New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-08

tons for turn thst they did not bsys
to wish they had made the other vay. II 49,
purchased, the Hfst change was Z dssl,,s
OF or % per cont; and II they soid tho change ~.
10 the other direction The six stocks referred "a -
making mp nearly one-half Of the days bosi,s.- /,
were 81. Paul. Lake Shore. Mobile and Ohio. Psuf.
MAIL Delaware, Lackawanna and Weston "a
Northwest. Generally the final prices show no In.
provemsnt on opening figures. But st. Paul n An
exception to that rule. The dealings In that stocL
amounted to 80. 400 shares and its price rse FINN
112t 10 1884 and finally closed at 1i3. The rad
ers OF The TRIBUNE do not need 10 be told thst tn
reason for the price Of Ut. Panl stock being nov
about 80 per cent higher than IL was year sse
Is not because the company's earnings for the Ant
three months Of this year have been only about e8S0
per mile Of road, nstesd of about 81 900 per mile q
they were for the first three months OF 1880 nor BE-
cause the interest charge this year Is upon about
$4,000 per miie or about 1900 moro miles this
year than last, because Of brighter prospects fof
crops this year than there were at the Same dats
last year. St. Psnl 10 selling at its present
pnce because clique owns controls about
10000 shares Of the capital Of 10000
shares. and thinks, or makes otEers think,
that there is 80 large " short interest In
the stock that its price may be made fabulous. Al
stock the clique is in tho best position to form a
correct Judgment. But the I" short Interest 10 moi
likely to be SO large as to warrant close corner
with the necessary accumulation Of the whole
capital stock, and II is almost certain that thu
clique to-day was large seller after successfully
marking the price over 113. So much space devoted
to one stock IS justified because OF the important
influence it exerts upon tue whole market, and NOT
because of its own Importance. The Lake Shore
movement is square speculation based
on a theory OF merit. but toward lQu-
dation of which the st. Paul movement has
contributed material aid. Mobile aud OHIO stock
which to-day is No. In amount OF TRANSACTIONS 10
simply under going one of its periodical spasms fof
which there exist other reasons than that people
will speculate and follow q movement when started.
Northwest, after selling up 10 1918. finally closed
as It opened at 1885. The same causes mentioned
as affecting the real value of ST. Paul are only l.s
apuiicable To Northwest because of its smaller add,.
tions to its roadway aud debt. Pacific MAIL which
was specially weak was No. IN amount of the days
dealings but its price declined from los 10 53i Ia
1913 Delaware. Lackawanna and Western IS referred
% only because II was No. IN amount OF transao-
tlons its price 0uctuated between 1914 and
ILLS and closed at l21ii The coal companies are
negotiating tor a continued suspension OF mining
three days IN week, and the Proposition probably
will be agreed TO as che only alternative of war Of
prices Erie is very much neglected. no.withstand-
ing thar tho company's reports OF earnings and ex.
penses from October TO February % are exeep
tlonally good compared with tho reports Of thu
Pennsylvania Company aud probably good com
pared with tho unreported results Of Central and
Hudson and Lake Shore Generally tho market
closed dull at about the lowest figures Of the day.
Governments were very dull. the sales at tho
Boards amounting only 10 $4,000. But prices were
firm and ~ the final bids the 4i2 per cents recovered
l. nor cent ANNEX ed are the closing Quotations: