St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-13
New York.
Special to the Globe.

Special to the Globe.
New YORK, May 12.-The situation of the
New York stock market could scarcely be
less satisfactory to all concerned. The small
earnings of the railways and telegraph COM
panies, and the unfavorable outlook for
marked improvement in the near future, acts
as wet blanket upon the enthusiasm of
those who are loaded with stocks taken on at
much higher prices. The same factors also
serve as check to buying for an
investment, as those who operate in that way
are not inclined to put their money in prop
erty where the prospect OF earning dividends
seems remote. Those who went on the
bear side are equally shy; they feel confident
that on a basis OF legitimate values, most
stocks should sell lower, aud would do so if
uninfiuenced by manipulations; yet they are
well advised that there is strong moneyed
element, that has an
INTEREST IN HIGHER PRICES,
and will spare no pains to accomplish their
purpose. Hence, when short sales are made
the transactions are conducted on basis of
small profits and corresponding losses, and
this promises to be the feature of the market
for some weeks to come, and those who at
tempt different course in the face of small
earnings on one side and the chances fmanip-
ulationS on the other, stand a better chance of
making losses than profits. The strength to-
day was mainly credited to S. V. Whites
manipulation of sLackawanna and a more
assuring outlook in labor matters. Lake Shore
advanced "a on covering of shorts, and
Northwestern was lifted by the same cause
Assisted by fair buying by longs for a scalp,
St. Paul went up on prospects of increased
earnings, which started shorts to covering
freely. Union Pacific followed with "a ad-
vance, and Omaha, although slow, gained q.
Lackawanna opened q higher at 124T, and
although the bears made a most savage raid
and attempted to break prices by throwing
enormous blocks on the market, and were as
sisted by longs, who went out on the swell
the
ABSORBING DEMAND WAS SURPRISING
and prices went up to 1861, and during the
noon hour there was covering by shorts which
aided in supporting prices. The other coal
ers sympathized, and Hudson went up 81,
Jersey Central Is and Reading 4. Western
Union was fairly active, and after declining
Is rallied q. st. Paul s. Duluth was bulled
on a rumor that it will soon become portion
of the Burlington system. 1t opened at 6114,
and sold up IS, when it again fell to 63%. On
realizing by the longs. Burlington fell 81 on
rumors that its dividends will be reduced to 6
per cent, but later it improved Is. At 2:15
p. IN. the general list was fairly well sustained
at nearly or quite outside prices. The bears
were said to be without leader, and the
bulls manipulated the market for all it was
worth.
NEW YORK, May 12.-Money on call easy
at per cent. Prime mercantile paper 40
5. Sterling exchange dull and steady; actual
rates, 1861 for sixty days and 1891 for de-
maud. Government bonds were dull but firm
to-day State bonds were quiet but strong.
Railroad bonds SympathiZed with shares in
both activity and strength. Sales S1,21I GOO.
Final figures generally show advances, while
important declines are few. Northern Pacific
Eds showed the most activity. furnishing
Isl, 900; Fort Worth & Denver lists were &C
tive in small lots. Advances include: Mis-
souri, Pacific Dds, 2 at 122; Milwaukee, Lake
Shore Il Western incomes, at 103; Peoria,
Decatur & Evansville incomes, at 62. There
was an unusual decrease of news affecting
prices of stocks. The market opened somewhat
irregular, but the widest difference was
1G54 in favor of higher prices, Lackawanna
was the only feature in the mornings deal
ings and was conspicuous and strong
throughout the day. The general market
SympathZed with this stock to small extent
in the morning, but after noon there was
better business over the whole list, accom-
panied by increased strength resulting from
a general covering of short contracts. Prices
continued to advance throughout the after
noon and general figures are either at or close
to the highest prices of the day. The market
closed firm. Almost everything on the active
list is higher, advances ranging from frac-
lions TO 21@2S, the latter in Lackawanna. Jer-
sey Central and st. Paul, Lake Shore and
Northwestern each show an advance of 1@4,
Louisville and Nashville los, and the re-
mainder per cent. Texas and Pacific is the
only stock on the usually active list which
shows a decline and this only los.
Milwaukee, Lake Shore and Western common
made another stride forward and shows an
advance of 1@2.. st Paul s. Duluth common
advanced 8 on rumors that improvements and
betterments were to be capitalized by the
issue of bonds, the money so raised to be used
in dividends on the stock. Lackawanna Lake
Shore and st. Paul furnished over half of the
total days business. The total sales of stocks
to-day were 266,03S shares, inclu ding Della
ware, Lackawanna g. Western, 70, $50; Della
ware g. Hudson, 4,270; Erie, ITO: Lake Shore,
81, 1855: Louisville 81 Nashville, 3,67O; North
western, 1890; New Jersey Central, $685.;
New York Central, 5,031; Pacific Mail, .,45O:
Reading, 1880; st. Paul, 1920: Union Pa
cifc, 1896; Western Union, 16, 165; Northern
Pacific preferred, Also; Oregon Transcon-
tinental 2515