St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-18

I
too many times already.
NEW YORK, May 16.-In government bonds
there was an advance of q per cent. in quo
tations for As and 4 u coupon, d in the cur
rency and in the 6s and a decline OF Is in the
IS. There were sales of IS at 1887 and regis
tered 41zs at 1155s.
State securities have shown renewed &C.
tivity and quotations are generally higher.
There were sales of Louisiana consols, extra
matured, at 65@651a, North Carolina tax at
so, AlabamaS at SO.
The stock market has been dull to-day, but
exhibited strong undertone for nearly ev-
erything except the Vanderbilts, which were
weak. The Gould stocks, Louisville & Nash
| vile and Long Island are most prominent Tor
the inherent strength developed. A published
interview with Mr.. Vanderbilt, in which he
admitted indirectly that he had been heavy
seller of his speculative holdings of New York
Central and Lake Shore, and in which he
stated that he had been very
much disappointment as TO prospect OF future
dividends by those companies, also declaring
that he could not tell when the outlook would
be better, had a depressing effect upon New
York Central and Lake Shore.
There has been some talk of proceedings
legally in an effort to stop heavy cutting OF
rates indulged in by trunk lines. New YORK
Central touched its highest point shortly after
q loss of 81 per cent, and Lake Shore on tuc-
tuatiOns of % per cent is down n per cent.
While there are diversified views as to the
course of the present and prospective strength
of the market, the sentiment this evening IS
i'll favor of higher quotations for most OF the
list, especially the Gould stocks. The more
confident bulls declare that the market has
only started on an upward movement
that will carry quotations very much
higher in the near future. They declare that
Manhattan was their first stock to advance;
that Union Pacific, Western Union, Pacli1c
Mail and Missouri Pacific and Kansas u
Texas are to follow in the order named. They
claim that the short interest is still very
arge and that in fact it was increased dur
ing the past week, the bears fighting the ad-
vance by selling at each one point advance.
An address to directors of Union Paclnc Is
being circulated for signatures, in which ii is
stated that during the last half of 1884 ana
the expired portion Of 1885, the stockholders
have been deprived of their dividends that
liquidation of the cOmpanys floating deDt
might go on unchecked and large amounts
from the net earnings have been applied to
this object, the floating debt having been re-
duced to an amount which can easily be
handled, and the important question at issue
with the government having been adjusted,
the stockholders feel justified in re-
queSting the board to take measures
to clear off the remaining floating deOt so
that they may again receive the net earnings
which legitimately belong to them. 1t is urged
that these measures be carried out at an early
date in view of the ability of the company to
place its stock once more on dividend basis,
it having been clarly proven that road could
earn per cent. ON its capital during period
of unprecedented depression in railway
traffic. 1t is confidently claimed that enough
bonds now belonging to the Union Paclf1c can
be sold before July to pay off the hoating
debt. The course of Uniou Pacific has been
steadily upward all day, resulting in an ad-
vance OF ~ per cent. Louisville q Nashville
is also IA higher and Long Island,o sales OF
over 1000 shares, shows gain OF 22s per
cent. The other advances are for fractional
amounts. Consolidated gas is rs lower.
The Louisville & Nashville officials make the
following statement: The recent de-
cision Of the United States supreme
court in Tennessee bond cases released to
the Louisville g. Nashville company 100000
of Henderson dividend bonds, which had
been locked up under an option since 1879.
The delivery of these 100000 bonds by the
company reduced the loans of the Louisville
s. Nashville company outstanding to $35O,OOO.
In view Of the improved condition OF the
property, the directors have thought it adj
visable to recover portion OF last years
issue Of 10-40 bonds, and have COM
pleted negotiations for the return to the
company of So, 100000 of these bonds held on
an option which would not have terminated
until October.
The total sales to-day were nearly 100000
shares, but of this amount Union Pacific con-
tributed $1,000 shares. The total sales for
the week have been 1,416,145 shares, de-
crease from last week of 1875, 900 shares, but
of this weeks business over 81 per cent. con-
sisted OF sales of Lackawanna, st. Paul,
Union Pacific, New York Central, Northwest
ern and Lake Shore in the order named.
The principal changes in prices this evening
as connaared with last Saturday are an advance
of31s in Union Pacific, 3$s in Louisville & Nash
vile, 234 in Manhattan Consolidated, and III
in Consolidated Gas. New York Central is
down g. Lake Shore II, Lackawanna rs and
Delaware & Hudson2A. The Changers show
only slight changes. The railway bond mar
ket has been unusually active, and the bust
ness has been remarkably well distributed.
There was some activity in Erie seconds, new,
the Metropolitan elevated and Atlantic &
Pacific. Pacific issued, but not enough to
monopolize to any extent the business of the
day. Prices are generally higher this even
ing than at last previous calls. The total
fales for the day were S1,670,000, an increase
over yesterday of 1927, DOC. The total sales
for the week were ST, 249, $780, a decrease from
last week, when the Erie seconds and West
Shore firsts were unusually active, of $2,221,-
800
QUOTATIONS OF STOCKS AND BONDS.
Stocks and bonds closed at the following
prices bid: