St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-05
be the ones controlled by the clioues en-

bC tliC OliCS COublOllCu NY tlO CllQuCo
tirely. Last week was one of the dulleSt
in the history of the board, and unless some
thing else than poOl-buying is used to sus-
tain prices outside, help will not be sup
piled. Disastrous experience again and
again has demonstrated the fact that prices
can be put up or down as soon as lambs
enough have been brought into the fold, and
the era of large rank of manipulators are
things OF the past, unless the big operators
succeed in faying each other by way of a
change. The market opened 7s@5s lower
and Immediately declined 4@1a more, and
then stuck in its old rut of comparative stag
nation. Erie seconds fell away to 52M,
and the common stock to 704, on the re-
port that the road was likely to go into the
HANDS OF A RECEIVER.
st. Paul during the forenoon went below
20 and Northwestern to 975s, although the
dealings in both stocks were small. The
earnings of Northwestern fOrE the fourth
week of April decreased S4S, 200, and those
of the st. Paul will not be any better.
New York Central was off to SO, but there
was some good buying of it at that figure.
Lackawanna was down to 105, Pacific Mail
to- 54M and Northern Pacific preferred to
50. Union Pacific seemed to be held around
40, and Lake shore touched So. Jersey
Central people are trying again to break its
lease with the Reading. The Union Pacific
managers are planning an arrangement to
| pay off the floating debt OF the company
with Kansas Pacific consols and Oregon
| short line tirStS, and if this is completed, it
is thought the road could resume its divi-
dends at once. Louisville IL Nashville
shared in the
GENERAL WEAKNESS
and fell off to 29$1. Points continue to be
given to buy Lackawanna on the break.
Mr.. Tilden is said to hold 10, 600 shares of
Union Pacific New York Central is said
not to be earning its fixed charges at pres
ent, and large house in New York has
an order to sell its next dividend at 81 per
cent. for considerable quantity of stock.
The shorts refuse to cover, and the bulls
can't force them in, and SO the market goes
neither way very far.
About midday the long looked for break
set in. About that time the downward
movement set ill., and continued to the fin
ish, without sign of a rally. Values fell
away 1@1 Is and closed at the lowest point
The Could White-MOrgan Clique will find
out, perhaps, that it is not always safe for
band of puny mortals to openly defy the
laws Of the universe.
NEW YORK, May 4.-Government bonds are
unchanged in quotation except an advance in
the per cents. to 1929. There were sales OF
the coupon AIS at 1929 and the coupon As at
121H. State securities have been quiet with
sale of Alabama class A at So. This has
been the most active day in the stock eX-
change since the middle of April. The total
sales were 1885, 42 shares. The market was
weak and more active at the opening with a
good supply of orders to sell for the London
account, and with the exception of a check
in the decline after the first hour it continued
persistently weak, slowly declining through
out the day, the final quotations being gener-
ally very near or the lowest
figures reached All the active
stocks show a very decided decline,
the prices this evening being from l to per
cent. lower than they closed last week. The
trading, however, was confined principally to
seven stocks, in which the business ranged
between So 90 and 22, 700 shares, and the total
transactions in which aggregated 226, 100 or
nearly II per cent. OF the days business.
These shares were Lackawanna, ST. Paul, New
York Central, Northwestern, Lake Shore,
Union Pacific and Pacific and Pacific Mail, in
the order named. The first prices this morn
ing were from Is to q per cent. lower than
the closing quotations on Saturday, and the
decline OF the first hour amounted to as much
as % to per cent. The early decline was
facilitated by the Russian war news which
was of a decidedly peaceful nature, with an
advance of over per cent in British
last week. Whenever the projects of
war were threatening the decline was
checked after the first hour, and the market
became dull and firm, and by midday it was
again weak, and without any sudden break, it
slowly continued to yield in quotations
throughout the afternoon. Considerable ac-
tivity was displayed in the last hour, during
which the sales amounted to over 81, 500
shares, or 81 per cent. of the days total trad
ing. The belief on the street this evening is
that some of the leading bear operators have
been heavy sellers throughout the day, al
though the bears claim that the bulls have
been steadily unloading. While there were
damaging rumors current in regard to special
securities, the most effective bear argument
of the day was undoubtedly derived from
the pacific reports that have been re-
ceived since Saturday regarding European
troubles. The Gould stocks were generally
well supported, and this was equally true of
the grangerS until later in the afternoon
when they also yielded, especially Pacific
Mail which fell to So, ana closed with loss
of per cent, at $50. Lake Shore is down
81 per cent, Michigan Central g. Northwest
wanna 21s, New York Central and Manhattan
Consolidated each IA, ST. Paul ~, Union Pa
cif1c and Reading each ~. The remainder
of the active list shows smaller decline.
The only stock on the active list which shows
gain is Consolidated Gas, which is up u per
cent, or 9034. All the Erie securities were
weak, and the common stocks show q loss Of
~ per cent. on reports freely circulated
throughout most of the day, to the effect
that the company was again in finan-
cial trouble. Among the early state
mentS was one that a receiver was to
be appointed tomorrow. Statements made
this afternoon at the Office of the company to
representative of the Associated Press are
to the effect that there is no change in the
condition of the affairs of the company that
the May interest has nearly all been paid and
will be paid in full as soon as the coupons are
presented, and that any prospect of re-
ceiver is unknown to them. The company is
having a fight with the Chicago g. Atlantic,
the Erie extension to Chicago, over the interest
on the first mortgage bonds, which was not
paid either November l or May l, the man
agement claiming that the agreement to pay
this interest was illegal. 1t is believed the
Chicago s. Atlantic will sue the Erie
company, and the statement is made that the
original agreement was q pledge of the gross
earnings of the Erie g. New York, Pennsyl-
vania g. Ohio (the old Atlantic g. Great Vest
ern), on all business to and from the Chicago
Atlantic The amount of bonds is $780,
600. The bulls claim this evening that all the
large bear operators have been heavy sellers
of stocks throughout the day, and that the
short interest is now so large that any move
ment on the part of the bulls would cause a
very decided advance in priceS they claim
that there is very little long stock to be
shaken out by the raid which has been made
especially during the afternoon, but that the
leading bulls are buying on q scale downward