Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-13
THE N. p. EXCURSION CRITICISED.
Dead Beat Foreigners Who Want to
Live for an Age on Temporary
Guarantee.
THE CHICAGO DEALS INACTIVE.
Shorts Covering in Cereals and Little
Doing in Provisions.
NEW YORK.
Especial Telegram to the G1oDE.l

NEW YORK, Oct. lZ.-On une stcck e1-
change to-day at the opening stocks were
weak. The advance in the Union Pacific's
of last evening was not sustained, and
prices throughout were lower. Within an
hour Northern Pacific preferred rallied
from 63 to CAL The rest of the market
did not respond, however. The contrao-
tions in most cases we're on limited scale.
During the earlier part Of the day Ore
gon was rather the leader, and becoming a
favorite among the room traders, the fuc-
tuations in it from hour TO hour enabling
them to secure some profits, which they all
are diligently seeking. There was 20
pressure of the good stocks, and, as on
yesterday, some buying of them for long
account was noticeable. Denver seemed
te be about as weak spot as any among
the light weights, with a fair amount of
activity in it. There was some trading
in Pullman at 125M@126. Quite g
little raid was engineered at the end in
Lake Shore, caused by a report
that the Pennsylvania and West Shore
roads had commenced freight war with
the Central and Hudson. This rather
Ql9COUra16Q LdLASt GlO CGu5GQ quite
a heavy closing all around.
Northern Pacific earnings for the first
week of October increased $135,O00, and
Omaha $4,000.
Day said During most Of the day the
market was better in tone. The Commack
party were early sellers OF Oregon, and
forced it to Az. There was also good
of
seemed to do better, and the strength of
the assured dividend stock was especially
noticeable. During the middle hours
everything was doing better, and the
shorts were beginning to cover, when re-
port was started that the Pennsylvania
road had issued a circular announcing
a sharp reduction in rates from Pennsyl-
vania points to points in New York state
along the line of the West
Lake Shore and selling it down to 1921,
caused the whole lift to close at frac-
tional decline"
Kiernan says: "Some Of the stockholders
of the Northern Pacific railroad company
are mad-very mad. The irritation was
increased by the expenditure of large
sum of the compapy's money about $780,
900 it is currently reported-to feast and
otherwise provide for the guests at the
ceremonies of completing the road. In
their latest grievance, it is said that they
have the companionship of President
Willard. The foreign excursionists whose
expenses were guaranteed by Mr.. Willard
from the time they left their homes until
they might return to them, are now re-
turning to this city. Some of them have
been in this city for week or ten days,
and evince no disposition to leave it. They
are the guests of the Northern Pacific
at the Windsor the Fifth
avenue and ether fashionable hotels.
They went to see the sights Of New York.
Some do not propose to return except
upon certain steamers. Some of them
sailed upon the Salier yesterday, but we're
brought back by the disabled steamer to-
day. Some of the stockholders begin to
feel that the money is being expended for
high-priced hotel bills, wines and other
Iuxuries of the foreign guests that might
better be applied to their own interests.
The company is economizing in other re-
spects by dispensing with the services of
employees. is said that the reduction IN
the force extends from the executive Oil
GERS in this city to the train hands and
shops, and that the next economy will be
directed to the pay rolls of the company"
Scranton says: ''The present period
of depression in stocks resembles that of
the .spring of 1877, when there was
protracted bear movement ell along
the line, though the prices of standard Sc
curities are not now SO low as they were
then. But business is now on a more
secure basis than at that time, for specie re-
sumption was then nearly two years in the
future, Yet that period was followed in
the autumn by a rapid advance. The
amount of securities placed on the market
since the flush times of three years ago is
vastly out of proportion to the growth of
the country, but many conservative men
who do not speculate are now bulls in their
way-that is, they think there are many
stocks that are good purchase if they are
paid for IN full and held for considerable
time.
There is class of speculgtors who are
holding aloof from the excitement of the
exchanges who wait for such periods as
the present and when they think
above road in opposition to the New York
Central. The good feeling was instantly
checked and the shorts fastened to put
their line out again. At the same time
demonstration was made on Lake Shore
d Michigan Central. The market closes
feverish, Wizards weak, especially Ore
gon."
Baker says: "The bears had less success
in depressing prices to-day. The attack
was vigorous and was directed against
Denver, Oregon, Northern Pacific common
and the Gould stocks. Denver suffered
the greatest depression. Northern Pacific
preferred loaned at 1872 for use and Union
Pacific, Reading, & New York Central at
at 1-64 each. These stocks remained while
the others declined, and when the
daily raid came during the last hour these
led the advance. Just before the close the
bears varied the usual programme
and instead of allowing q
strong close by making a drive