St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-14
NEW YORk.
Especial Telegram TO the Globe. |

Especial Telegram TO the Globe
NEW YORK Nov. I3-The market opened IA
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 4 on and
quiet. Burlington & Quincy went up early TO
ilsk. 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 an attempt by the strong bulls to make the
shorts cover. II Is believed that the short in
terest is still large, and there is very little
buying for the long account by outsiders, the
only way to get the market up Is to frighten the
shorts into covering. Accordingly, the market
was bid up to-day by the bulls every time they
saw the shorts buying. Under this kind Of
manipulation Union Pacific rose 20 81 \, ST. Paul
20 74il, Northwestern 70 s4ss and the preferred
20 l2l =. Western Union to 59S, New York Cen
trail 10 s6E, Lake Shore TO COS, Laekawanna TO
lO4A. Central Pacific 10 81 and Pacific Mail 10 81 .
IL was currently reported and believed that
Northwestern preferred was hammered down
yesterday 70 enable traders 20 buy the common
stock aud get the two kinds nearer together.
Opinions on the market were somewhat mixed
London, Amsterdam. Frankfort and other stock
eenters 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 SCI. s65
Vanderbilt brokers were uneasy about the state
Of the ''old mans health. They said he would
sell no more stocks. Northwestern earnings fell
OF more than 81. Paul. because the corn trade
has not been as good a. the spring wheat trade
farther north. Deacon White says the coal trade
Is much better than IL has been, and Lackawanna
is good buy. The short interest Is so large in
Union Pacific that one house has been loaning
5000 shares daily. The Reading receivers re-
fuse 10 allow the payment of interest on the Jer-
sey Central stock which comes due Dec. /. al
though Mr.. Gowan and his following were in ia
vor Of 1t. II is thought that Reading viii 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 TO be
81, 900, 600. Western Union stock for losning
purposes was scarce and commanded high pre-
MUM. Omaha earnings for the first week in No
vember decreased $1,000. New York Central
is said TO have paid Of its floating debt and re-
dnced its dividend from per cent TO 6, and now 1t
could 90 on for ten years without borrowing a
dollar. The bears talk confidently OF low prices
for western stocks, and predict that by spring,
with the Wisconsin Central and Chicago, Burning
ton s. Quincy clamoring for POI ton Of the ST.
Paul and Minneapolis business, the grsngers
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 a 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.