St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-07
FINANCIAL.
New York.

NEW YORK, Aug 6.--The stock market
to-day was duh and narrow, but active i'll
spots and, while displaying Il firm tone
throughout the greater part of the day. was
weak at times, with spells of feverishnesS.
The great feature of the day WAS the selling
: of Union Pacific, large portion OF which
was apparently for London account. Oper-
atOrS are beginning TO acknowledge that
there is and has been a steady dribbling of
stocks to this market for the account of
European spectators, and this has helped III
great measure TO keep prices for stocks down
and the rates for exchange up, while having
very different effect upon this market. The
stories of late put IN circulation reflect
ing upon the financial condition of the
Union Pacific company were freely banded
about in London this morning, and the
equivalent of the last London quotation for
Union Pacific before the opening of our mar
ket was 36l2c against 3SAc here last evening.
There was a rush to sell Union Pacific at
the opening and large blocks changed
hands, the first price being 37l2c, from which
it declined to 3 sc, Dnt received cOnsldera-
BILE support around BIC for time. When
this was Withdrawn the stock fell away to
3AISc. In the meantime the rest OF the mar
ket, of which Burlington and ST. Paul were
the principal part showing strong Tone
and under the influence of the buying for
the shorts, and the very encouraging reports
of the weather i'll the corn belt. advanced
fractionally, Burlington rising "a per cent.
the persistent selling OF Union Pacific.
the general list yielded, wipIng the early
gains III almost every case and scoring small
losses in Il few stocks. ST. Paul and Rock
Island were weak By spells under spasmodic
hammering by The bears. The lldustrias
were also specially weak during the early
portion of the dav. though Sugar was
marked exception, but the late dealings de-
velOped strength in them and the losses were
entirely recovered. The, pressure upon the
list was entirely removed in the last hour,
when the shorts wentin to cover with will,
and rumors that the floating debt of the
Union Pacific, which has troubled the bears
for so long time, had been arranged for
with some others of like nature were circu-
lated.
The upward movement resulting was very
sharp, aud all the active stocks scored ma
terial advances not only lifting them above
opening figures. but making large gains be
side. Union Pacific nearly recovered the
days loss, and St. Paul, Burlington, Rock
Island and others were specially prominent
in the upward movement The market
finally closed active and strong at the top
figures. The final changes show small frac-
lional gains in most stocks, but Sugar is up
2Ss and Cordage H. while the losses in Chi
cago Gas and Union Pacific were but per
cent each. Railroad bonds were quiet to
dull in the general list but Atchison As were
active and contributed Sis, 900 to the days
total of $3.50 900. There were, however, no
important movements among the leading
issues and a loss of in Oregon short line 5s,
at 66 was the only material change for the
day The list showed a steady temper
throughout Government bonds have been
dull and steady. State bonds have been dull
and firm.
The Post says: To-day's flood of sensa-
tional rumors in connection with Union Pa
cifc illustrates the striking difference be-
tween unfavorable incidents narrated rs
mere news and the same stories in the hands
of bear manipulators. 1t was known month
ago that the Union Pacific company was
meeting with some difficulty i'll raising
the money for its usual outside expenses. In
common with a dozen other great railway
corporations, this company, in making its
plans for this summers hnancering, found
the bond market shut to it. Extensions and
improvements had necessarily been i'll pro-
gress, and had to be paid for. OF course this
meant an enlargement of the floating
debt. precisely as it did with St.
Paul, The time money market,
tor reasons apparent to everybody,
was troublesome to handle. Some of the
strongest borrowers have had to content
themselves recently with short-time loans,
hand-to-mouth business which made neces
sary repeated renewals, shifting of obliga-
tions and nervous scrutiny OF collaterals by
lenders. Large loans have been called on
Union Pacific within few days. and have
been provided for. Heavy selling of wheat
was undoubtedly long stock, much of it capt
ured through stop ORDERS focused the
streets attention upon these transactions,
and the result was to-day's eXtravagant ru-
mors This is the sum total of the Union Pa
ciic episode.