St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-23
NEW YORK.
Especial Telegram 10 the Globe

New YORK, April 22.-Stocks were in
clined to be a trife feverish for a short time
this morning, but there was no such pressure
to sell as was witnessed yesterday. The
bears soon discovered this, and seemed in
clined to reduce their lines, while some of
the room traders evidently saw an opportun-
ity to turn an honest penny by buying q
few shares for an upward turn. Missouri
Pacific recovered about as quickly as any,
and was followed by an improvement in
Union Pacific, the coalers and West
ern Union. The most important
advance was in the Omaha, the preferred
selling at 948 having closed last evening at
90. This stock has offered good opportuni-
ties for quick turns for some weeks past.
So many long stocks have been unloaded
during the past three or four days that we
may be treated to something in the way of a
tame market for a time at least. Reading
and Missouri Pacific were scarce, and com
manded a small premium for use. The
president of the Erie is reported as saying
that the road was in a healthy condition, and
will meet obligations. Mr.. Gould, it is said,
speaks well Of Western linton telegraph and
Wabash About $3,300,0O0 gold will be
shipped to morrow. The market closed
quite firm, with the most activity in Union
and Missouri Paciics, the coal stocks, and
Western Union telegraph.
A. NJ Days says: ''The market opeued ir-
regular, with a disposition towards better
prices. After the first half hour almost
everything on the list improved, Missouri
Pacific, Northern Pacific, Western Union and
Erie leading, and st. Paul, Northwestern
and Omaha preferred following, the latter
making sharp advance to 9455. At noon
prices fell off, and general belief in further
liquidation, especially in Gould properties,
was expressed, and on all rallies the market
was thought to be sale. Later and up to
the close, bett9r ruling existed, and there
appeared to be some good buying. 1t was
rumored that Gould bought heavily yesterday
and to-day, of Union Pacific, giving the
room bears, who are heavily short if is lit
tie twist Chicago, Burlington & Quincy
has been firmly held for several days and
closed strong. The principle business in
to-day's market was confined to Missouri Pa
cifc, Western Union, Northern Pacific, Lake
Shore, St. Paul, Northwestern, Lackawanna
and Reading. The market closes strong on
the surface.
Western Associated Press
NEW YORK, April 22.-President Jewett
denies the report that the Erie railway is
not earning its fixed charges, and cannot
possibly pay its June interest. He says the
road is doing large business and is in no
way embarrassed. The net earnings are not
as large, perhaps, as they ought to be from
the immense traffic, but this is owing to the
low rates for freight. The condition
of the company is fully as good as
it Vas year ago, and if the earn
ings keep up for the rest of the year in the
same way, we shall do we'll The reduction
in operating expenses is fully equal to the
falling off in earnings, and think it will ex-
coed the decrease. As to the June interest
can only say, that it will be paid when it is
due. The company will meet its interests
and all its other obligations, and matters
will have to be much worse than they
the preferred stock.
Jay Gould being questioned by reporter
as to the rumors that he had been aiding the
bears said: ''No, the bears in their raids
have had no assistance from me. On the
contrary, have been a buyer haven't
done much until the last day or two, on ac-
count of my trip south. The trunk line
troubles are in fair way of being adjusted.
Fink told me last night that east bound rates
were firm, and that large business is being
done. They are making progress in the east
bound pool. He expects to get meet
ing next week and adjust all that.
The agitation in congress about the postal
telegraph commissioners may have affected
the Western Union, but it has not gone down
more than any other stock. The condition
of that property is improving, its business is
increasing, and we have demonstrated that
in spite of low rates made to meet cempeti-
ton, the recent decrease in Union Pacific |
earnings was due to the bad winter, but all
the business is simply held back. It will
have to come finally. The earnings OF the
Missouri Pacific show steady increase every
week. have not sold share of Missouri
Pacific nor one of Western Union since I
was elected director''