Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-09
NEW YORK.
Especial TELEGRAM to the Globe. !

NEW YORK, Sept. 8.-Wall street was
treated to what might be called weather
market to-day, and stocks Of the roads
lying nearest to the North Pole, with the
exception of the Canadian Pacific, were
not wanted at ell, while even those enjoy
ing milder temperature were not sought
after to any extent. Prices were weak at
the opening, and became more so as the
day advanced. The transactions in North
western, Denver, Oregon Transcontinental
Louisville & Nashville and the Northern
Pacific were on gigantic scale and at
tended with great excitement. The low
record of the Thermometer throughout the
corn belt caused much alarm, and the de-
cline received solid assistance from the
bear element who saw an excellent oppor-
tunity Of making up some of their losses
of the two past weeks. Outside of weather
troubles there were no rumors calculated to
depress prices, and should the coming week
open with prospect Of something more
seassnable, we may expect an improve
meni in stocks. The short interest has
been largely increased to-day. The last
quotations on Union Pacific are ex-d1vi-
bends ~ per cent. New York Central de-
clared the usual 2 per cent. quarterly disi-
dsnd to-day, payable Oct. Is, the books
being closed Sept. l.
Stocks were freely offered for sale at the
opening, and the market was exceedingly
feverish with downward tendency, the
lowest prices being made generally near
toe close. Transactions were largest in
the grangers, Willard properties, Denver,
and Louisville & Nashville The Wander
bilts were about as weak as anything on
the list. At times the market was very
dull. Baltimore Ohio was well support
ed. There was considerable excitement in
the; fancies. Morgan & Smith are
given credit for being large
sellers to-day, and other parties
equally prominent are reported as large
buyers of st. Paul and Northwestern.
There seems to be no question that stocks
have been freely picked up to-day by good
houses.
The bank statement shows decrease of
$1,736,52 which is very unfavorable in
these unsettled times, but it seemed to
have little effect. The bears, however, re-
tanned possession of the market all day. A
sharp and sudden advance in Wabash pfd
is predicted. Missouri Pacific surplus for
the quarter ending Sept. 30, is estimated at
$4,000, making profit Of about 3,82 per
cent. on the capital stock.
Commissioner Fink is quoted as saying
Louisville is likely to pay dividends in the
near future. The Western Union
dividend is to be paid in the
same manner as the last
This would mean by Gould, and would in
dictate that the Williams suit was not yet
ended, although there are reports this
evening it has been compromised, but that
Gould and Sage will not go into the Louis
vile & Nashville directory. Northwestern
net earnings for the past year were placed
ct $685. 900; surplus $1,O94,0O0 IRE
spective of the land subsidies the stock
and funded debts of the Union Pacific and
Southern Pacific roads and the Northern
Pacific roads and the Northern Pacific
system amount to $780,, 390,35O. The three
northern lines have received from the
United States grants of land aggregating
rs, 600, 900 acres; the Southern road, $780,
900 from California, and is now begging
the government for several million more
acres. Exclusive of the side roads and
branches the main lines have total length
of 5000 miles, constructed at q nominal
cost of over $707, 100000 in mon
ey and about 100000 acres
of public domain. It is estimated
that these roads as whole should earn
S42, 405, GOO annually in order to pay 6 per
cent ca the vho,s capitalization. The
gross e4rnin y Of Union and Csn:ral Pa.
eifc last year, the latter iaeIQ3ing the
Southern, we're little over $4,000 per
mile of road operated. The total mileage
of the three transcontineRtal systems in
Guiding leased lines and branches being
1850 miles the gross aggregate traffic
earnings at the above rate should exceed
SIS, 100000. According to this figuring
the Northern Pacific system must make an
annual surplus over operating charges,
expenses of management, repairs, ETC., of
s14,746,4 94, or nearly $4,000 per mile
worked in order to pay per cent. on its
$245,774 700 stocks and debts.
The Osborne people were understood to
be behind the movement IN Lackawanna
and were also great bulls on st. Paul, al
though engaged in selling the latter yester-
day. The Woerishoffer bear crowd de-
clare they will buy nothing on the rise,
and say the upward movement is almost
wholly artificial, and that the manipula-
tors are simply whooping up prices on the
purchase of small lots of stock. The re-
suit of this operation they say has been
tremendous covering of shorts, and the