Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-24
NEW YORK.
Especial TELEGRAM to the Globe !

Especial Telegram 70 the Globe
NEW YORK, Aug. 23.-There was de-
pressed feeling peryadiDg Wau street to-
day, as if engendered by the fear of some
one being in trouble, and the chief feature
on the stock exchange was the bear raid on
the Willard stocks. The market opened
weak, feverish and lover, and Northern
Pacific and Oregon TranscontinentaI, in
which the trading interest chiefly conferred,
were weak from the first, causing ths rest
OF the list to weaken decidedly in sym
pathy. When the drive was made at
Northern Pacific it broke down 1 cent,
while the preferred lost 138 cents and Ore
gon I'ranscontinentaI declined ~ cents.
The market became irregular bat contin-
ued IN weakness. All sorts OF stories we're
atioat. One was that Horny Smith, being
bull on the other stocks, had sold the
Wizards short in large blocks as a hedge.
Another was that Sage had gone
short Of large amount Of
these stocks. There is official
authority for stating that no equipment
bonds for the Northern Pacific have been
or will be issued. The company has all
the funds necessary to build and equip the
road. The announcement Of the Joining
Of the tracks from east TO west was made
to-day.
A prominent broker bought largely of
Oregon Transcontinental, and turned and
sold the entire lot at 4 to 38c below the
purchase price. This operation excited
considerable curiosity, and was supposed
to be for CoDnor's account. It shows the
desperate and costly methods of the bears
In their vicious attacks upon the Willard
properties. The grangers and coalers
were suppressed for a time. The Wander
bits changed but little. Jersey, Reading
and st. Paul were hammered down in the
absence of support. The bears circulated
reports Of a stringent money market
IN Philadelphia, and reported difficulty in.
obtaining loans there on Jersey and
Reading. 1t appears that everything POS
sible is being done to sustain Western
Union. It is rumored that the presidency
Of Denver will be rendered TO Loveioy.
formerly of the Adams Express company.
Denver Western bonds were depressed bv
the rumor that the interest, amcuntinr to
about 100000, due September LIST, will
be defaUited. However, friends of Denver
say that the needed funds viii be ready
on tine. Denver gained strength upon a
later report that Tickles, chief engineer On
the Union Pacific, would be made presi-
dent. This is understoodto be movement
to give Gould control of the properly.
There was no pressure to sell good divi-
dend stocks, and no amounts Of them
could be bought. There was some very
good buying Of st. Paul. Lake Shore was
broken down at 1.O4$5. The very best
of buyers came in with sealed
orders Of every 75c down. There
was very good borro wing demand for
most stocks during the morning. During
the early hours the bears hammered and
raided with the evident intention of max
ing prices as low as possible for all their
sales. After the first two hours the market
was very dull and showed recovery. clos
ing firm, with the same parties trying TO
purchase that were selling the market
early in the day. Gould brokers bought
Union Pacific at the opening. Denver
earnings for the third week of August
increased $4,000.
The feeling was better during the after
noon and transactions were light. The
bears seemed to be satisfied with their
mornings labors. We note some good
buying of the better class of stocks. I'm
provements during the closing half hour
carried many stocks to about the best
figures of the day. When we compare the
final sales with those of last even
ing the amount of damage done after
all is but trifing New JERSEY
Central and Reading were weak, but
appeared to have no influence on the rest
of the list. The market closed firm, with
Northwestern gaining &c, ST. Paul &c,
Omaha &c, Omaha preferred 1c, Denver
d Rio Grende 1c, Oregon Navigation q c,
while Oregon Transcontinental lost 1@c.
Northern Pacific 18c, Northern Pacific pre-
ferred &c, Jersey Central &c. Northern
Pacific scrip was quoted at S81I a. soc, Mu-
tual Union bonds 7815@80c, Oregon i'm
provement bonds 9O@91c.
It was reported there is difficulty in
equaIzing the tonnage in the trunk line
pool Interested parties are working for
harmonious relations between the Gould
Southwestern and Vanderbilt systems.
Some people suspect that this report is
circulated to help Gould stocks. JERSEY
d heading are reported in a prosperous
condition.