St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-10
CLOSE.
FINANCIAL.
New York.
Special to the Globe.

Special to the GLOBE.
New YORK, May 9.-''No wheat no
freights," argue the bears, and thus crop re-
ports are having direct effect upon railroad
securities. 1t is further urged that even in
the event of surface arrangement in
Northwestern rates, it will not hold good
any length of time, as there is not business
enough for the conflicting lines, and they
are bound to fight for what there is, either
openly or covertly. The report that She
Grand Trunk had consented to remain in
the Eastern pool was discounted by the
statement that the Pennsylvania was cut
ting heavily in west bound freight, move
ment unusual and totally unexpected. All
the manipulationS are now traceable to
Gould, and as a very natural result there is
no outside confidence whatever. The COW
ering of the shorts gave little fictitious
strength at the start, but the day is proving
very unsatisfactory.
THE STOCK MARKET
opened 7s@a higher, advanced A@5s,
hesitated and fell back little, then took a
fresh start and went on up. Delaware &
Hudson opened q better, and advanced to
S1L under the covering of shorts. The
loaning rate of this stock and also of Erie
seconds was 4@3s of per cent. for daily
use. Ohio & Mississippi, on the other
hand, opened 81 lower, and Omaha pre-
ferred showed another weak spot, selling
off u to II and then rallying to 70. Pull
man acted as though it was aimed for the
sky, opening II better and climbing rap
idly to 100. This was the figure marked
for it some weeks ago. AS early as II
o'clock it was evident that the insiders had
received private advices from the Wander
bilt party in Chicago, and the patch-up Of
the Northwestern pool was used with tell
ing effect by the bull party, and until the
close they had everything their own way.
STEADY PRESSURE
was applied to Northwestern shorts, and
the strength extended to other lines. The
Changers were in the lead long ways
Northwestern during the forenoon rose to
94sl, st. Paul to 691s, Union Pacific to so,
Pacific mail to 55I, Lake Shore to 53%,
and Lackawanna to 10419. New York
Central at first did not respond to the adj
vance, but later it started and caught up
with the others. COmmack is said to have
covered 40, 600 shares of short stock within
the past two days, and to have made about
$500, 900 on the turn. Others have evened
mp largely, leaving only limited short in
terest outstanding. Everything seemed to
hang on to the result of the meeting to settle
Northwest difficulties, and as a favorable
result was anticipated, buying was the
order of the day. Even Woerishofer
was said to be buying the Changers. Van
derbilt declares he has not sold share of
his stock and does not want to. He goes
to Europe On one steamer and back on the
next. Chicago was leading New York in
its own field to-day, and parties down
there were quite anxious to hear the latest
from this city. Parties here were large
buyers of the Changers yesterday and to-
day. During the first four months of 1885
the earnings of Mexican Central increased
$40, 600, of Louisville & Nashville $780,
900, of st. Paul 1858, 900, while those of
Northern Pacific decreased $s65,OOO. The
st. Paul clique say that stock is
UNDER COMPLETE CONTROL.
Gould, White and Morgan remain at the
bull side and talk confidently as usual. AS
the day waned the market gathered
strength and closed firm at about the best
figures of the day for nearly all stocks.
Chicago.