Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-04-17
NEW YORK.
Especial Telegram to the Globe. ]

New YoRK, April 16.-Stock speculation
during the past week displayed a great
deal of steadiness, but surprising amount
of strength and cheek. AS a matter of
course most of the work was done by sheer
manipulation and a very adroit manipula-
tion it was, but it was recklessly overdone.
On some days the dealings in Delaware,
Lackawanna & Western alone exceeded
100000 shares, which represents about
one-fftA of the whole capital stock of the
concern. Most of this work Is attributed to
81. n. Smith, who is now the commander
in-chief of the Vanderbilt forces. He is
heavily loaded with stock, and of course
tries to work it off. But he sustains the
general market by this kind of operation
and thus helps the advance of Vanderbil's
specialties. The market is in so sensitive
condition that three or four stocks
taken up in this bulldozing way
affect at once the whole list. Money
has become cheap. There is genuine de-
mand for good bonds.
The projected consolidation of Gould's
and Seney's systems exercises a stimulat-
ing influence upon the prices of bonds and
stocks comprised in the scheme, and the
state of fermentation in whichEurope finds
herself, prompts the expectation OF a
growing tendency on the part of both the
labor and the capital of the old world to
seek refuge in this country. All this serves
the purpose of the manipulation of the
stock market, and renders the otherwise
hopeless task comparatively easy.
Bat If the stock market has these points
in It's favor, it has many against it. The
tonnage of the trunk lines is steadily de-
creasiny, and will continue so during the
whole period of navigation, an
open cutting of rates to set in this
week. The decrease in the ex-
port demand for our grain and
provisions is subject of general COM
plant. Most of the railroad companies,
their heavy over capitalization and bonded
| Indebtedness notwithstanding, seem con-
stantly to be in want of money in some
shape or other.
The statement published in almost all
the papers yesterday, that large blocks of
Tennessee, Virginia & Georgia securities
had been transferred into Jay Goulds
name is not correct. They have been all
transferred into the name of the firm of
WE. Connor & Co., of which Mr.. Gould is
special partner. This fact seems to con-
firm the former report that the carrying
out of the consolidation scheme would
probably be left in the hands of some
third person. After the basis of
the arrangement had been agreed
upon Gould seems to be so overwhelmed
with business of all kinds preparatory to
his temporary withdrawal from Wall
street that up to lunch time yesterday it
was undecided whether he would leave last
night for st. Louis to meet the directors
of the Hannibal & st. Joseph, or would
telegraph them to come here. The meet
| ing is to be held on the 18th inst, and
promises to have considerable speculative
interest. 1t has leaked out that under the
old charter of the Hannibal & st. Joseph
company some very valuable privileges.
Gould was probably aware of these rights
when he bought Dir. DufFs shares after the
famous corner. It is said that the charter
gives the railroad the right to run almost
into the center of the city and to obtain
from the municipality for nothing an acre
of ground to build a depot. The
Hannibal & st. Joseph now runs to
Quincy, Illinois, and it is understood that
the directors will plan out at the meeting
the details of new branch road from
Quincy to Chicago. This road is to have a
double steel track and an extra track fol-
local freight traffic. This would give the
Gould Southwestern system a short through
route into Chicago, and would of course
play the "old Harry" with the Chicago
Burlington d Quincy.
To-day on the the stock exchange the
bears succeeded in doing some pretty eff
fective work. Union Pacific was attacked
at the opening, followed by free selling OF
Delaware & Lsckawanns, Lake Shore, st
Paul, New York Central and Chicago, Bur
J lington & Quincy. As these
, properties have been among tn,
favorites Of late, the decline wai
} particularly demoralizing, and VIII er
, the Northwestern touched 1919, the feel
} ing became decidedly feverish. Jersey
Central during all the excitement yielded
but trifie, and at times advanced. Man
itoba also cut loose from the surroundings
, and rose above 169. Reports of the injury
to the crops in the West, and rate cutting
among the trunk lines was used to depres;
/ prices. Also Union Pacific was threatenet
/ with suit by the interior department. fo
/ $1,000,000 or more. The room trader.
/ gladly availed themselves of the opportu
mites offered, and sold stocks freely, Will
t profit to themselves before the day ended
/. Jersey Central showed weakness at tn,
4 last, and the leading stocks went from l t