St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-14
FINANCIAL.
New York.

Special to the Globe.
NEW YORK, May 13.--The stock market
opened strong, and the early news and gossip
was inclined to be bullish. A good many
traders, however, thought that the recent
advance of two to three points was quite
enough for the present, and during the early
part of the day there was pretty heavy sell
ing, most of it being in the line of
quotation. Union Pacific was weak all
day, being unfavorably affected by Manager
Calloway'S statements that the prospects of
the road were being ruined by the encroach-
ments of other roads into its territory. The
grangers were sold on the passenger rate war
in the Northwest, and on the report that the
next semi-annual dividend on new Northwest
common stock would be reduced to 2% per
cent. The report was also received that the
Burlington directors were considering the
advisability Of
REDUCING THE DIVIDEND
on that road to 2 per cent. There was no
pronounced feature to the market at the early
dealings except dizziness. 1t was announced
that Nickel Plate net earnings for the quarter
ending March 81, were 1881, 433 against S243,-
755, for the same period last year. Oregon
Navigation earnings for the first week of May
increased $13,293, and Wabash for the same
period increased $2s,2s9. Burlington officials
were consulted as to the probability of Il re-
duction in the net dividend but the only reply
reduced. Jersey Central was bid
up before the close, but during the last
fifteen minutes dropped q of q point. The
market closed at the lowest point of the day,
with the sentiment fayoring lower prices.
GOSSIP.
Deacon White and brethren were the chief
supporters of Lackawanna and found it
lively work. The public thinks the deacon
wants bulge on which to dump his load.
Philadelphia special said: Advances in st.
Paul s. Duluth are said by insiders to be prin-
pally on its continued large earnings for the
first week in May.
"Western Union,'' said DeCordova to
Schwartz, Dupee & Co., lis a non-dividend
payer for 1885, and is bent for co.
vanderhoof-I see no feature to: stocks;
the feeling is fiat, and nothing to materially
influence prices either way.
A. De Cordova advises selling stocks, and
says he is through with the bull side.
Kohn,, PEPPER s. Co. advise selling first, last
and all the time.
Wheeler says sell stocks on every bulge.
NEW YORK, May 13.-Money on call easy
at 11a@215 per cent. Prime mercantile paper
4@5. Sterling exchange slightly f1rmer
Actual rates 81 S654 for 60 days and 4.S9 for
demand. Government bonds were dull and
steady to-day. State bonds were neglected.
Railroad bonds wore in fair demand an d
steady; sales 2S5, Goo. Advances and declines
were about equal in number. Denver s. Rio
Grande Western declined 81, Houston s.
Texas general is 2, Lake Erie & Western lists
| 2, Wabash Eds 3, and st. Louis, Kansas City &
Northern Omaha div 5. Stocks opened strong
to-day, especially the ''coalers, but very soon
| trading became dull and prices sagged off
slowly until after AZ o'clock. There was
| then a rally of small fractions, which Gull
minated i'd the last hour and prices again
| resumed the downward movement The mar
ket closed heavp at slight advance over tn e
| lowest prices. There were only seven stocks
on the list which reached 1000 shares. Every
thing else is lower, although for only frac-
| tional amounts Milwaukee,, Lake Shore s.
| Western preferred advanced u per cent. on
| very light dealings. The total sales OF stocks
| to-day were 21S,S17 shares, including:
Del, Leck&Wes. 49,S10IN. Y. Central. 4,4S0
Del. s. Hudson. 5,419l Pacific MALL. 7,T45
| Erie. ........... 10,620I Reading. ..... 1850
Lake Shore. 80. 25, 430l Union Pacific. 1926
Northwestern :. $40 Western Union. Il, OOC
! N. j. Central. 10,3S5iOregon Trans. 1886