St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-26
SHORTS WE'RE ACTIVE.
They Did Nearly All the Specula.
tion OF the Week.

1ney DlO Neaf1y All the speCula.
ton OF the Week.
NEW York, May 25.- Bradstreet's
financial review tomorrow will say:
The short interest in railroad stocks
and tine manipulative Influences in
Charge of the industrials furnished
nearly all the speculative activity of
the week. While the renewed depres.
sion which set in last week produced a
certain amount Of liquidation. it was
apparent that the selling represented
closing out of speculative accounts on
the long side of the market, and That in
the main stocks are firmly held. Mean
time operations for the bear account
had increased in volume, and the short
Interest by last Wednesday was ripe
for an upward movement. Occasion
tor this Was furnished by tenor of dis
patches from Washington indicat-
ing improved prospects for the
speedy passage of the senate tariff
bill and by the action OF the Western
railroad presidents In harmonizing diff
ferences and forming a new organiza-
ton for the maintenance of rates. Ru
mors that settlement of the coal strike
was at hand also had share in creating
'uliiah temper In the market, and a
rapid covering movement ensued, carry
ing up prices of railroad stocks and
atfording opportunity for manipulative
rises III Sugar and other industrials.
London also lped the movement along
by purchasing a fair amount of the
speclalties, and the market mOlnentarily
assumed an appearance OF decided
strength. AS soon, however, as the
short interest had been sufficiently re-
duced tn s advancing tendency disap-
peared aud the market relapsed into
duilness, followed by a renewal of bear
ish activity, though finally, after
vigorous attempts to break various
| stocks. the market rallied on short COW
erIng induced by the small amount of
gold shipped to Europe, and by Wash
| ingtOn rumors that the amendments to
| the interstate commerce acc permitting
| railroads 10 form pools would be adopt
| ed by congress.
Railroad earnings continue to play a
| part in the market. Reports of gross
| and net which show light decrease in
| the latter by means of sweeping re-
auctions in expenses are no longer IA
vorably received. The feeling on the
oupJSSt II ludI III many CdSeS tHt IOduS
must suffer in such process. Such
was the reception given to the st. Paul
statement for April, showing a loss of
1881, 600 In gross and of only $4,000 in
net. The Lake Shore, too. for the
March quarter reports gross decrease
of over Sl,0O0.0o0 while the net is only
$4,000 less than in 1893. Finally, the
| Pennsylvania in its figures for April
shows loss of S1.13l. 476 in gross, the
net declining sos, 2S2. The company's
officers are quoted as saying that the
May statement will be of similar char
acter. ana Pennsylvania shares have
declined in the Philadelphia market.
This tendency of trunk line earnings
seems responsible for the decline Of
| New York Central, which was based
on reports of heavy shrinkage in
| earnings for tine current month, and on
| renewed intimations of a reduction in
| the dividend. Short selling and liquida-
ton Of block of long stock seem to
have contributed equally to The decline,
which carried the price from IS to 9414,
with rally to 964.