tions. sales aggregated 4eS, 900 shares. The fol-
loving we're the closing quotations;
Ala class A, 2to 5. 103M New Orleans Pa
Ala class ~ SIS 1917 cifc, first mort. "a