Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-19
4 REBOUND.
Railway Shares Experience Recovery
from Panicky Prices.
AN INCREASE IN THE WHOLE LIST.
Northern Pacific and Oregon Lead in
the Upward Movement.
A CORNER IN JERSEY CENTRAL.
Heavy Buying by Leading Brokers the
Cause OF the Advance.
CHICAGO TRADE FEATURELESS.
A Slight3 Reduction in Prices Of Cereals
and Provisions.
A CORNER IN JERSEY CENTRAL.
Heavy Buying by Leading Brokers the
Cause OF the Advance.
CHICAGO TRADE FEATURELEss.
A Slight53e in Prices Of Cereals
and Provisions.
NEW YORK.
ISpAcial Telegram to the Globe. J


csrned that there were pleanty of sustain
ing orders when business opened. Agood
demand from the shorts in the Wizards
healped the situation materially. North
ern Pacific preferred advanced per cent.
from the earlier sales. The improvement
extended throughout the list. There was
miniature corner in Jersey Central. The
stock touched 73 yesterday and sold at so
to-day. Oregon Navigation rallied 10
points from the lowest figures of twenty
four hours ago. The market continued
active up to the end, with indications that
the rally in prices mag continue to-mor-
TOW. The street. has been so demoral-
zed by the fluctuations and excitement OF
late that few are bold enough to predict
anything in the way of boom at present.
The following earnings are reported for
the second week of October: Missouri
Pacific system increased $124,OOO; North
western $4,000; Northern Pacific $112,-
900, and Louisville & Nashville $55,OO0.
Day & Field say: "The speculative
pulse was very much irmer at the opening
of the market to-day. Oregon and the
Northern Pacifcs were exceedingly fever
ish and irregular, but they with the gen
eral list during the first honr ranged at
higher prices. The Vanderbilts were very
steady considering the reports of Wander
bilts injury. Jersey was the feature. 1t
opened at 50 and was quickly marked up
to 50 reacted to S334 and again run up
to Sc. During this time it loaned at
and per cent for use. Vanderbilt stocks
were advanced at the same time. There
was good buying in Oregon and Northern
Pacifcs, also in Lackawanna. North
western and st. Paul showed good strength
and tone. A feature worthy of attention
was the strength and rapid rise of the div
idend payers, while the fancys werc only
steady to firm. At u o'clock the tone was
not quite so confident. The pace seemed
to have been little too fast, and halt
become general along the line. Up to this
hour transactions were light compared
with the same time yesterday. At 1 o'clock
another turn was made and q report said
Hoerishoffer Smith & Commock had bought
raft of stocks and gone long to twist the
shorts Oregon sold at $500, Jersey soc,
Oregon Navigation $1.O7. During the
next half hour the market became very
dull. Northern Pacific opened worth
per cent. cash over regular, but immedi
ately dropped to Is per cent"
A leading house said: ''The market has
been active and strong to-day. at the
opening there was much excitement in
Jersey Central. The stock was generally
called IN, and could not be borrowed for
less than > per cent. for use. The shorts
were fore ed to cover, and the price was
marked up to SOC. This gave the bulls
courage, ana there was much buying for
long eccoant, and considerable covering of
shorts The bears made several strong
raids and circulated disgusting rumors
concerning ". H. Yanderbih's condition.
AT one lime they sold down Lake Shore to
the lowest point yet, bat the oversold con-
dition Of the market prevented any con-
siderable decline and instead there was
general advance. The close was fairly
strong Yesterday it was announced all
over the country in the press dispatches
that Gould and Vanderbilt had obtained
immense sums OF raady money to be used
IS tonic for the sick stock market. The
news, of course, worked backwards,
and the stock market instead OF
putting on brighter complexion re-
msine6 ''sickIied DER with the pale cast"
of declining prices. Yesterday was one of
the bluest that Wall street has seen for a
long time, and the steady drop of quota
tions was diScouraging to the highest de-
gree. This incident has a good many
points of view for comment, some of them
of wide Importance as TO whether, for in
stance this continued shrinkage in prices
in the stock market betokens any eventual
. unsouBdness in tie general situation of
trade and industry, and some of them of q
more personal nature. To the latter would
belong the very natural inquiry, how
much money has Vanderbilt made
on the purchases of stocks which he In
formed the New York reporters he had
Just begun "within the last twenty-four
hours'' to make? 1t was Monday that Mr..
Vanderbilt had long and intimate con-
versation with the reporter of the New
York Tribune-not unlikely at Mr.. Van
derbIlts own request-anu staLeo MS
heartfelt conviction that ''stocks were
cheap" and rendered the confidence that
he hgd begun for the first time in months
to buy. Stocks have been raining into
Wall street ever since that conversation
was reported, and prices have been going
down By the run. One of the strange
things about the present drop in
Wall street commodities is that
the course has been in direct conflict with
the expectations of conservative bankers
and business men. All Of these expected
and most OF them predicted reaction
from the naniacal Speculation of 1880,
but they with hardly an exception, believ-
that by last spring it had worked itself out
If census of the opinion of the merchants
and bankers of the principal cities had
been taken six months ago, there would
E.