St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-16
bank cleariugs were Sc, SOS, 900 against &c.
$4,000 yesterday.
NEW YoRk.
Ispecial Teleeram % the Globe.


New YORK, Jan. 15.-Stocks have been
the dullest to-day of any day for a month
past. The better trading was in NoTthwes-
tern. although the bulls in that stock are
rather afraid Of st. Paul. London houses
were selling St. Paul this morning, and it IS
said that President Mitchells visit was for the
purpose of signing aD unwilling contract TO
give the Wisconsin Central Chicago terminal
facilities. The features of the day we're break
Of per cent. in Erie seconds and the con-
tinued weakness of the West Shore bonds,
which dropped per cent. more this morn
ing, despite the break of yesterday. ". j..
Scott, the famous Erie politician. is reported
| to have unloaded big batch Of West Shores,
a. Osborn following. The Yanderbilts held
their own very well as did Union Pacific,
Telegraph and Delaware IL Lackawanna, but
Western Union stood to-day just as it did at
the opening yesterday, the lowest thing on
the list. The Western Union has been try
ing 10 90 along without noticing the reduced
rates of the Baltimore & Ohio Telegraph
company, but to-day they were compelled to
announce reduction to all Texas points
reached by the Baltimore & Ohio lines, Of %
per cent Denver & Rio Grande, after ~
ing dead fora month, started up and gained
~ per cent. in an hour. The cause Of the
improvement was not apparent. Lackawanna
was again weak and lost early
on the reported refusal of the Penn
sylvania railroad company TO join the new
coal com mbination. Canadian Pacific went
down l per cent. in 2 quotations. Erie
seconds closed last night at 50 and to-day
touched 50. The cause of its weakness was
an official report for last November published
yesterday, showing the present and prospec-
tive shrinkage of revenne. Mexican Central
stock was weaker and so was Atcbison,
Topeka Ii Santa Fe on the expectation that
the yearly report Of the latter will show de-
crease in earnings of $1,000, 900 from last
year. The Vanderbilt people are talking very
bearish for bonds and bulling New York
Central. One Of the reports is that the
road will issue new mortgage and that the
present bonds will be made preferred stock.
The weakness Of Erie securities is because
of the bad showing for Novemb Der. A weak spot
in the bond market was the default by the
Central Iowa on SO, 80, 900 first mortgage
bonds. This is Russell Sage
road, and the venerable vice president
is out with an explanation this afternoon.
He says the coupons are being purchased by
the Mercantile Trust company to-day, and
will be repaid out Of the first earnings Of the
road. The directors are arranging plan for
paying in cash one-half Of the 4 per cent.
caupons in the divisional bonds. the other
half TO be converted with consolidated bonds.
This Is expected to free the company from
its floating debt and enable it to complete the
bridge across the Mississippi at Keithsburg.
The deficiency is attributed to loss of earn
ings because Of scant crops in the past two
years. There was little business in other
stocks and the day was not a brilliant one on
the exchange. Indeed, the signs Of disinte-
grafton and collapse are becoming more posi-
tive each day, and it is doubtful whether the
bull pools viii be able 10 sustain the market
much longer. Only the ciiques are buying
stocks at present prices, and they are doing II
simply for effect