St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-12
DIRECTORS
FINANCIAL.
New Work.

New YORK. Aug. 1i.-Dullness was again
the most prominent Characteristic of the
stock market to-day, but there was 4 sharp
rally in the forenoon which was not main
tanned later and the final changes for the
day are in almost all cases in>igniicant. The
traders are again IN rather bullish frame of
mind. but do very little. working on the other
side of the market as frequently as the bull
side, but shots are covered quickly on indica-
ton of any new buying or rumOr which
points to any large interest protecting its
stocks. The sharp rally this morning in the
face OF moderate selling by London was en-
tirely due to the covering of shorts, while the
offerings of stocks from domestic sources
were unusually small. Union Pacific
to-day was rather less prominent in
the dealing. and while 1t touched 3ils in the
early trading, rallied with the other active
stocks, and indications point to the fact that
the large earnings reported by the AtchiSon
and the reassuring nature of the government
crop report have made the sellers of Union
Pacific little more cautious in their opera
tons.
The movements of importance in the list
were very few in number, and the general
list was as dull and teatureless as usual.
though the sensation of the day was the drop
in Richmond d West Point preferred to 1919
against SO as the last sale of last week. Spe-
cial weakness was seen in Tennessee Coal
also, but the general tendency among railroad
stocks where any huctuaton was aD
parent whatever was upW ard but the trading
ure could be seen other than those men
toned. The apparent selling by London
made Louisville rather weaker than the other
leading stocks, while Rock Island was the
strongest on the list and while the early rise
was material, the greater portion of the i'm
provement was lost before noon. and later in
the day the selling of Union Pacific and
Louisville & Nashville was resumed on
larger scale, the former especially weaken
ing under the pressure. It's best Inquire OF me
forenoon was 354 but it touched 324 before
the close, and ended at the lowest price
The late dealings developed some support
in few stocks, bat the entire list felt the eff
feet of the extreme weakness of Union Pa
cific and everything yielded in sympathy,
many stocks reaching their lowest for the
day at the time The corn roads made a
specially stubborn resistance 10 the down
ward tendency, but the market closed quiet
and heavy to weak Mt or near the lowest
prices of the day. The dealings IN railroad
bonds were not so widely distributed today
and while the market as whole displayed'a
fairly steady tone, the trading reached only
$4,000. with no other feature in the market.
Government bonds have been dull and
easier. State bonds have been entirely neg
lected.
The Post says: In the afternoon there was
considerable pressure to sell, centering first
in Louisville & Nashville, the offerings on
which came from houses with foreign con-
nections. This is a good time to keep in
mind, however, that foreign connections
is not by any means necessarily equivalent 10
foreign orders" With the bears worried, as
they now are, through the difficulty of
covering their outstanding shorts. one
of tue simplest devices for working down is
the giving out OF regular commission or
ders to brokers VINO often do business
for London. The London market is itself so
fiat and narrow that its appearance as a
heavy dabbler in American stocks Is highly
improbable. The truth about Union Pacific
appears to be that the director who last week
outlined the makeup and intentions of the
relief syndicate Was somewhat premature in
his statements. The apparent difficulty now
is the arranging of terms on which the usual
banking agents of such fiscal operations will
undertake to manage this affair. They have
the reputation of making at times startlingly
heavy charges, and the present delay is prob
ably attributable to some such demands