Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-23


lished his son as a stock broker, and the
brokerage firm of Hubbard & Farmer has
reached high, as a sound, conservative
house, doing a legitimate commission bust
ness. That Governor Hubbard has en-
joyed taking an occasional "fyer" in Wall
street has long been one of the public's
choicest secrets, but no gossip has ever
suggested that he was likely to risk any
large amount, much less his fortune, on
turn in the street, consequently there has
been general disposition to doubt the
sensational story which passes current.
1t was reported to-day that the Postal
Telegraph company had signed contract
for an Atlantic cable, and that orders had
been issued to commence extending its
lines at once to all paying points
in the country. 1t may be a cold
day when Mr.. Jay Gould gets left, but it
would appear from the hard cash with
which Mr.. Mackey is bracing up the Pos
tai as against the stock water which debil-
itates instead of invigorates Western IN
ion before next winter is over Mr.. jay
Gould is likely to experience the igura-
tive chilly weather. The consolidation of
the Postal, American Rapid and Bankers
d Merchants Telegraph companies is
spoken of as being almost certain. 1t is
stated that negotiations are going on be-
tween the contracting parties of these
three lines for the formation of a powerful
opposition to the Western Union compa-
ny. Those who are skeptical about oppo-
sition lines predict that if the consolida-
ton is accomplished the new company
will be a second American Union.
It is estimated that the gross earnings
of the Northern Pacific will be at the rate
Of S15,000,000 per annum from the date of
its regular opening for through passenger
and freight business, with the certainty of
constant increase apace with the general
growth of the tributary states and terri
tories.
which has its center in Wall street is under
cloud. There are many obvious reasons
for this, some relating to the securities
| themselves, others to the condition of the
large body of ordinary buyers, and still
! others to the peculiar odor and suspicion
(real or imaginary which just now hangs
around railroad management. All of the
| first class of influences affect actual values
and time alone can bring the remedy
Prominent among these is the building
within two or three years of closely com
peting lines to so many of the old systems,
making future income doubtful. Another
of the same class is the very large issues
| of securities, which has been feature OF
recent years, regards formerly represent
ing but few hundred thousand dollars
stock and bonds being now capitalized al
almost as many millions. Of course ev
cry one knows that such masses of securi,
ties can for a long period at least have
only speculative value. They must bide
their time, in the meanwhile held in place
by the owners (''pegging," the street calls
it), waiting for a speculative hurricane tc
give them even semblance of life; anG
there are so many excessive issues
afioat that they have depressing
effect upon the whole market. Then, be
sides this, the large body of buyers could
not purchase if they desired, for they have
not been making money of late years and
so have nothing to speculate with. Thi;
is fact of no little weight, for it is no
large investors that bring the harvest Il
Wall street, but vast campaign of ven
turesome trades people, little and big, il
cities and villages over the who'd country
that keep the ball moving.