St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-02
FINANCIAL.
New York.

CpSCldl W luc
NEW YORK, May 1.-The report that
Erie had defaulted on its May interest had
a depressing effect, although the clique
stocks were not particularly affected. 1t is
regarded as reasonably certain that the
Northwestern traffic troubles will soon be
settled, and as soon as that is accomplished
the Gould party will inaugurate a general
bull movement, with the Pacific roads as
favoriteS. Western Union will also be
pushed. It is also believed that White has
roped in enough lambs to make it an object
to crowd up Lackawanna to point where
they will all be shaken up. The Changers
were almost entirely without action. The
market opened irregularly, some stocks be-
ing I@I lower, while others were A@%
higher. Business as usual of late, was
moderate in quantity and prices kept within
a narrow range. Manhattan Consolidated
was strong, opening % better and touching
904. Reading also opened
ONE POINT BETTER,
but sold off again. Pacific Mail and Lacka-
wanna were in the lead and steady at pre-
vious quotations. Oregon Navigation went
off 1 4 in two quotations, and sold down to
7515. 1t was said that Erie would de-
fault again on its May interest. Kansas &
Texas has been bought by some outside
parties of late, because at the present
figures they thought it cheaper than many
other stocks, with no better prospects. D.
P. Morgan was reported to be selling out
his Union Pacific this morning, having got
tired Of waiting for the much talked of and
long expected boom. Points were given to
buy Oregon Transcontinental on it's weak
spots, as it was thought to be good for 20.
The old story about an increase of the short
interest in the market, and intentions of
the bull leaders to ! advance prices
was again repeated. Holders of LackaWanna
say they are getting about 20 per cent. on
their stock, per cent. in dividends and II
per cent. in premiums. Combs has been a
large buyer of Lackawanna recently. Many
rumorS of
APPROACHING SETTLEMENTS
between the warning roads were afloat
Lake Shore and Nickel Plate were coming
to terms, and the Northwestern war was
rapidly nearing its end. On the other hand
it was said that the principal pools were
breaking up, and soon the governing motto
of all the roads would be leach man for
himself"
st. Paul intends to hold its present po-
sition against competitors. The Chicago
shorts in the Changers tried to cover yes
terday, and could not without putting up
prices. All parties are agreed that the
market must move on one way or the other
in decided manner before great while
There was no particular change in the con-
dition Of affairs up to the close, which was
somewhat unsettled and rather in favor of
the bears.
NEW YORK, May 1.-Government bonds
have been quiet and strong for the 3s which
show gain of Il per cent. in the price bid,
while the As we're e per cent. lower. There
was sale of the registered As at 1215s. State
bonds have been dull, and some of the Arkan-
sas s. Missouri issues were quoted lower. The
railway bond market has been more active to-
day, the total sales being 81 ,220 500, an in
crease of S3S9,500 over yesterday. Prices
were heavy in the forenoon, but rallied in
many cases later in the day, and the closing
quotations were irregular. The most active
bonds were Erie Eds, West Shore 1sts Metro
politan Elevated 2ds, Northern Pacific, East
Tennessee and Virginia & Georgia issues.
Chesapeake & Ohio IS, series "a" declined
u per cent to 961s, series ''B'' bonds were
not traded in, but the payment of the interest
due to-day, one-half in cash and one-half
in scrip is making good progress. About
$50 600 were thus paid out to-day in cash.
There was a continuation to-day of the dull
ness which has been such prominent fea-
ture of the stock market for some time past,
the total sales being only 137,0S5 shares, an
increase over yesterday of $4,000 shares. Over
so per cent. of to-day's business was done in
st. Paul, Western Union, Lackawanna, Union
Pacific and Northwestern. The market was
steady at the opening and continued strong
throughout the day until late in the after
noon, when a combined attack was made upon
the whole list, which resulted in depressing
prices for fractional amounts only. The at
tack was not withdrawn until the close of the
board, and the final prices are either the low
lowest Of the day for nearly everything on
the list. The total sales in the last
hour alone were 10000 shares ON 81
per cent of the days business. Prominent
commission houses identified with the bull
party say that orders to buy on every decline
are increasing and there is other EVIDENCE