Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-21
WALL STREET GOSSIP.


WALL STREET GOSSIP.
An Erceedtn0ly Dali lay DOt1n TOscn--
Rati,eav KMnsors From the Vest.
New York World, 17th.l
'.The board opened an hour later this MORN
ing" said happy broker yesterday afternoon,
land Il was evident from the start that very
little business would be done. All the boys
who had tasted of the sharp frosty country air
Of Sunday night and Monday morning were
undoubtedly ready to make big commission
bills, but the orders were not forthcoming.
There was but lit lie disposition to trade. and
although the ball was opened with a lively
squirt In the coal stocks, the brisk movement
and the better feeling almost Immediately died
away. Kennedy, Hutchinson Co., were in
clined to give the market forced strength,
more by persistent bids for stocks. which they
did not want, than by actual purchases. Tnis
was construed into an effort to impart Rome
little life into the Western Union and the Van
derbilt properties. At one time Kennedy,
Hutchinson Il Co. bid ninety.six for 1900
Michigan Central and not single share was
sold. A few minutes later the price had recei
ed to ninety-6ve, sna then they no longer
wanted the stock. The remainder of the mar
ket was unusually quiet and if it had not been
for the free trading in the Hannibal and St.
Joseph properties by the Gould clique the ex-
change might as we'll have closed its doors.
Some Of the cOuversative operators are mys-
Tilted at this sudden ri4e Ia Hsnaibai, but il
is explained by the increased earnings and the
strategic position of the road. 1t is well known
that Gould has not formed Western construc-
ton company for nothing and that his restiess
disposition for aggrardiz ement will not be eat
ished until he has built the link between st.
Joseph and Chicago and thus cut into the bust
ness of the Burlington and Quincy and
Ohiosgo and Alton. When this new connection
il we'll under way it will lead to the cousolida
ton of the Hannibal and st. Joseph with the
Wabash interests. Then similar absorption
will take place with the Iron Mountain aud
Kansas and Texas. Probably it is this con-
templated capitalization of all important
roads west of the Mississippi that has created
such strong demand for both Iron Mountain
aud Kansas and Texas. The latter Is COM
pletely under the control OF Jay Gould, who
only has to conform with the provisions of the
old trust deed to put himself and consequently
the Wabash in complete possession. 1t is ru-
mored that Mr.. Gould has also been buying
through Drexel, Morgan 90. large blocks of
Iron Mountain at low prices with the view of
Influencing the stockholders board of directors
In his favor"
"Tken you believe that the Wabash will
western roads within very short timer"
"Most assuredly, for Wall street will soon
End out that the operations of the Wabash
railway are unlimited. Besides, the road Is do
ing very large business, and although per
haps not at remurerative rates, the influence
it has upon the trade of the West ia very
great. The day is not far distant when the
Wabash will gobbe up all the roads have
named, and then the Uniou Pacific will invite
| if md hat he laf nf ha ~
Pacific into the directors parlor, as 1t did
with the Kansas Pacific. and settle with the
captain, Jay Gould. Under any circumstances
the whole business of the Eastern lines will be
changed within a short time, and the
Missouri river viii. be important factor
in drawing away trade from the four great
trunk lines. The Wabash recently tried an
Investment of 800 600 in barges to carry grain
down the river to New Orleans. and 30 we'll
pleased has it been with the experiment that
orders have been given for another 100000
worth of barges. At first perhaps only one
tenth of the entire production of the grain dis
tricts may be diverted, but it Will be sufficient
to regulate the freight rates on the remaining
nine-tenths from Chicago. This unpleasant
prospect has produced an apathy With regard
to the trunk lines, more especially New York
Csntral and Erie, aud the general speculative
public are disposing of their interests in those
roads az quick as they can. since they are con-
WINGED that lower rates will rule by force of
competition and new combinations"
Another broker. who was irritable at the alb
sence of the lambs" ssid 'Erie continues to
have depressing effect upon the spirits OF
everybody. A great deal of distrust is felt
and Gould is continually feeding Wall street
with countless barrels of worthless trash on
every rise. The earnings of the Erie road are
said to be very poor 80 far this month. For
the first week Of August there was only
small increase in net earnsngs over 1879, and
last Saturdays returns show large decrease
in freight, which has been partially made up
by very fair passenger traffic. Then, again
Russell Sage has been selling great many
calls which does not look as if he had any
special faith in the speculative value of the
property Any declines may be postponed un
til the big men get rid of their heavy lines Of
the Changers. but 1t is bound to come. few
'straddlers,' to run five days, were sold this
N ,rning by Mr.. Sage at the market for a pei
cent. and A. W. Shepard sold some chear
puts due day after tomorrow at 4l% for u
per cent. In the event of the slightest sign o
general liquidation it would only be natura
for Erie to collapse with the remainder of thu
market, since there are SO many weak mex
holding on by very slim marQinsD