Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-30
good to best heavy were firm, while poor
and common mixed were easy.
NEW YORK.
Especial Telegram to the Globe. ]


cradle activity and good business in all
the leading stocks. Prices as a general
tn'ng were higher, and in some cases an
advance of per cent. was made during
the first hour 1t looked for a while as
though change for the better was at
hand. In short time, however,the tone
changed completely. The Northern Pa
clhcs showed that the bears were at work
again. The grangers and Vanderbilts
seemed to be advanced with difficulty. and
later IN Tie day, when Lake Shore dropped
below 100, the rest of the list seemed to be
thoroughly demoralized, and the i'm
provements of the morning had vanished.
The Willard properties were conspicuously
weak IN the late dealings, and Jersey Cen
trai sold at 1871. Twas rum ored that OHIO
Central would default on the interest due
September 1st on its river division boats.
Inc bears were in complete control at the
1lhlsn and the feeling was feverish. Illinois
Central earnings for the third week in
August increased $1,000. There was some
little realizing this morning at the advance
and Lake Shore was fell GU noticeably.
The Gould stocks vera pretty steady, but
Lackawanna showed that the holders were
not inclined to advance it. The bears then
to TX advantage to hammer certain stocks,
Up to the middle hours there was no de-
cided ten 1ency in the market either way.
but it fuctuatea within very narrow limits
and appeared quite steady at every de-
cline. Then Slayback hammered Louis
vile IL Nashville and st. Paul. Later the
| brokers of the young VanderbiIts we're
sellers Of st. Paul, and at the same time
the Gould brokers were selling New
York Central. The Vanderbilt bro
kers had previously sold it, seller
so. 1t turned out that the seller
sixty orders on New York Central we're
given out by Woerishoffer. From this
! time until the close the market sold off
easily and closed at the lowest prices of
the day. The dividend stocks were strong,
especially Chicago, Burlington & Quincy
and Rock Island. Jersey Central still
booms at a premium.
II is still brokers' market and good
stocks are purchase on depressions. The
market was severely hammered late in the
afternoon. The bears seemed DESTROYS
that stocks should last a. the lowest, and
fought for closing prices. The raid was
accompanied by a story of blight to corn
all over Wisconsin. The same broker who
sold 5000 shares from 1O3 down had large
orders to buy at991 this afternoon. There
was good buying of Union, Pacific, New
York Central and st. Paul. The market
was free from Generalization although
prices declined. The stock jobbing
game is being played by professional
operators who work prices up or down
within the four walls of the board room
without much caring whether the public
comes in or not. In other words, stock
| speculation at the moment is no better
than pure gamble. There are reasons,
however, which may shortly give a legiti-
mate turn to speculation, when merit and
not manipulation will establish values.
Even the most virulent of bears are will
ing to acknowledge that many stocks upon
the list have reached such low figures that
any further decline would make them alb
normally cheap, and are ready to concede
that with the breaking away of a few
properties that they still consider to be
abnormally dear, the process of iquida-
ton would be completed. In the latter
category the bears catalogue Central and
4 Hudson, Lake Shore, the Northern
Pacific, Manitoba, and few other of the
lesser lights, which have for a month past
been shining as Will o. the Wisp's of the
market without having any real light of
their own. AS an appendix to these may
be added Delaware & Lackawanna, Jersey
Central q Reading, properties of value,
it is true, but properties that are selling
for more than they are worth, as will be
discovered before the stock market gets
down to the bed rock of actual values,
which it must reach before sound, healthy
and permanent improvement can be estab-
lIshed. The Oregon TrarscontinentaL,
which is a construction and credit COM
pany, has its financial foundation upon
the stocks for which it has
spent $4O,OOo,oOO of the capital
of the Northern Pacific and the 'sOregon
railway and Navigation company whose
line makes the Pacific coasts end of the
Northern Pacific road. These securities
should, of course, be in the treasury of the
company. 1t is alleged that they are not
there, or at least that only portion of
them are. This allegation has been re-
peatedly made of late in print and other
wise, but the Northern Pacific managers
let it pass unnoticed. Now it is said that
legal proceedings are to be instituted by
some one. It is supposable it must be
done by a stakeholder of the Oregon COM
pany to force the question to proof wheth-
er the company does hold these securities
in its possession or whether they have as
alleged been used as collateral for loans.
If the Oregon company has really used
the securities as collateral a severe
breaking in the market might
force the bank, as banks, loaning the
money, to sell the mortgaged property in
case the borrowers were unable to redeem
it, in which event the Oregon Transconti-
mental company would be left in the posi-
ton of a corporation practically without
property. 1t is probable the Northern Pa
cifc managers will anticipate any pro-
ceedinos to that end nv 4urnicbincr indie