Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-06
NEW YORK.
Especial Telegram to the Globe. I

was farce. Uuion Pacific was marked
up to 50 and sold at 8615 within an hour.
Mr.. Gould had the credit of coming to the
rescue and purchasing lines of the Vii
lards, but it availed not. Northwestern
acted badly selling below 121. Over 800
shares were marketed yesterday and the
selling still continues. The coalers were
attacked. Delaware & Lackawanna went
below III and Jersey Central and Reading
were down some , per cent. The price of
coal was reduced to-day. There was con-
siderable activity in Pullman Palace with
fair demand for the stock.
The shorts covered large lines in the clos
ing hour. Their purchases caused sharp
advance in price, and gave firm closing.
Traders have but little confidence in any
permanent advance. Reading made ap-
plicat1on to-day to list $3O,0OO,OO0 bonds
and Northern Pacific S3,5OO,0O0. The re-
duction in the price of coal was denied at
the close. Northern Pacific earnings dur
ing the fourth week of September in
creased $225,00o. Baker says Northern
Pacific stock opened at a sharp advance
from the closing of last night and for the
first fifteen minutes were very active, with
free covering of timid bears. The balance
of the market was inclined to sympsthize,
but free selling OF Union Pacific, and a
sharp decline, followed by similar weak
ness in Lackawanns, and disposition on
the part of Northwestern to lag behind,
soon took away all buoyancy in the mar
ket, and for the next two hours the bear
attack was pretty general throughout the
list, and the Northern Pscifcs fuotuated
rapidly. The noon traders seemed dis
posed to scalp in these stocks, and were
ready TO buy them at every decline of
point. The tone of the market seemed to
improve gradually, and during the last
hour there was steady appreciation of
values throughout the list. The
sales in Lackawenna were immense-it
was attacked on the report that there had
been g break in the coal combination. It
is learned from one of the companies in
the pool that there is no truth whatever in
the report.
Union Pacific was sold down on the ru-
NOR that the company was about to issue
$5,O00,O0O bonds. The interest centered
in the Willard stocks and reports were very
conflicting. Herman says it is believed
Willard will be ousted and will be succeeded
by Alex. Mitchell. Gould, Sage and Mills
say that Willard has sold out and put ST.
100000 in governments in his wife's
name. The facts are that meetings have
been held every day this week. including
to-day, but the difficulty is that the several
interests cannot come to terms. AS to the
nature of the bends to be issued it is be-
ie7ed the course of the market depends
very much spon the character of tbs bond
and what it will sell for. There were heavy
purchases Of stock for prominent opera
tor. Conservative people think the situa-
ton regarding these securities is clearing
up and that they are not worthless, when
Northern Pacific preferred at SO is e1-
chargeable at par into land, nor is Oregon
bankrupt, having all its securities on hand
IS per the statement Of July 1st, and whieh
at the price of selling at tie exchange
would make the stock worth so. 1t
is believed it has been
successful manipulation TO enable GER
tain phiIanthropi5ts to obtain control
Of Oregon stocks for themselves. New
York Central and Jersey still leave at a
premium. Louisville & Nashville earnings
increased the fourth week of September
$4,000. Field says the bears soon rushed
in anc sold Lackawanna and Union Pacific
extensively and these stocks went of and
carried the rest of the market with them.
The Willard stocks we're unusually we'll
sustained and seemed to be the strongest
on the list. They were very active and
there was lively buying by the shorts and
considerable cnying for long account.
Pullman stocks were sold on the false
reports which were put in circulation
yesterday, but were well bought.
The company is in excellent
shape, and the earnings are now much
larger than ever before. The market
turned upward about noon, Northern Pa
cifcs leading and gathered strength up to
the close, closing at the highest point of
the day. The bears themselves turned the
market with intention of putting out new
lines at higher prices. If this is correct
We may expect a strong opening to-mor-
row and subsequent decline.
Works Office was the scene of another
conference to-day between Gould and
Henry Willard, and Wall street was excited
BY the news. Every broker had his theory
as to the nature of the conference. The
principals kept very quiet in regard to
the matter, and soon after
the meeting left the streets, The general
belief was that the subject under discus
sion was the financial coudition of the
Northern Pacific. It was announced with
great positiveness from unofficial sources
that while details could not be ascertained,
the result of the meeting was plan to
provide for the floating debt of the rail-
road, Mr.. Gould promising to aid in ac-
comprising this result. Itwas also stated
that Gould had obtained large interest in
Oregon Transcontinental and would enter
the directory. The effect of the operations,
it was intended, should be so as to impart
strength to the general market. Some mem
bers of the exchange, while admitting
that Messrs. Gould and Willard had met,