Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-08
NEW YORK.
Especial Telegram to the Globe. I


NV York, Dec. 7.-Although the market
opened with but little change from yester-
days figures, the strength was of short du-
ration. A weakness was developed early
in Denver, which carried it from 45M to
42I before the day ended. Northern Pa
cifc preferred, which has displayed so
much frmness of late, disappointed its
friends to-day by drop to S61s, and the
grangers lost nearly all their advance. The
trunk lines were only moderate sufferers.
Transactions have been on a limited scale.
Operators appear to await the result of
the conference among the railroad officials
tomorrow with considerable Anxiety.
There was little change in the situation
during the afternoon hours, and the
market became very tame. The coalers
weakened, Jersey Central sold below zoe,
and Delaware & Lackawanna lost 1 per
cent The buoyancy which characterized
the dealings in many properties twenty
four hours ago seems to have been thor
oughly dispelled, and the bears appeared
to control the situation at the end. St.
Paul is down close to 81 again. Opening
at $1.024, it dropped off 1%c before the
close. Northwestern started out at $1.32%
and dropped precisely as much as st. Paul.
Rock Island fell off a cent, closing at
s1.26H. Omaha dropped 1Sc from its
starting point, 675s. Northern Pa
cifc is 1Bc easier than this morn
ing, Manitoba &c easier, Minneapolis
& st. Louis 20 lower, Union and Central
Pacifcs are off 11s cents, Missouri Pacific
1 cent, Western Union Is cents, Pullman
q cents, Oregon & Transcontinental 2
cents, and Wabash ~ cents. A very con-
servative house advise the purchase of
Erie, and predicts that Erie will return to
its old place as leader of the market. The
future price will, it is said, range between
so and 75c. Banks are said to be regarding
Erie with more favor than heretofote.
ferred. There has been considerable real
| ization of Northern Pacific. The stock
will be quoted ex-dividend Saturday.
If there should be a failure to
agree at the railroad meeting Friday.
! Northern Pacific could reasonably be ex-
pected to sympathise with weak market
Saturday. These considerations have
brought selling to-day by people who
usually try to start early. Mr.. Chapman
has bought quite an amount of Wabash
The movement in the preferred stock il
likely to extend further. An effort will be
made to put the price above 60. If it il
successful good deal of long stock will
come out, and short sales will have an at
tractive look. To-day's decline is looked
upon as but temporary by the bulls. Broker
usually having Gould information ar,
still bullish on. Kansas & Texas. They ad
wise buying, and talked an advance to a
least IS. There were good many orders
to buy Missouri Pacific at to-day's botton
prices.
The Bank of New York is understood tx
have taken action intended to protect Gus
toners without violating the law. Th,
Fourth National is said to have obtained
authority from its shareholders to go int,
the state system, if such action is deemed
advisable.
Bets were made last evening that Lack
awanna would sell at $1.2S within forty
eight hours. The bets were made by Van
derbilt broker, who has been steady buye
of the stock to-day. The condition of tn
company and its coal trade warrants al
advance after decline of twenty-five