Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-17
MODERATELY ACTIVEIN CHICAGO,
NEW YORK.
Especial Telegram to the Globe. !

Especial Telegram to the Globe.i
New YORK, Oct. 16.-On the stock ex-
change to-day the early dealings were
characterized by much excitement and the
bidding in the Northern Pacific was al
most paricky. The preferred dropped to
5858 with hardly rally. The stock was
exceedingly scarce fort delivery and
So was paid for the use of each 100 shares.
Oregon Transco1tinental was as usual one
of the leading quotations. and sold at So.
The uay in which the balance of the mar
ket stuo up in the face of all the excite
ment WIS remarkable, but it gradually
succum j. st. Paul was about the first
to falte. a after wavering for q time fell
to %. The Vanderbilts we're remarkably
we'll held under the circumstances. About
2o'clock the selling all along the line was
brisk and the market on the verge Of
panic. Chicago, Burlington & Quincy
touched $1.21; Pullman, $1.244 and Cen
trail Pacific Gle. Oregon opened at $1.15
and sold at S109 during the afternoon.
We may naturally expect rallies, but the
tendency is still downward, with the out
look at the last quite discouraging to
holders of stock.
Field says: "The market has been
suspiciously near a panic at different
times during The day. From the opening
to the close there has been scarcely any
cessation of the pressure. Daring the
first two hours Oregon and the Northern
Pacifcs received tho largest share Of at
tention and we're hammered and washed
and washed and hammered increasingly
and all attempts to rally proved abortive
Northern Pacific preferred loaned at per
cent for use during the day. Oregon at
II O'Clock sold at Al, then 20 and dropped
to 30 All within the time 1t could be told.
At 1890 a. N. it was rumored that st.
Paul would be raided and strange as it
may appear Wall street was convicted of
the truth, and Gould came in for the credit
of seller, the stock recording drop of five
points within an hours time. A drive was
made against Jersey but it was Intellectual.
Day says: ''The market was rallied
near the close by the covering of the shorts
but was met with another severe demon
stration from the bear element and it i'm
mediately dropped off again and closed
looking ragged and weak. The story was
put afloat about noon that Ca5satt, of the
Pennsylvania road had been offered the
presidency of Northern Pacific, but later
Willard denied the rumOr. The street wss
flooded with rumors, largely in favor of
the bears, and in the excitement and furry
it was simply impossible to get hold of
anything reliable. The transactions were
enormous. 1t is but fair to presume that
many of the stocks are grounding or the
bottom. In consideration of the immense
short interest, sharp upturn is likely to
take place ct any moment"
OBAker says: The bears again have every
thing their own way, with one exception.
They have sold the whole list, taking ono
stock after another, and here succeeded in
getting them to lower figures than ever
before. The exception to this general
rule saems to be Northern Pacific prefer
red. The attack on this stock was desper-
ate in its bitterness. The short interest
YVES largely increased without bringing
out much if any long stock. The premium
for the stock advanced from 1-16 at the
opening 20 per cent, per day. Still the
bears sold it, Offering it at freely ''seller
sixty" ct four points below ''seller regu-
lar" There may be q corner in this stock
before the week closes. st. Paul was one
OF the weakest and most active stocks. It
sold down more than four points and
large blocks of low stock are said to have
been marketed. Lackawana touched a
very low point and very much Oregon
was sold below 80. A gloomy feeling pre-
vailed and there was much throwing over
OF long stocks"