Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-04
L THE SF0CGS BADLY RATDBD.
ERAIS MARKETS QUITE STEADY.
NEW YORK.

opening. There has been plenty of aetiv-
ity, with large business in several stocks.
The Wizards touched i~Ver than reached
in the semi-psnic of Sept "a. The Oms-
has, which commenced their downward
course yesterday, We're sold regardless of
price to-day. The only demand for stocks
seemed to come from the short interest,
who covered at intervals.
The following earnings for tae fourth
week in September are reported: ST. Paul
increased $4,000, Northwestern decreased
$4,000 Atchison declared the usual ~
per cent. quarterly dividend to-day.
At ihs close Wizards were ex-
ceediagly weak, Oregon selling below 80.
The faeling was fegerish, with indi cations
that tho market tomorrow would be still
lower. Field says: The bears continued
a steady fgh5 al day. At different times
demonstrations were made on Vanderbilts,
ooalers, the graugsrs and the Northern
Pacifc's. The latter were the weak spots
in the mark5t. Those best informed on
the situation have been looking for seri
Gus decline in them for the reason that
the professionals are all short OF these Sc
curities, and there is no one to take care
of them. The bears argue that very
unfaVorab!e in preston will be made on
the rest of the market by the continued
weakness OF these stocks. The decline
in them mas been very sharp to-day, but
the rest of the list has shown very decid-
ed inclination to cut loose from them.
There is no prospect that the sharehold-
ers will consent 10 9 second mortgage on
the property. A meeting of the preferred
stockholders has been called for this week,
looking to the placing of a second mort
gage secured By land and preferred stock.
Friends of the road say it is earning $15,-
100000, and can pay per cent. on the
preferred stock. The best information
points to a speedy settlement of the xaat-
ter, and when made the issue is likely to be
half equipment and half debenture bonds
The attack to-day was led by 81.
h. Smith and Woerishoffer and
they pressed their advantage
of yesterday to the fullest extent Chica-
go, Burlington q Quincy was about the
only stock whioh resisted the decline, and
it was diGicuIt 10 buy at going quotations.
Transactions were numerous in Cleveland,
Columbus, Cincinnati & Indianapolis, and
the decline seems to have reached a rest
ing place. Tlo Vanderbilss resisted the
bear attacks yery well. During the mid
die hours the bears circulated report of
q large failure il Boston, which was after
wards denied. The street. is fall Of re-
ports Of the forcst liquidation of & heavy
western oPerator. The Long Island earn
ings for the fourth week Of September in
creased $500. Lake gAore s. Western
earnings increased $4,000. Oma-
ha earnings inorea sed @3,4OO. TIE
market closed soft, demoTaIized by & lack
of confidence "A thoVIllard stocks. There
is an immense short interest in the market.
The story 20 lay has been that the North
western con any Itself is busiIy engaged
in se.l.1: ou5 its treasury stock. Good
autho-i., E7Eeyer, said The stock that
came oa. ,7es for the shorS accoant, and
that !. Il 52i-h was selling most Of it.
If tn comp Is in fact selling It's treas
ury hoi1ings e stock it is surely receiving
an co q7ivalent n hard cash. Heath sold
good G-.i o. The stock at 1914
Clews says: ''Look for liquidation now
in the Ealderbiits, the Coalers and other
high priced stocks. Brokers are calling
attention also 10 the low prices OF soma
railroad mortgages. One of the chief
difficulties in selling them is the
fact that SO meny persons have been re-
Gently crippled by losses in speculation.
still mora noticeable feature of the in
vestment market is the demand for United
States bonds, the 4 per cents being spe-
cially wanted An impulse has been given
to this trade By the government call for
3per cents. Some handsome profits have
recently been made by the advance in per
cents. The higher prices for ell these
grades of securities stimulates the in
quiry from tbs country. If there is
anybody among experienced stock specu-
lators who CSn be called a bull he
is having q sorry time of it, not merely
because OF the market itself, but on &C.
count Of mediate Influences. Every up
ward movement for months past has been
summarily dished by some reverse in
banking or mercantile business. Recent
efforts to put the market up have had to
meet the announcement of failures, a large
decrease in the bank clearings of the coun-
try afterwards, aud apprehensions in re-
gard to the national bank circulation dne
to the proposed redemption
OF three per cent. bonds.
Nothing has yab developed to Offset these
adverse influences. A good degree of
thrift in general trade is barely enough to
sustain dividend paying securities where
they are. and even legitimate trade is
disappointment in many quarters. 1t is
evident somewhat IN pleasant impression
has been made on bankers by Secretary
Folger's policy of redeeming the 8 per
cent bonds. The inquiry naturally is what
the country is going to do for currency if
this process goss on, There is a tendency
all around to reduce circulation because
of the greater profits in leans
and discounts and the uncertainty
in regard to ths bonds. The relations be-
tween the various trunk lines are being