St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-05
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, June AT the New York
exchange the market opened steadily at x
az lower, and the feeling during the fore
noon was rather heavy. Although prices
declined but moderately there was only
small trade at best, but the larger part of
that was carried on by the bears. Erie
seconds ran off a point and so did ST. Paul.
but Northwestern was firm as rock around
993l, and Union Pacific and Western Union
were both well sustained. Lackawanna was
bobbing about below 10 and the rest of the
list was estate, fiat and unproitable.p In
fact no words could better describe the
general condition of stock than the famous
Shakesperean quotations. The earnings of
the Northwestern for the fourth week in
May decreased $62, 800 and for the whole
month S9S. $780, The directors held meet
ing to-day and a dividend of So per cent,
semi-annual, is expected, all the decreased
earnings to the contrary Notwithstanding.
A reorganization plan is proposed for the
Nickel Plate, which substitutes 4 per cent.
first mortgage bond and an
ADDITIONAL BOND
of 25 per cent in place of the outstanding
per cent. mortgage bonds, but the control
of the road is to be left with the Lake Shore
as now. There was some talk about new
bull pool in the Northwestern and their
stocks, but it did not take any definite
shape. 1t was said that the big bears would
like to see the market go up so as to shake
out ''the small fry that had recently been
selling. Mr.. White said the situation was
promising, inasmuch as stocks went UP
easier than down. Mr.. Gould SAYS that
general business is reviving, because the
number of telegraph messages sent over the
Western Union wires is increasing. Re
Gently from the main Office in New York
that company sent out 1900 messages in
one day-the largest number on record, with
one exception. The recent advance in Lake
Shore bonds is speculative rather than real.
The earnings of Pullman for May increased
SO, 600. Reading is now paying Jersey
Central an average Of S12, 600 day on back
interest account. The market closed dull
and uneven.
NEW YORK, June 4.-Government bonds
continue strong, fbut dull. The changes in
quotations are unimportant. State bonds
have been quiet and the only important
changes in quotations are an advance of "A
per cent in the price bid for Rock Island es
and decline of 1@.2 per cent. in some of the
Southern states issues. The general railway
bond market shows considerable activity and
decided strength in quotations, and to-day
there was a very heavy speculative trade in
Erie seconds consols, the total sales of these
bonds amounting to S123,000. There were
also sales of 1895, 900 West Shore firsts leaving
STA, 900 to be divided among the other issues,
out of total of 81, 345, 900. The stock mar
ket has been dull all day, the total sales be-
ing less than yesterday. st. Paul contributed
over % per cent. of this amount, with sales
of 81, 900 shares, and with the exception of St.
Paul, Northwestern, Lackawanna, New York
Central and Union Pacific the
SALES IN NO CASE
amounted to as much as 1000 shares. Prices
were barely steady at the opening and i'm
mediately the market sold off a fraction, but
the decline was checked and from that time
until O'Clock there was a very slow but per-
ceptible upward movement. The highest prices
of the day were reached at l o'clock. This
was followed by very slight reaction and
then dull and steady market again. After
the announcement that the Northwestern di-
rectors had declared the usual 81 per cent.
dividend On the common STOCK and that the
surplus, after the payment of the dividend,
would be over 100000, a determined raid
was made upon that and several other stocks,
notably Union Pacific and Lackawanna, re-