Omaha daily bee., 1889-02-27
FINANCIAL

NEW YORK, Feb. @.-fSpecial Telegram
10 THE BEE. l-STocKs-There was not much
animation displayed at the opening OF the
stock market this morning.T he transactions
were confined almost exclusively 10 Reading,
st. Paul and Cotton Seed Oil. London was
not SO bearishly inclined as yesterday.
First prices generally were 4 to q higher,
except Cotton Seed Oil, which opened e
higher than last nights closing prices. The
buying Of this stock, however, was princi-
pally by those who sold yesterday, and after
their wants had been supplied the stock
gradually declined ! per cent from the high
est point reached. Well posted brokers say
that the insiders have been large sellers OF
this stock on the late rise, and that the low
price of lard seriously affects its earnings.
St. Paul was tirmer, but, as on yesterday,
buying was confined principally to the pro-
fessional element. The loan crowd reflected
the unusual demand for this stock, and the
borrowers were compelled to pay a slight
premium for its use. The Philadelphia
brokers were buying Reading, but it was
| thought their purchases wera for account OF
| a prominent bear, who Is SAID to have sold in
the neighborhood of 10000 shares in the past
week, Oregon Improvement, which has been
| conspicuously weak for the week past, de-
clined 4 per cent. The commission houses
were less bearish than yesterday, and say,
Notwithstanding the extraordinary pressure,
very little long long stock has been forced
out. The action of the market may be deter
ring would be operators from taking hold,
but bona fdc operators are not letting go
what they have. The course OF events Will
change for the better after the inauguration
on Monday next. 1t is said on good authority
A. IL sI.-~ ~E thN ,NKnanyN
directors of ST. Paul will resign, and in an
ticipatlon of this event they have already
closed out all securities of that company
owned by them. Armour will directly after
the meeting of the directors sail for Europe,
and it Is understood that his interest in st.
Paul has already been sold out, and that he
proposes to have nothing more to do with
tho ROAD. The report of this company to the
Iowa commissioners for the year 1888 throws
some light on the question of how much bust
ness Is affected by the Iowa rates. The COM
pany derived 26 per cent of its gross and 1877
per cent of its net earnings from that state.
After II o'clock the market was quiet. Mis-
| souri, Pacific, however, was quite firm, and
advanced q per cent. Money is easy at III
m2 per cent. The feature during the after
noon was the large transactions and strength
displayed by Chicago Gas Trusts, these Sc
| curities showing a net gain of Is per cent
over last nights closing. The Chicago houses
appeared to be the largest buyers. Oregon
Improvement was also prominent, and re-
acted Z per cent from the lowest point
reached this morning. TIL friends of Pull
man are again talking of higher prices, and
say that should the Pullman company win
the Wagner vestibule suit, the stock will sell
at 225 within a very short time. The net ad-
vances for the day show Chicago Gas Trusts,
"a; st. Paul, =; Omaha preferred, /; Mil
waukee, Lake Shore s. Western preferred,
Ia per cent: while Atchison lost x. The
total sales for the day amounted to 100000
shares, including ST. Paul, 10000; Reading,
II, 900; Missouri Pacific, $500; Northern Pa
cific preferred, 1900; Oregon Transconti-
mental, 5000; Union Pacific, 1000; New
England, 5000.