Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-08
NEW YORK.
[ 9hecial Telegram to The Globe


NEW York. Oct. ct was another bear
day. There was considerable bearish tall
on the street in the morning as usual, but
an exception seemed to be made in favor
of the Willard stocks, and on the stock ex-
change they sold up rapidly at the opening
and for the first hour. At So for Oregon
and Ct for Northern Pacific preferred,
there was free realizing, and at times
Northwestern Jagged and threw damper
over the rest of the list. After decline Of
about point on Willard stocks, there was
very little appreciabIe change in the mar
ket until after the bank statement came
out, showing the reserve $1,2l4,325.
This served to be the sequel
for an onslaught by the bears, first on Viii
lardF, then on Coalers. Oregon was offer
ed down by clique brokers in hundred
share lots OF forced sales below the market
price. jersey was sold seller GO, ors point
under going prices. The syndicate o.
liars circulated reports of prominent bauk
failures in tho city. Northwestern WIS the
weakest spot in the whole list, and sold at
I20. Toward the close it was learned that
the meeting of Northern Pacific directors
was harmonious, and that they ado oted the
issue CT s20,G00,000, second mortgage 6
per cent. gold bonds, subject TO the
approval of the preferred stoebhold-
ers. Kurnan says tho bonds viii be
readily taken, other reports are HAT they
ce.u be placed and net the company about
IS. 1t is learned from inside scources that
the consent Of the stockholders was made
certain before the acsion of the board was
taken, The issue makes an iucGl. hTance
Of $34.340 per mile and no floating debt.
The marke. closed unsettled, with talk
OF drive against the high priced stocks
next waek. W. 7. Baker u Co. New York
and Chicago said there was q general ex-
pectation that some favorable action would
be taken at the directors meeting to-day,
and the Wizards were bright in anticipa-
ton. Other stocks were kept about
steady. After the first hour the
bears began selling the Wizards in antici-
patton of the selling by the bears after
the directors nesting, and these stocks
broke sharply. The rest of the list was
Paul, Union Pacific and tho coal stocks.
At the meeting of the Northern Pacific
directors, Willard was re elected president,
and an Issue of bonds was authorized, not
to exceed %2G,000,000, for the purpose Of
Iepaying the advances of the Oregon &
Transcontinental company, finishing the
road aud buying additional equipment.
4 -
consent to the mortgage, is called for
Nov. %. The books close Oct. 20,
1t is necessary that three-quarters of the
preferred stockholders should content TO
this mortgage aad It remains 70 be seen
whether they will do so or not. Northern
Paciiics became steady on the announce
ment Of this result, ana although tho rest
OF the list sold OIL considerably, they we're
wall sustained. We look for a better feel
ing in them.
Inc bank statement was favorable. The
reserve in excess of legal Requirement IS
&2.092,950. In spite OF this stocks gener-
ally closed weak.
Il was said IL Wall street that g prcmi-
pent western IN pitaliss who had large
line of stocks had bean bit SO badly
that he had to throw his
headings or the market, and the severe
declns of Pullman Palace car stock
pointed to the person and seemed TO con-
firm the rumnr. 1t was also said that two
other capitalists were in deep water and
having hard time TO pull through, with
the result doubtful, They were ali hit in
the same WY, the terrible drop in Willard
stocks, when lad inflicted on them q most
severe loss. The Vanderbilt family wore
reported TO have finally dropped their
holding of stocks, with more or less loss.
The street is now calling those stocks the
ex-FanderbiltS. ia looks very much as
If Gould had captured the
so-cailed Ward properties" said Scranton.
elf he has n-, obtained controlling in
tsyest il Oregon IL Transcontipental he
has surely secured enough stock
to make his presence felt in the manage
ruelt Of TIE company. W. E. Counor s,
Co. have been buying Northern Pacific
preferred ana Oregon, ard It transpires
they have been buying steadily for DAYS
past. II is announced that the London
holders OF the preference Northern Pgcifc
shares viii give their consent to the Sec
oad mortgage. Il is believed the adjust
ment Of the Northern Pacific finances will
result IN higher prices for stocks gener-
ally. It is thought the policy of the Woer.
ishofer- Cammack party will be to aid the
advance for the purpose of eliminating
the existing short interest.
The more prominent bears have had toe
much company of late. Possibly the day
will come " len they will want more COM
pany iustead OF less. new 100000
loan was also limited at. The weakness il
the coaiers vas caused by a street rumol
that the coal companies were making face;
at each ether, and that the Delaware 6
Hudson had cut Rates so cents a ton. Later
IN the day officers OF the Delaware &
Hudson company positively denied having
made any reduction whatever in prices
The price of Bassemer pig iron has advanced
81 toA. Russell Sage was a borrower
OF money to-day. c. j. Osborne & Co
were large sellers Of Union Pacific and
Lackawanna. The state railroad commits
sioners of New York have ordered that