St. Paul daily globe., 1884-11-22
NEW YORk.
Especial Telegram to the Globe. /

New YORK, Nov. 21.-The stock market
opened with quite number Of stocks steady
at the closing figures Of yes
terday, and others H@H per cent
lower, the latter for Lacilawanna.
Illinois Central Was of =, Burlington d
Quincy % aud Rock Island 4 higher. New
York Centrpl was in the lead and Lake
Shore stood second for activitg. During the
first hour the market weakened under the
heavy selling of Lake Shore. Union Pa
cifc was down to 49H, St. Paul to 75I,
Northwestern TO s79<, Western Union 10
591l, New York Central 10 S62[, Lake Shore
to IS, Lackawana to 1868, Erie second to
5Os[, Pacific mail TO 51J4 and West Shore
bonds to 395S. A general rally followed
this early decline, which carried the market up
5T01ES. There were rumors OF trouble among
trunk lines. The quarterly statement Of the
Lake Shore ending Sept. 30, is very unfavor
able and it is currently believed that this
road will pass its next dividend, inasmuch
as such a course would strengthen
its bond. The earnings Of Central Pacific for
October show an estimated decrease Of
$4,000. There is no reason whatever to
expect dividend on Jersey Central Deeem-
ber /. The short interest in the market has
been largelyseliminated within the past few
days and this fact gave the bears more
courage to operate. The bulls had little to
say. Support was withdrawn from Union
Pacific and Lackawanna 10 see what would
happen, it was said, but more likely because
there was no more shorts to buy. Gould was
said to have gone into the Granger pool yes
terday for the sake of influencing the rest Of
the market favorably, but the scheme did not
work well. d. T. Morgan and his followers
were reported TO be selling and so was
Gould, but the latter report was afterwards
denied. Bear points were given out
for st. Paul, and it was thought
the stock would 90 to 40. Rock Island Was
supposed to be a good sale also. 1t was
agreed that if the short corn crop Of the past
year in Iowa had lessened the same cause
must also have decreased the income Of the
Rock Island. Considerable long stocks In
Northwestern was marketed yesterday. Pres
ident Adams, Of the Union Pacific. says he
anticipates no hostile legislation from con-
gress this winter. Western Union was sold
On ltpOIlo ludl CdDit ialtb MOulA bG Cut do
soon as the Mackey-Bennett line opened for
business. Treasurer Tones, of the Rock Is
land, says this afternoon that the company
has decided not to publish estimates Of its
earnings because of the comments over the
difference between the estimated and actual
figures.
''We have suffered from the general de-
IN, ttrffh
roads, he said, ''but we have suffered as
little as anybody. We shall issue $4,000
bonds wher we shall have completed six
miles OF the extension in order TO pay the
parties who bought the old Wiscon sin Cen
trail road
The New York Central proposes TO make
the war as hot as the West Shore wants it,
and further cut of rates to Chicago is ex-
pected within the next forty hours.
The Central people say to-day that they will
listen to no proposition for a restoration OF
through rates until the West Shore restores
the local rates. Ticket brokers here say that
they use Central tickets in large blocks in
preference to the West Shore because they
are worth more money in the Chicago mar
ket. They give this as the reason why so
many Central tickets found their way TO
Chicago, aud round trip tickets to Chicago
can be had to-day for s21. Rock Island dis
played considerable activity toward the finish
for it, and, as on yesterday, was a weak
feature, selling down to 1857. The changes
in many stocks throughout the session were
uuimportant, and at the close the market was
dull and entirely without feature.