Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-21
HAS WILLARD SECURED ENOUGH?
CHICAGO MARKETS VERY DULL.
NEW YORK.
Especial Telegram to the GlObe.I

Pacific preferred opened at 60 regular
G315 cash and the nearer the time drew on
to 2:15 P, II. (the hour for closing of the
books of the company and the time when
all cash stock must be delivered), the
greater the excitement, and transactions
increased accordingly. at one time there
was difference Of 81 between cash and
regular, cash having run up to 1917.
The stock closed al 6215. The last sale of
cash was at 1914 at 2:3O p. m. the ros-
trum was crowded with brokers, anxious to
buy in their little shorts at round pre-
MUM. The whole market was democrat
lied by this deal, and closed at SKIES and
sevens. Bets were freely offered that the
Northern Pacific people had not secured
enough stock to ratify the bond issue.
These bets were doubtless largely in the
interest Of the bears, who are yet heavily
short of the market, and are desirous of
keeping prices depressed.
1t was reported about IL q, m. that
Transcontinental would be paid in full by
the Northern Pacific preferred on Monday.
The bank statement shows a decrease of
2-s4O-JOOO3 HulII OuIhNOTdDi0 dDOuG
this time. The air was full of rumors.
The large loan on Western Union, said to
be due on Monday, had depressing effect
on that stock. st. PanI was hammered
sharply and the whole situation was one of
great uneasiness. Manitoba earnings the
second week of October decreased $15,80O.
Illinois Central increased $4,000. New
York Central loaned at 1-l6. The market
closes lower than it opened, and with in
dications of further settlement to be made
next week. The decline in the good divi-
dend stock has been slight.
Herman says: "The mar
ket opened rather weak.
There seemed to be prevailing belief
that prices could not be maintained, and
the general tendency was downward
Northern Pacific preferred was the feature
Of the day. II opened with difference of
4 per cent between cash and regular, which
Indicates the premium paid for it. This
difference fuetuated somewhat, but showed
no great tendency to increase much until
during the last half hour. Then the buy
ing in of several large amounts under the
rule caused a great advance in the
price of the cash stock. The
difference between cash and regular
was at one time fifteen per cent.
Just at the close the regular sales showed
an advancing tendency, and the last prices
were firm. A friend of Mr.. Gould reports
him as talking quite bearish and as seeing
little prospect for improvement in prices.
On the whole the market to-day was not
an encouraging one. In spite of the pun
ishment which the bears received 10 North
ern Pacific preferred, purchasers of other
stocks were not courageous.
Henry Clews said after the immense
buying by the big shorts during the past
three days, who have undoubtedly covered
up sufficiently, they are not now averse to
the marking up of prices to admit of fresh
lines, being put out advantngeouslJ. The
leading bear sensation was an alleged
passenger rate war between the trunk
lines. A report came from Boston that the
New York Central would cut west bound
rates from New England via Albany. In
New York it was said that the Lackawanna
would make $40 rate to Chicago next
week. j. II. Davis & Co. had advices from
Philadelphia that the Pennsylvania had
ordered a rate to equal any
made by the Lackawanna. ".
K. Soutter was the authority
for the rumor that the Pennsylvania
has already commenced to cut. Said
Clews: Nevertheless absurd rumors have
been circulated to-day az to rate cutting,
etc. One story goes that So tickets to
Chicago will be sold this week. At this
writing there is no truth in the stories.
Rate cutting may begin, but we have per-
sonally visited the several trunk line
offices, and can affirm that the war has not
commenced yet. They are all selling
tickets at regular rates apart from the
Lackawanna, which is doing very light
passenger business to Chicago at q reduc-
ton of $3.50, the same as has been done
for some time past"
- Savin said: The Reading interests have.
taken about 25,OOO shares of New Jersey
Central for transfer during the last
week. Mr.. Gowen says the reading party
never before held as much as today.
Transfers in broken lots have ranged from
500 to 900 shares for two months. Gener-
al Coils, of Philadelphia says that Jersey
Central is a great purchase at present
prices. Colbron said Cammack says
Lackawanna will go to 80. He insists that
it is a good sale. He says he mas bought in
his Northwest and Manitoba shorts, but
that he has not changed his opinion on the
general market. Woerishoffer says he is
still short of Northern Pacific preferred on
80 day options. The brokers on the board
believe that Willard has been short of his
own stocks all the way down, and they don't
see how it could have been otherwise
considering the action of them in the
market. 1t is said that Bill Traverse has
covered large line of shorts, but the
Twenty-tnird street party are not bullish,
and do not look for any advance of con-
sequence. D. o. Mills is talking yery
bullish, and says he has been buyiup the
market for three days. There are some
hints of an approaching twist in Union
Pacific, but Dillon is opposed to it. The
Rockefeller people and Millbank have