St. Paul daily globe., 1885-06-13
FINANCIAL.
New Work.


NEW YORK, June 12.-St. Paul is get
ting to be about the most active stock on
the list and the election of P. ID. Armour
to the directory is more talked of than any
thing else. 1t is part of the gossip Of the
street that bull pool has been made up in
the West and here among strong holders of
the stock and that purchases are to be made
on a large scale. Armour, of course, is now
talked of in connection with this pool. The
stock market opened B@55 higher, except
Lake Shore, which was 3S lower. The
bull feeling which has been uppermOSt for
two or thlee days was continued during the
forenoon of to-day. Though stocks at
present prices looked little tired and be-
gan to waver, st. Paul was again active
and higher, selling up to 6719, down to
66M, and up again to 6756. Savin was
large seller of it at the advance. Manitoba
opened one point higher, and so did Chi
cago, Burlington & Quincy. The figure of
the first was SO, and of the latter 124. The
Financial Chronicle says the gross earnings
of fifty-Six roads for May decreased
81 ,29S, 837. 1t was thought that the gen
eral railroad situation was as bad as ever,
but the prospects of restoration of rates
and better earning by and by were some
what improved President Rutter of the
New York Central died this morning, but
that was considered
A BULL ARGUMENT,
as Rutter had been big bear. At all
events, Central stocks advanced under the
news to S4A, and Lake Shore went up in
sympathy to 535S. Northwestern early sold
off little, and then advanced to 911S. The
Chaplin party were very bulliSh on North
western and Lackawanna and said that
both were going higher. AS the cotton
crop of this year promises to be the largest
since 1881, Louisville q Nashville, Kansas
& Texas and other Southern stocks were
thought to be a good purchase. The earn
ings Of Gould's Southwestern system are
said to show an increase over last year.
The earnings of Omaha for the
first week in June decreased only
$4,000, and the preferred stock of
that road to 7019. A good deal of Western
: Union was for sale above 81, but interested
parties were giving pointers" for 65 The
meeting Of the Jersey Central directors
called to consider the Baltimore & Ohio
proposition has been postponed, and it was
thought that Jersey Central stock would go
lower before it went any higher. Pre-
vious to the last advance in st. Paul, the
short interest was estimated at $50, 900
shares and the upturn has been caused by
the covering of this amount. In North
western also the situation has been similar.
In fact this has put the market up more
than the active efforts of the bulls. The
market closed steady and firm.
NEW YORK, June 12.-Government bonds
have been quiet; AZ per cents are the same
as yesterday. The 3s continue steady.
State bonds are quiet and generally stronger.
The trading in railroad bonds has again been
large, the total sales being S. 020 900, of which
West Shore frsts contributed S932,00O, and
Erie second consuls.. $379,000. The rest of the
business was well distributed, the investment
demand for good railroad bonds being re-
ported steadily on the increase. The plan of
the bondholders of the West Shore to fore
close the property is meeting with strong sup
port, and, it is claimed, is the quick
est way to accomplish the reorganization
of that company. 1t is stated that
Mr.. Goulds visit to Buffalo, accompanied
by President Sloan of Lackawanna and Sir
Henry Tyler of the Grand Trunk, is being
made for the purpose of obtaining more def
mite information before arranging the details.
of the alleged combination for anew trunk