Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-02-24

seemed anxious to sell without the market
price. On the contrary there was an upward
reaction which, however, left prices much
lower than at the close Tuesday. Speculation
opened at general decline from Tuesdays
closing prices of %@lX per cent, the latter
for Memphis & Charleston and Chesapeake &
Ohio, while Louisville & Nashville was TX
per cent. higher. In the early dealings. after
a fractional advance In the general list and ~
per cent in Hannibal & st. Joe preferred, the
market fell off 1i04 per cent, Louisville &
Nashville, Hannibal & st. Joe preferred, Mis-
souri, Pacific and Nashville, Chattanooga & st.
Louis being prominent in the decline. Sue
ceeding this was recovery of X@3H per
cent, the latter for Louisville & Nashville,
while Norfolk & Western preferred advanced
AZ per cent and Memphis & Charleston per
cent, but the latter Immediately fell off per
cent, advanced per cent. and declined l per
cent. From about noon till after the second
board prices continued to sell of, The decline
ranging from 1 to 6 per cent, Louisville &
Nashville, Missouri Pacific, Texas Pacific and
Louisville, New Albany & Chicago being
prominent in the downward movement, while
Richmond & Danville fell from 219 to 100, but
recovered 35 points in the late dealings. In
the late dealings recovery of OK per cent.
took place, the latter for Missouri Pacific,
while Nashville, Chattanooga & st. Louis sold
up 6 per cent. In the final dealings general
decline of X@2 per cent. was recorded, Nash
vile, Chattanooga & st. Louis leading therein.
The Commercial Bulletin says: From dull.
ness it was red letter day at the Stock Ex-
change, as the foreign news was favorable
There was little domestic news bearing on the
value of stocks except about the Southern and
Western floods, and that could hardly be called
news. The stock market, however, was moved
as violently as if there had been appalling
news, but it was the power of leading specu-
lators which made the changes. The decline
Monday and Tuesday had pretty thoroughly
demoralized the street and when business
opened this morning a furious attack was
made along the whole line of stocks, and ap-
parently the attacking party were disappointed
in the smallness OF the result This was
partly because Vanderblt's stocks were
bought by some one very readily and because
| there were also good buyers for coal stocks.
The market cor tinued feverish and irregular
but not decidedly weak until little after 1
o'clock, and then fresh raid was made, with
the result of creating panic, which lasted,
however, for less than thirty minutes, when
an upward reaction set in and continued up to
the close, the market leaving of at quotations
made feverishly strong. During this panic
Richmond & Danville, leader of "Southern
fireworks" dropped from 219 to 1870, Louis.
vile & Nashville from SO to 81, and the re-
mainder of the list 4@5 per cent. In the last
hour there was rally in Richmond & Dan
vile to $50, it closing at l641s and the remain
der of the list < a. per cent. higher. Respect
ingRchmond Danville, the stock is cliqued
and has never been distributed 1t is doubted
if prudent money lenders would lend ANYTHING
on it. The other stocks which fell have for
the most part been the subject of loans and q
great many loans were called in this afternoon,
which forced money up to Sol per cent. per
day to stock brokers. OF course it will take
time for the market to settle, even after the
dnal turn, but it is clear enough that prices
are getting down to figures which will attract
outsiders and which will make the basis fol
solid bull movement early in the spring.
The EUenng Post says: The sharp decline
OF the last few days, coming after fall of at
least eight months, has brought many stocks
down to figures which will attract outside pur
chasers who pay in full for what they buy
and it is question whether, making full al
lowance for the fact that in the latter part of
1880 and the early paStof 1881 prices were adj
vanced beyond reason, they have not now
fallen below what they should fairly rule, con
sidering the condition of the country, its
business currency, etc. 1t is notable that the
heavy decline produced no failures, which
shows how strong the brokers and their Gus
toners are, nor is it believed ths money lend
ers have lost by any loans on stock. Cliqued
stocks have for long time been viewed with
asuspicion by those who lend money, and stock
| like Richmond & Danville might drop from
500 to without, it is believed, endangering
money lenders. At the same time general
shifting of loans is not to be expected as q
result of the late decline. This afternoon
money, for the first time, became active and
stock brokers paid as high as x of per cent
per day commission for loans in addition to
per cent. As the banks are reduced in reserve
largely on account of the withdrawal of money
by the treasury, it is to be expected Secretary
Folger will now release some of this by order.
ing prepayment without release OF at least
$50, 000,000 of called bonds.
The Evening Telegram says:
The bearish turn in the market was ex
planned by the fact there was panic among
the holders of long accounts and other heavy
railway interests. Leading bulls put forth
every effort to turn the tide but failed. As
part explanation of the situation, the theory
was set forth that it was because of the fact
that the feversh feeling is general throughout
the country, and there is an unwillipgness to
| put up more money on margins.
The Commercial Advertiser says:
Unlike Tuesday the troubling of waters was
not confined to one or two stocks, like the
Louisville & Nashville, but extended to the
general list OF speculatlves, good, bad and in
different; those strong in credit, weak IN
credit, or with little or no credit at all.
The transactions aggregated 5000 shares
| Canada Southern 5000; Central Pacific ~, 000
Chicago, Columbus q Indiana Central 200
Delaware, Lackawanna & Western $4,000
Delaware & Hudson 1000; Denver & Rio
Grande 4s, 900; Erie 10000; Hannibal & St. Joe
$500; Kansas & Texas $4,000; Lake Shore 49,,
600; Louisville & Nashville 81 900; Lake Erie
& Western 900; Michigan Central $4,000
Memphis & Charleston 400; Missouri Pacific
IL, 600; Chicago & North western lis, 1000; New
Jersey Central 1900; New York Central 1874 =,
600; Northern Pacific II ,43G; Ohio & Missis
sippi 2, AGO. Ontario & Western 1900; Ohio
Central 1880; Pacific Mail $500; Peoria, Dc
catur & Evansville 300; Philadelphia & Read
ing II, 100; Chicago, Milwaukee & St. Paul 80,
900; st. Paul 81 Omaha $500; Texas Pacific
"a 100; Union Pacific $4,000; Wabash, st. Louis
d Pacific 25,300; Western Union Telegraph
s., ZOO; Chicago, Burlington & Quincy 9,C00
| Norfolk & Western 5000; Illinois Central
$500; Nashville, Chattanooga & st. Louis
$500; East Tennessee, Virginia & Georgia 500
Colorado Coal and Iron $500; Richmond &
Danville 1000.
Afternoon Board Quotations.
GOVERNMENTS.
Skies extended. 1909 Fours do. 80. lii y
Elves do. .101X Pacific Is of '95..125
4119s coupons. .114B
STATE BONDS.
La consols. -. 64K Tenn. Is, new.... 81
Missouri 6s... ITO Virginia 6s... IS
| St. Joe. .10SH Consols. ....... 601S
Tenn. 6s, old. -. Sc Deferred. ...... lax