St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-14
NEW YoRk.
Especial Telegram 70 the Globe. /


NEW YORK. Nov. i3.-The market opened "a
Z higher, the latter for New York Central.
Omaha and Erie seconds Kansas & Texas
opened 4 and Union Pacific and Jersey Central
point of Chicago & Alton was y of and
quiet. Burlington & Quincy went up early 10
Iisk. The general market was moderately
active anu arm, with Union Pacific in the lead.
The two features Of the day were good buying
By foreign houses. who seem 70 feel much better
toward our securities since the election,
and attempt by the strong bulls TO make the
shorts cover. IL Is believed that the short in
terest is still large. and there IL very little
buying for the long account By outsiders. the
only way 70 get the market up Is to Brighten the
shorts into covering. Accordingly, the market
was bid upto-day by the bulls every time they
saw the shorts buying Under this kind OF
manipulation Union Pacific rose 20 SIX, ST. Paul
20 7si<, Northwestern 10 s4H and the preferred
to 1911 Western Union 10 sos, New York Cen
tral 10 SEX, Lake Shore to 65S, Lsekawanna to
lOs&. Central Pacific 10 81 znd Pacific Mail to 81.
II was currently reported and believed that
Northwestern preferred was hammered down
yesterday 10 enable traders 10 buy the common
stock and get the two kinds nearer together.
Opinions on the market were somewhat mixed
London. Amsterdam, Frankfort and other stock
centers OF Europe were higher. Lake Shore
was bid up by pool Of room traders. who sold
the rest OF the list. There Is no truth in the
rumor that Louisville & Nashville is going into
the hands OF receivers. although its earnings for
the first week OF November decreased sol, s65
Vanderbilt brokers were uneasy about the state
Of the ''old mans" heslth. They said he would
sell no more stocks. Northwestern earnings fell
Of more than ST. Paul, because the corn trade
has not been a. good As the spring wheat trade
farther north. Deacon White says the coal trade
Is much better than IL has been, and Lackawanna
Is a good buy. The short interest is so large in
Union Pacific that one house has been loaning
ZOO shares daily. The Reading receivers re-
fuse to allow the paymentof interest on the Jer-
sey Central stock which comes due Dec. 1. al
though Mr.. Gowan and his following were in IA
vor OF IT, II is thought that Reading will de-
fault on both the December and January inter
est The increase OF surplus by the earnings OF
the Baltimore and Ohio for the year Is said 70 be
81, 5000 Western Union stock for losning
purposes WAS scarce and commanded a high pre-
MUM. Omaha earnings for the first week in No
vember decreased 800. New York Central
Is said to have paid OF its floating debt and re-
duced its dividend from per cent to g. and now it
could go on for ten years without borrowing 4
dollar. The bears talk confidently OF low prices
for western stocks, and predict that by spring,
with the Wisconsin Central and Chicago. Burning
ton & Quincy clamoring for portion OF the ST.
Paul and Minneapolis business, the grangers
win be in about the same positions as the trunk
lines between this city and the east now are. In
the closing hour prices improved and there was
more activity all around, with general marking
up OF value throughout the LIST. The market
closed quite firm with the shorts busily engaged
in covering the stocks which they sold earlier in
the day.