Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-21
DENVER & RIO GRANDE POUNDED,
And Everything in the List Beaten
Down Without Mercy.
A LARD BOOM IN CHICAGO.
That Commodity Advanced and Other
Markets Improve in Sympathy.
NEW YORK.
Especial Telegram to the Globe. !


allied and suffered decline on the whole
list. The feature of the day was
the big break in Denver and Rio
Grande which opened lower this morning
and sold off two points in few minutes.
Large orders to sell this stock were thrown
upon the market and the whole list was
weakened and the shorts put out additional
lines. There has been vacancy in the
presidents Office of the Denver & Rio
Grande for some time which seems to go
begging and the wreckers started a rumor
that this road would default its November
interest of $150,000, or interest on its 6
per cent. bonds and pass into the hands of
receiver. Denver seems to have no
friends and the vigorous attack of the bears
broke the stock down 63Ic, which almost
precipitated panic, but upon a rally it
recovered 1870 of the loss. The bonds
dropped off 10 per cent. The rumors re-
garding the road are manifestIy premature
as it is hardly probable that the strong
trunk lines with which it connects will
allow it to pass into the hands of receiver
unless it is hopelessly bankrupt. 1t is
more probable thai the Burlington or the
Atchison wouldp ay zoe or thereabouts for
the sake Of controlling the property. The
earnings of the road for the second week
of August were the same as the CORES
ponding week last year, although the mile
age has been greatly increased.
Oregon Transcontinental was the next to
secure the attention of the bears. 1t
touched &c before l o'clock, and the
wreckers by this time had managed to
demoralize the whole list. There were i'm
provements during the afternoon, only to
be followed by declines during the last
half hour, carrying many properties to the
lowest points of the day. Northern Pacific
preferred dropped 2Bc. Omaha common
was sold right and left, the price reaching
80. The preferred was 100. The Wander
bits were feeble, the Changers dilapidated,
and the balance hardly able to stand alone
when the gong sounded. Such q complete
rout was not looked for sven by the orig
inators. There were none SO bold as to
say: eve have reached the end" when the
day closed. Tight money will probably be
the next vail. Northwestern sold off
215c, while the preferred lost &c.
st. Paul eased off 115c. A good deal of
long stock was sold and the market closed
weak. At times Union Pacific and Central
Pacific were weak and the Gould stocks
seemed to have no support whatever. The
feverish condition OF the properties soon
spread to the whole list and the dividends
were as weak as any other. There was no
very great excitement in the market, but
prices were steadily lowered and closed
without any rally worth mentioning. There
was steady liquidation in Oregon Trans
continental and Northern Pacific. Toward
the middle hours the marker seemed to be
steadier in tone and it looked as if it
might do better, but pressure was brought
out in the coal stocks, which had escaped
earlier in the Gay, and with them the rest
OF the market sold off.
The raiding all day has been done by the
Gould brokers and Woerishoffer & Conner.
prominent commission house seemed to
be buying good many stocks late in the
session.
Northern Pacific earnings the second
week in August decreased $500.
A we'll informed person says the con-
ditiou of affairs in Wall street is highly
precarious and it is pretty well understood
that the stock market is being held up by
2 sort of common consent among leading
operators to enable some OF the shaky
concerns to tide over if they can. One
large commissions house has unloaded its
crushing weight of Willard securities. The
losses must have been enormous, but the
firm is considered to have righted itself.
Ii this week passes without disaster
the market may hold steady though
it looked shaky to-day. The only excep-
ton to the general decline was Minnea-
polls and St. Louis stock, which held very
firmly at slight advance over Saturday e.
1t is supposed that the Rock Island inter
est, which has heretofore had the control
and which has sold largely at higher
price, is a steady purchaser at present
prices. Common closed strong at 23119 bid
and 26k asked. No sales of preferred,
but 5O15 freely bid.
The corn crop is all important to rail-
roads. A good crop means large earnings
and short crop means heavy loss. To
some roads it would this year mean in
evitable bankruptcy. The daily weather
reports are watched with keenesi interest.
Two nights of frost this month would con-
vert what now promises to be the largest
crop we have ever had into an exceedingly
poor one. Therefore il is folly to assert
that prices of railroad stocks have reached
their lowest point. A shortage in corn
would Gauss collapse in the stock market
to which the shrinkage of the past week
would not bear comparison. When it is
known beyond peradventure that the corn
crop is safe, it will be time to talk about
permanent bull movement in stocks. The
deluge of stocks good and bad and in.
different, the dishonest railroad manage
ment and trickery of stock operators have
had great deal to do with the repression
in prices. The recent advance III Western
Union is largely due to manipulation
Prices have been bid up by Gould brokers
in the absence of opposition. It is under