St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-14
FINANCIAL.
New York.

Special TO Uue
NEW YORK, May 13.-At the stock ex-
change the market opened irregularly.
Some stocks were 1s@I higher, and others
7s@% lower. Northwestern, New York
Central and Lackawanna were in the lead,
and trading in those stocks, as well as in
Lake Shore and Union Pacific, was quite
lively. The prominent feature of the
morning was the somewhat unexpected
weakness i'll Lackawanna. Up to the pres
ent time the deacon has been able to hold
his favOrite and bid defiance to all bears,
but it was stated yesterday that he began
to unload, and to-day there was very little
doubt about it. A general attack was
made on the stock by the room traders, and
the deacon was simply deluged with offer
ings and was compelled to turn and run.
During the first hour Lackawanna went
off to 1929, rallied to 103 and Immediately
sold back to 1914. 1t was an open secret
that insiders were getting rid Of all they
could. To cover his tracks the deacon
put up the leaning rate of his stock to 4,
but it made no difference with the crowd.
They all had lot of old scores to settle
with him, and lost no time in
MAKING THE APPLICATION.
The simple trouble with that conceited
Gould White Morgan clique is that they
fancy themselves strong enough to success
fully defy the laws of nature and the facts of
the outside world, and the sooner their minds
are disabused Of such an idiotic notion the
less money they will lose. Northwestern
was pretty well held by the fact that an
other dividend is due in few days. Lake
Shore, too, was rather stubborn around 81
New York Central sold down to S9%, and
Union Pacific went below so. Northwest
ern preferred opened off two points and
Manhattan was one point higher. Earn
ings of the latter road for April
show a net gain of $685. Jer-
sey Central and Delaware &
Hudson sympathiZed with Lackawanna
and sold down. Gould was partially sup
porting his favorites. 1t was said that the
Gould clique might postpone their long
talked-of bull movement until after the
liquidation of the Vanderbilts was COM
pleted. The West Shore road was thought
to be near the end of its tether, and the
banks now refuse to take its receivers GER
tifcates. 1t is currently reported that the
next dividend on New York Central will be
passed. Vanderbilt is doing nothing to
support his stocks, and will not until he
comes back from Europe. Lake Shore is
thought by some to be pretty near the bot
tom, and one strong house was buying it
yesterday. 1t has certainly had notable
decline. The. causes which have
brought about this bear raid
are the bad state of general business, de-
creased railroad earnings. prospectively
short crops and threatened export of gold.
Considerable anxiety was felt to know what
Chicago was going to do with the market.
Toward the finish the market had quite a
rally, caused principally by
SHORTS COVERING.
Manhattan advanced to 9454. The i'm
provement in the balance of the list was
sufficient to close prices, in most instances.
at about the opening figures. 1t appears to
be rather uphill work with the bulls at
present. They are in the minority and the
opposition upset their plans from day to
day without much effort.
on