Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-03
Both the New York and Chicago Markets
Inclined Downward.
RAID on NORTHWESTERN SHARES.
Large Transactions in Willard and
Vanderbilt Properties.
CHICAGO MARKETS DEPRESSED.
All the Cereals Looking Sickly and
Provisions Some Lower.
NEW YORK.
Especial Telegram to the Globe. I

Especial Telegram to the Globe.
New YORK, Oct. 2.-On the stock ex-
change the market was frightened up
little this morning by the announcement
that the court of appeals had decided the
suits against the Western Union telegraph
in favor of the company, The sto ck
advanced to 815. The enormous earnings
of the Chicago, Burlington & Quincy af
fected that property favorablY, and it sold
at 1853. Prices throughout were better
in the early dealings; though there was
but little activity. After the first hour
stocks dragged, and break in Cleve-
land, Columbus, Cincinnati & indianapolis
later in the day from 81 to 55 did not
help N alters. The Wizards sold off, follow
ed by about every thing on the list. North
western dropped to 124 and st. Paul went
below 102. Omahas were decidedly feeble
in the last hour and the bears talked low
er figures for them. The closing quota
tions on Lake Shore are ex-dividend of
per cent. There was an increase in activ-
ity as the day ended, caused more by free
selling than anything else. The tone was
quite weak at the finish. The course of
the market is certainly very discouraging
to holders of stocks.
Field says: ga little electricity was
put into the Willard stocks in sympathy.
AS the demand for Western Union was full
Iy supplied, the market lapssd
into complete stagnation and
dragge its slow length along until the
middle hours. 1t differed but little from
that of yesterday, many stocks showing no
trading whatever. There was large bor-
rowing demand for New York Central,
Reading, Oregon, and for most of the list.
Northern Pacific, New York Central, and
Jersey were Ioaning at 81. Towards tho
last hour the board took advantage of the
dullness and raided everything very sharp
ly, devoting great deal OF their time to
Northwestern, Omaha, st. Paul and North
ern Pacifcs. Cleveland, Columbus, Gin
cinnati & Indianapolis was a very weak
spot, selling down from 65I to 81. The
cause of this weakness was report that
the loan which was made on these securi
ties and on the st. Louis, Alton
& Terre Haute, has been called and the
parties could not respond. Omaha was
very weak the last hour on the report that
it would issue $50, 900 bonds for the COM
pletion of the new road. The manipula-
ton and selling continued until the close,
and the market was very unsettled. North
western was affected by the weakness of
the Omaha properties. In the entire alb
sence OF outside speculation, the bears
were able TO manipulate. Denver for the
fourth week increased $43, GOO"
Herman says: There is little doubt as
to the future OF these stocks. Some
morning their support will be found
waiting and their ability TO decline under
such circumstances has been too recently
demonstrated to need further remarks.
Chicago & Northwestern is also considered
one OF the weak spots, and 120 is talked
for it. This week Vanderbilt brokers are
being noted as liberal sellers whenever the
markht would permit. The report of the
Omaha r3ad is poor and shows that the
preferred stock did not earn its dividend,
which was paid out of the proceeds of the
land sales. AnY road which cannot make
= Ht-NSA So ~ LIZ bAeIIA tAAASs OOA4SAASA-AG
the flush times which we have lately gone
through stauds pretty poor show of con-
tinUiHa dividends in the times which are
ahead. The condition of the iron trade is
attracting the attention of some Of the big
bears, and We look to sea a combination
made up by them to bear the coal stocks.
In connection with this we hear certain
- Hba
tion are very much dissatisfied. and an
open rupture at any time is not beyond the
possibilities"
Commissi oner Fink's statement of per-
centage has caused deep dissatisfaction,
and an appeal has been taken, although
the general impression is that the allot-
ment will be sustain ed. It is useless
to deny 9 war in rates between this
city and Chicago is rapidly approach
ing. The charge of cutting is openly made
by number of roads who are Only pre-
vented from cutting themselves by the
large amount of freight offering, which is
owing to this quarter being the harvest
months of the year. With the West Shore
road nearing completion another will have
to be provided for, and percentages again
reduced. We are told the coming thirty
days will see the liveliest cutting of rates
between the West Shore and Central and
Hudson that has been seen in many day.
If Gould or any OF the cliques attempt to
sell (as they have got to before long unless
times improve) you can count upon much
lower prices at once. We look for lower
prices, and would advise sales of stock
both for the long and short accounts upon
any rally.
The Union Pacific will hereafter make
quarterly reports instead of weekly. Some
shrewed operators have sold stock on this
Information. The decline in Northwestern
perplexed good many and has given rise
to several theories as to its cause. The
most reasonable is that the decline in the
general market had exhausted the margins
of one pretty large speculator at the west