St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-26
DIRECTORS.
FINANCIAL.
Now YORK;.

New YORK. July 25.-The stock market to-
dav was active and weak during the first
hour. but duh aud staSnaht for the remain
der of the session, but closed at the lowest
prices of the day and in most cases OF the
week The opening was steady and dull. but
the bear manipulation in Burlington was re-
newed immediately, and in the most open
manner. and that stock was soon of ma
terial amount Pressure was afterwards
brought upon the Richmond ~ West Point
securities. and the common stock and tue
bonds suffered severely, While the preferred
stock, which has not been dealt i'll during me
week, sold down over per cent from Its last
previous sale In addition to these declines,
Jersey Central was also most unaccount
ably weak. losing per cent, which affected
the rest of the list unfavOrably and small
losses were sustained all along the line. Inc
bank statement. however. Unexpectedly
showed a material gain in the surplus re-
serve and the downward movement was
checked, eXceptin the stocks most directly
affected by the manipulation. so that the
final dealings were devoid of feature OF IN
tereSt.
The market closed dull. and barely steady
for the general list hut in most cases at the
lowest prices OF the day. The final changes
are generally insignificant losses, but Jersey
Central Is down li2. Burlington Us. ana
Richmond q West Point Is. Railroad bonds
displayed the usual dullnesS the sales for the
session amounting to $50, 900, but the tone
was weak. and, while the active bonds were
only slightly changed as rule, the Rich
mond d West Point skies lost Us at 9i. Gov
eminent bonds dull, steady TO firm. State
bonds neglected.
The Post says: Burlington d Quincy was
the only conspicuous stock on the list this
morning, and ii sold off rapidly under the
hammering of the bear clioue-a combina-
ton unusually well organized and managed
by one of the most adrOit bear manipulatOrs
in Wall street. Ii will not lie amiss 10 state
frankly the legitimate arguments employed
against the stock. First, the company has
heavy load of bonds. issued largely on eX-
tensions which Just now yield little or no
profit Second, the corn crop, on which it
relies to recoup itself for such losses, will be
late this year, and consequently to some eX-
tent Imperfect by the chances of untavOrable
weather Had this year crop failed in face of
the present reluctance Otinvestors to take new
tonds, the outlook would have been dismal.
But the crop will not be q failure. nor will
the new extensions, when the company S
managers have time to complete their plans.
Some interest was aroused by the decline of
Louisville during the morning below the
price at which the new stock is offered to
shareholders for subscription. 1t need not
be inferred. however, that the Si,SOO,O0O stock
will not be subscribed for at 20. A little more
than a month ago, i'll commenting on the
sales of Louisville by London houses Ii was
suggested in this column that the sellers
were marketing their holdings of stock, eX-
pecting TO cover i'll July by new Louisville
stock taken under suDScrlpIlon- 1n1S seems
to be exactly what has happened. The price
of Louisville at that time was &c, so that
there has Teen a fair protitin the transaction.
Much of what was sold was shipped from
London TO this country for delivery, and its
arrival in this country has been noted since
that time. of course the ques ton remained
how to obtain the new stock. which can be
acquired only in the proportion of 10 per
cent TO actual holdings. But this has been
! easily solved by the purchase OF the rights
in open market. To-day, for instance a
privilege to subscribe for ten shares of new
louisville stock at 20 brought $50; whereas
its intrinsic value, with Louisville selling
below 20 on the market is of course nothing
at all. The quoted price simply represents
the bid of the insiders who sold Louisville
last month TO obtain the privilege Of sub
scriptioh.