St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-28
FINANCIAL.
New York.

New YORK. July 27-The stock market
opened the new week this morning with an
active business for parallel to which we
must go back at least two months. but the an
imation was caused entirely by heavy pres
sure to sell primarily to the bears, but I'M
doubtedIy considerable long stock was
thrown over, especially i'll Richmond q West
Point and Northern Pacific preferred in
which several stop orders were reached, be-
fore which presumably the bears were guu-
ming St. Paul and Burlington, however,
were equally as active. and i'll Burlington the
bears were specially active without meeting
with the same success as in the other stocks
mentioned The short interest is now rec
oned at as high as 100000 shares, and the eff
forts to cover on the top of the drive this
morning were very noticeable, but the efforts.
from all appearance were not specially sue
cessful and the market dropped back
suddenly into the old dullness, while
prices recovered sharply on very
little transactions. The receipts of
wheat at the five principal points
for the first eighteen days of July go far to
make the outstanding short interest uneasy,
and as long as the bulls keep strength to in
augurate and carry on a vigorous campaign,
the efforts to get prices down to level
where the outstanding contracts may be COW
vered at a profit will be continuous. These
drives, however. are greatly helped by the
weakness in the Richmond d West Point Sc
curities The common stock of the Rich
mond d. West Point and Lead Trust, which
will now reorganize. were the only really
weak spots in the market, while the only
really strong point was Sugar, which scored
an extensive gain of / Y per cent.
The bearish feeling grew stronger toward
the close. however when more realizing was
done. and the downward movement, which
had made but slight progress after the first
half hour, was resumed .and further material
losses were sustained over the entire list.
Lackawanna became feature, dropping
suddenly over l per cent, while the weak
stocks of the forenoon reached the lowest
prices of the day The decision in the Omaha
bridge case had little or no effect upon
either Union Pacific or Missouri Pacific and
the other Gould shares were well held
throughout the day. Chicago Gas was also
pressed for sale in the afternoon and scored
one of the heaviest declines ofIthe day. Sew
eral specialties made marked declines,
among which the Cotton Oil shares were
prominent. The market finally closed fairly
active, with heavy to weak at the lowest
points of the day. The final changes are all
losses. with the single exception of Sugar,
and Chicago Gas is off 13sc, Lead 1890, Ten
nessee Coal per cent, Richmond West
Point 1873. Northern Pacific preferred IA, and
others material amounts. fallroad ponds
were dull and did not share in the animation
in stocks but there was heavy tone in SYM
pathy with the movements in shares, and
Richmond & West Point issues were special
ly weak The 5s lost "a per cent to 50 and
the 6s 3 at IS. There were few other i'm
portant losses and the market displayed
heavy tone throughout The sales were $685.
600. out of which $4,000 were in Richmond
& West Point 5s. Government bonds have
been dull and steady. State bonds have
been entirely neglected.
The Post says: The break in the whole
stock market this morning, under the attack
of q resolute bear combination, was per-
fectly logical result of existing conditions
In a number of market specialties large
blocks of shares have been held for two
u Jnths or more by brokers or operators in