Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-10
NORTHERN PAC[F[CS.
They Proved the Feature Of the Stock
Market Yesterday.
ALTHOUGH HEAVILY RAIDED
They Held Their Own Bravely and
Closed Strong.
EFFECT OFNEW MORTG AGE BONDS.
Willard Must Control Over Thirty Mil
lions Before the Books Close.
CHICAGO MARKETS IRREGULAR,
The Fluctuations Cover Wide Range
During Host Of the Day.
NEW YORK
Willard Must Control Over Thirty Mil
lions Before the Books Close.
CHICAGO MARKETS IRREGULA1
The Fluctuations Cover Wide Range
During Host Of the Day.
NEW YORK.

|, NEW AOnh, OOts cs"SA1 WIG MUM GA
change to-day the market must have been
disappointing one to those who took
stock on the advance of yesterday an ex-
} pected better prices this morning. 1t was
, full of weak spots early and did not better
itself until quite late in the day. In the
meanwhile many holders sold out, becom-
ing somewhat alarmed at the sudden
change in tone, and almost panisky ap-
pearance of some properties. The South
J westerns, Louisville & Nashville, and the
Omahas were conspicuously weak.
There was raid on Ohios in
the last hour. The stock broke
per cent. in few moments The trading
IL Oregon Transcontipental wes heavy.
It sold at So WabGsbes were unfavorabIy
affected by statements filed at Springfield
which showed the road was behipdhand
over $500,O00 last year. Some extensive
covering at the lasb caused quite import
ant Improvements in many stocks.
Traders are still inclined to the beiieef
that sales On rallies will result in gains for
some time 10 come.
Field says to-day: For the first ten
minutes Northern Pacific stocks were
strong, aui the rest of the list was steady.
The Vanderbi!ts were early pressed for sale
and in short time
anything like a prospect for q
further advance On the list faded away.
There was fair amount of activity, and
fluctuations were confined within very mar
row limits until prominent room traders
commenced hamuering Oregon, selling it
down in big blocks and mashing it down
between each other. 1t vas impossible to
buy stocks at prices recorded, the manip-
ulation was so open and undisguised.
! Later, Weorishoffer attacked all the Gould
properties, and the rest of the bears sold
every thing, This was followed by
an attack on North Western & Omaha
stocks on the report that there was trouble
in the Omaha pool. During this selling
ard MANIPULATED Northern Pacific pre-
ferred was very steady ,and at times strong.
There Was most excellent buying in st.
Paul, and il was we'll ..maintained through
ont the day. During the last hour the
market was better, with increased transac-
tio2a. The bears have now gone pretty
we'll through the list. The Northern Pa
ciio manipulation seems to be about over.
for the present at least. The bear attacks
on this have been followed by raids on the
coal stocks, then on Union Pacific
and the Grangers, and to-day
on the Vanderbilts and the Gould |
properties. The market is very
greatly oversold, bat SO far there are no
buyers except shorts.
4 dispatch from Minneapolis says ar
rangements have been made to transfer !
the Manitoba to parties identified with the |
Canadian Pacific, and sale will DO made |
tonight. Stocks are in very poor deliv
cry, and the rate for loaning is increasing. |
Jersey loaned at 1 6, New York Central at |
1872. It is reported pool to buy Union
Pacific has been formed in q prominent |
brokers' Office. Johns & Kirkner, promi-
nent bears, appear TO have turned bulls.
The latter says all the old bulls that have
bullled values all the way down are now
bears. The market was strong at the
close.
Baker & Co., New York and Chicago) |
say: "At first the market seemed likely to |
advance, but any such tendency was speed
lily checked by the most vigorous ana gen.
eral attack which the bears have yet made. |
The short interest was already very large. |
Many stocks were tending at premium |
this forenoon, especially, New York Cen
trail, Reading, Union Pacific and Northern |
l.
most persistent attempt 10 cover by sell |
i.lg tbs Gould stocks, which they have re-
Gently let severely alone. Wabash, Mis- /
souri,, Kansas & Texas, Texas Pacific, /
Missouri Pacific and even Western Union |
were all active and continuously hammer
ed. During the process some stocks re-
manned steady, particularly Union Pacific
and New York Central, but others fell of,
as i1 Michigan Csntral, st. PRal Omaha.
At one tune Northwestern broke below
119, but soon rallied. The Northern Pa
cifics were not the most active in the mar
ket, although transactions in them were
largo. They held well. considering the
general weakness, and the bears found
little chance to cover at any decline.
During the last hour the market rallied
sharply. The bears had apparently
tried to depress too many stocks
at once. All closed higher. It
looks as if the short interest had been con-
siderabIy increased to-day"
Herman says: "The bear programme
was to sell tho Grangers and coal stocks
and TO buy the Wizards. This plan was
pursued throughout the day: The short
interest in Northern Pacific was made to
appear larger than it really WAS by reason
of large insiders keeping their stock out of
the loan market, and thus causing borrow
ers to pay premium in order to make
their deliveries. Mr.. Billings was reported
as saying that all the new issue of North
ern Pacific bonds had been subscribed for,
thus providing amply for the present ne
cessities of the company. The syndicate
of bankers who had agreed to take
the bonds were unwilling to name
the price at which they had made their