St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-05
Merchants National Bank !
ST. PAUL, MIMI.
Capital, $1,000, 600
Surplus & UndiVidedPrOftS, 500, 600
". R. MERRIAM. President.
c. II. BIGELOW, Vice Presiden.
J. "A. SEYMOUR, Cashier.
GRO. e. POWER, Asst. CashleS
DIRECTORS.
FINANCIAL.


New YORK, Aug. 4-The stock market
opened weak this morning but stltfened up,
later prices being well held throughout the
day, with small and irregular fluctuations in
more than the usual manipulation. The
market has sunk into purely professional
state and the lower opening was due to a
piece of manipulation, which, however,
failed of its ultimate object. Last evening
there was considerable buying which ad-
yanced prices at the close. This stock was
sold in London before the opening here with
the express design of lowering quotations
there and making weak opening here. The
design was so far successful, but long stock
failed to come out at the concessions made
even when still lower prices were established
by further raiding. Uuion Pacific, Louis
Vile & Nashville and Northern Pa
cfc preferred yielded easily, especially
the first named, but this weakness was fairly
offset by the stubborn firmness in Burlington,
St Paul and Atchison, and the decided
strength i'll New England, even though the
last was in all probability due TO manipula-
ton also. The operations mentioned gave
the room bearish temper and free selling
of the weak stocks was made to appear for
London account which aided in producing
that effect, but the favorable nature OF the
general situation is now receiving more at
tention. and long stocks having gone into
stronger hands of late, do not come out with
any freedom under the attacks OF the bearlsh
element Material losses were sustained in
Union Pacific Louisville, Rock Island, Sugar
and Northern Pacific preferred, but the con
cessions in the remainder of the list were
confined to small fractions as a rule.
AS usual of late these stocks with
the addition of New England monopollZed
the business of the day, the transactions in
the others being without significance III any
way. The opening decline was followed by
moderate reaction, but the bears made all the
capital possible out or the failure of Backer,
and with the aid of some rumors i'll regard TO
Union Pacific, among which those that the
June statement would be poor one ana that
there was difficulty in handling the floating
debt though neither could be verified i'll any
way. broke the stock nearly per cent.
Louisville was sold freely, apparently for
foreign account, and with Rock Island,
Northern Pacific preferred, Sugar and st.
Paul, scored material losses before the close
of business. The general list remained dull
and heavy in sympathy with the leaders. Nc
change in the temper of the spec
ulatiOn occurred, and the close was
quiet, but heavy to weak, after o
slight reaction in the last hour.
The final changes with the exception OF
New England and one or two speclaltles,
show marked losses. and Union Pacific de
clined 29s Sugar 2l5, Louisville Nash
vile. Missouri Pacific and Northern Pacific
preferred each ia, and ST. Paul per cent
the rest of the list losing generally large
fractions.
Railroad bonds were still dull, and while
showing no CQdUSe VI uOlt, IGNcISCO tnt
course of the stock market in the early trad
ing, most issues traded in advancing slightly
Later. however, the steady pressure upon the
share list had its effect and bonds yielded as
slowly as they had risen during the forenoon
The final changes are insignificant In all the
active bonds, and no feature worthy of note
was seen during the entire session. The
transactions foot up S59s,000. Government
bonds have been dull and steady. State
bonds have been entirely neglected.
The Post says; The present stock market
NAV be fairly characterized as market seek
ing to touch bottom. In other words, the
range of prices is already so low. in view ot
the prospects for the fall and winter railroad
business that experience teaches operator:
for the decline to move cautiously and avoid
any chance of running counter to quiel
buving up of securities by those large CAPT
talists. who are additionally first harbingers
of the recovery in prices. Three weeks age
the market was allowed to drift, the bear op-
orators testing, with moderate sales one
stock after another, with the purpose of dis
covering what elements of support were be-
hind these properties and what chance there
was of bringing long stock upon the market
The result of this testing process was the
vigorous drive at prices in the last fortnight
Similar experimenting has been going on
since the opening of the present week.