Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-23
l1E DIlUllD DQUhEhED.
The Gear Crowd in Wall Street Thor
Oughly Discounted.
NORTHERN PACIFIC ADVANCES.
Aad Oregon Transcontinental. Follows
Close at Its Heels,
HEAVY LOSSES OF THE BEARS.
Circular OF the Board Of Directors to
the Preferred Stockholders.
HEAVY LOSSES OF THE BEARS.
STRONGER MARKETS IN Chicago.
A Pronounced Advance In Grain and
Provisions.
NEW YORK.
ISpec I'll Telegram to the Globe !

the star actors again to-day on the stock
exchange. Stocks were excited and irreg
ular il the early dealings. Northern Pa
cifc YES zcsrce again, and loaned at two
per cent. for use. 1he shorts appeared to
become alarmed as the day advanced.
Those who had sold stock Tor delivery to-
day found themselves IN the same boat as
On Saturday. The premium for use was
less, but the rapid advance from SO to y
left them badly in the lrrch. Oregon
Transcontinental rose from 28I5 to A615.
The general market. could hardly stand
still ucder the circumstances and before
midday everything was upaarJ On
ths turn. louisville & Nashville
was rep 1rted SIS having over, old, and de-
maDd RON the shorts caused a sharp ad-
vanae II it. Michigan Central and Union
Pacific showed signs CT being in the same
condition. The market became decidedly
impsy il the closing hour, the Wizards
falling of about as rapidly as they had ad-
vercot during tie morning. The balance
syn Tatai5sd, causing rather feverish
feeiiu, at the end. There appears to be
sono inquiry for Canadian Pacific at about
so. 4. this price It pays 10 PER cent. on
TIE Investment. The bears seemed to
hsve It all thsir own way again
when the exchange closed. Woerishofer
Cammsck & Smith were among the
heaviezt sellers.
Fearing says: THE market has been
astozi7hipgly strong, and the bears have
been tad frightened all 'round. Many
stocks lent at premiums and there was
extensive covering of shorts. Many trans
action were made throughout the list
selle- :hcee, showing that although alarmed
at the high premiums the bears are con-
fdent ihat the squeeze Is only temporary.
Northern Pacific preferred attracted the
most a-:ention. It lent at per cent. for
use nearly all day, and there was that
difference between cash and regular
transaction until the last hour
the cash stock sold up to y
andth= regular to 6915. Transactions in
Oregon Trans-continental were lively, iand
the advance in prices after the first half
hour vas rapid. TIE Willard party say
they have secured the three-quarter vote
nsca=slry to Authorize the mort
gage, and that the Trans-con-
tinen5si viii get back the money
loaned 70 the Northern Paoifc comDsn7.
After 30 7. m. the premium for cash
Nort5s.u Pacific preferred, disappeared,
anu Tie stock lent fat. There was no
stocS @oCght in un3er She rule, and there
was l-auty Of cash stock for sale and few
bid5s-z. On this the whole list sold of,
and al e,osed weak. There may be small
bear uae to-morrow Out this entertain
men, * about over for the present.
Kiacnsn says: Martial law prevailed
in ths stock exchange during tho past
week. Sentence against every delinquent
was laereiessiy executed. In fact, many
Of tn 0e5rs were caaght in tae trap. Al
most ali the purchases under the rule
were - de al tho request OF the losers,
who preferred taking their punishment in
the o1en market TO going to ask for mercy
of tie victors. The trouble, however, is
tha: ,hsro is but little chance for the vie
tors 10 follow up their advantage, and that
the SQC-5Zss OF the last week are likely to
result II farther Generalization of all
business. Of course the central points of
intere=t we're the squeezes in New Jersey
Central and Northern Pacific, and tie
members Of the syndicate who are to talk
up the new loan were buying up all the
stock offered so as to have two-thirds
vote on the day of the meeting. Another
version was that the bona fde preferred
stockholders were determined to have
more than one third of the stock so as to
prevent any loan taking preference of the
stocl-. Besides these two parties there
was the usual contingent, who claimed to
see jay GOuld's finger IL the pie. Be it
as it may, the scenes Of Saturday afternoon
were al most unprecedented. Even the Off
GERS 0 the stock exchange seem to have
lost JGeir heads, and il is said they either
bought in too much or too little ''under
the rule" One broker is said to have no
titled the exchange to buy in a large nun
ber OF shares for him, but his order had
not reechsd the chairman when the gavel
fell. another broker borrowed the stock fat
in Phiadelphia and paid about $3.50 FOR an
express locomotive to bring It here where
he lent It at ( per cent. for the days use.
The h6Ir-breadth escapes which many had
to relate were marvellous. It is only the
comparatively trihing losses of the small
bear spectators that the public will ever
hear. The private settlements of
tbs big bears will never be-
come known. They must have
amounted to hundreds OF thousand Of
dollars in these two cornered stocks. But
everything suggests the idea that the lead
ing bears are strong enough lot only to
stand these losses, but to retaliate much
quicker than the bulls expect"
The depressed condition OF the market
naturally affected most severely the young
and not yet completed enterprises.
Prominent among them is the Canadian
Pacific, which has obtained immense priyi-
aeges from the government, pays regularly