St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-08
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, May 1.-THE air to-day was
filled with rumors to the effect that investi-
cations now in progress will develop the
fact that number OF prominent railroad
officials have been disappointing large
amounts of moneys of their companies, and
that great sensation will follow the ex-
posure. They can't be traced to any re-
liable source, however, and are thought to
be inventions for effect on the street. The
stock market opened irTegularly, some
stocks being 7s@4 higher and others so
= lower. After a brief period of uncer-
tainty at the opening, the bears made ter
rife onslaught on the Changers and Van
derbilts, which sent the market downward
with run. In a very short time North
western was off to 913 st. Paul to 673s,
Lake Shore to 81 q, New York Central to
66as and Lackawanna to 1O3. Other prop
critics followed as a matter of course. Rock
Island lost point, and there was general
decline of 1l@M, except in Union Pacific
and other Gould stocks, which were well
held amidst the din of the conflict. West
Shore bonds continued to pick up under the
prop0sed plan TO .---'.... .--.-----
-'r'.'--, CONSOLIDATE THIS ROAD
with the Hoosac Tunnel line. and make
through line from Boston to Buffalo. From
some cause. not. apparent, Denver & Rio
Grande stock. has shown some life and
strength of. hate, and this morning opened
TX higher, but sold off with the others.
The bulls are said to be in good spirits over
the fact that but little long stock is coming
out, and the bears are surprised at the ease
with which. the market RECEIVERS. Mr..
Gould thinks everything will yet come out
right for his side, and Deacon White still
chatters about strong market and higher
prices. Points are given to buy Union
Pacific, Pacific Mail, Lackawanna and
Louisville &. Nashville, ON the weak spots
The latter road is said to be getting into
good condition. Weerishoffer, ON the other
hand, thinks tlrat Lake Shore will go down
among the f0rties, as 1t is not earning its
fixed charges. Oregon Navigation will
probably go under the joint control of the
Northern Pacific and Union Pacific, with a
guarantee of 5 per cent for the first three
years and 6 per cent: afterwards. The
short interest is getting large, and many
feel bulIish on that account. The Chicago
BEAR PARTY
is said to include Ream, Jones, Lester,
Linn Brothers, Bloom and two
prominent railroad men. They believe
the fight among the Northwest
roads. win last until q money pool is ar
ranged. They cover some OF their shorts
on breaks and put out more on bulgeS.
Proxies enough have been secured to in
sure the election of the regular ticket of the
Jersey Central directors. Mr.. Vanderbilt
was said to be selling Lake Shore and buy
ing Manhattan Elevated, A high loaning
rate is eXacted on New York Central by
holders of the stock and this opens the
way to sharp advance when the shorts try
to cover. 1t was rumored that the Michi-
gan Centrars statement would be quite as
unfavorable as the Lake Shores. The late
bull party appear to have entirely lost their
grip, and no doubt were forced into liquidat-
ing. The market was excited and feverish
at times and the rallies at the finish were
very feeble. Pullman had boom all to it
self, selling up to 1857.
New YORK, May 7.-Government bonds are
dull and unchanged in quotations, except an
advance of "a in the currency IS of 1895.
State bonds have been neglected at the ex-
change and quotations for some OF the Ala
bama, Georgia, Missouri and North Carolina
issues are a fraction lower.
The stock market was firm at the opening
and the first prices were generally small
fraction higher than they closed last evening,
but the Vanderbilts were an exception to
this rule, and q break in New York Central
and Lake Shore Immediately after the OPEN
ing extended in the early dealings
to the rest of the list The Gould stocks were
well supported throughout the day, but the
Changers and the Vanderbilts made import
ant declines, the total decline in New York
Central from the closing price last evening
amounting to 25s per cent. while Lake Shore
fell 2ss per cent- The rest of the list yielded