St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-27
DIRECTORS.
FINANCIAL.
New Work..

NEW YORK, July 25-The stock market to-
day was active and weak during the first
hour, but dull aud stagnant 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 off q ma
terial amount Pressure was afterwards
brought upon the Richmond d West Point
securities and the common stock and the
bonds suffered severely, while the preferred
stock which has not been dealt i'll during the
week, sold down over per cent from lts 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. The
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, but in most cases at the
lowest prices OF the day. The final changes
are generally insignificant losses, but Jersey
Central Is down 112, Burlington 1Ss, and
Richmond Il West Point HIS. Railroad bonds
displayed the usual dizziness. the sales for the
session amounting to SOL, 600, but the tone
was weak and, while the active bonds were
only slightly changed as a rule. the Rich
mond d West Point skies lost lis at 81. Gov
ernment bonds dull, steady to firm. State
bonds neglected.
The Post says: Burlington & Quincy was
the only conspicuous stock on the list this
morning, and it sold off rapidly under the
hammering of the bear cliQue-a combina-
ton unusually well organized and managed
by one of the most adroit bear manipulators
in Wall street. 1t will not be amiss to 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 wear, and consequently to some eX
tent imperiled by the chances of untavorable
weather. Had this years crop failed in face Of
the present reluctance Of1nYeSt0rs to take new
bonds the outlook would have been dismal.
But the crop will not be failure, nor will
the new extensions, when the companys
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 S4,SOO,0O0 stock
will not be subscribed for at 20. A little more
than month ago, i'll commenting on the
sales of Louisville by London houses, it 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 subscription. This seems
to be exactly what has happened. The price
of Louisville at that time was 73c, so that
there has been 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 $3.50; whereas
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
ScrinLiOn