Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-12
NEW YORK.
lspecial Telegram to the Globe

New YORK, Jan. 1.-THE stock market
continues in the dumps, and the bulls are
put to their stumps to give plausible
reasons for its condition. Dizziness has
reigned. supreme, and, until the very clos
ing hour, weakness as well as dullness. a
weak spot was developed in Northern
Pacific common Immediately after the
commencement of business this morning,
and break in it to 472I helped demoralize
the balance of the list, which was decided
ly feeble at best. There was slight rally
from the lowest figures later in the day,
but no activity, the market becoming even
duller than yesterday. The attendance
on the exchange was light, and there
was not the slightest disposition evinced
to DO anything one way or the other by
those present. There was no change for
the better during the afternoon, and the
day closed on one of the most stupid mar
kets witnessed in months. Prices, as a
general thing, are trife lower than on
yesterday. Northwestern earnings the
first week in January show a decrease of
$4,000, while Omaha makes gain of
$4,000 for the same period Pullman sold
down to 1913 at the close. Money continues
easy.
The bears have made the most of the
situation. There has been q great deal
more of talking prices down than there
has been of selling. There has been a
disposition to make much of the bear ru-
mors. 1t was declared in the board yester-
day that $1O,OO0,OOO failure had occurred;
had gone to protest; that a railroad man
had absconded with large amount of
money; that Wall street house was in
trouble, etc. Sifted down to the facts it
transpired that the City bank of jersey
City, small concern doing very little out
side business, had suspended, and that the
Erlanger syndicate had had a misunder-
standing about a check. An officer of the
Erlanger syndicate stated explicitly that
neither the combination nor any part
of it was in any trouble what
ever. Its papers have not been protested,
and its funds had not not been misappro-
priated. A rumor that the paper of the
East Tennessee company had been pro-
tested brought vigorous denial from a
prominent officer of the company. The
bears hammered New York Central during
the morning, and rumors of the resigna-
ton of Morgan and of sales of stock by
Mr.. Vanderbilt were set afoat. In reply
came q statement, from a good source,
that Mr.. Morgan had no intention of
resigning, and had sold no stock. 1t was
stated also that the net earnings of the
New York Central company for Deem
Der were 100000 in excess of the
net earnings for December last year, and
that the company had certainty of all
the business it could do for three months
There has been good buying of the
Southwestern stocks. Some well in
formed operators think that Mr.. Gould's
following are more anxious than Mr..
Gould for an advance, but all admit good
buying. The Kansas & Texas statement
for December shows, on mileage of 2,079
gross earnings, including. International
& Great Northern, for the month of
$1,O43,680, net earnings of $433,680.
A good deal of interest is felt in the Mem
phis & Charleston negotiations. The re-
turn of the road to its stockholders has de-
pended upon the payment of
large sum to the East Tennessee
company. The money was rendered
last Saturday, but question arose in re-
gard to the securities to be released, and
negotiations have been continued. There
is chance that an agreement viii be
reached within day or two, and that
Memphis & Charleston Will have consid
cradle advance. A prominent exchange
house says that the advance in exchange
was caused by the strong demand. One
per cent. higher than posted rates is bid
for bills at the end of the month, and 2
per cent. higher for bills next month
Another advance in posted rates is ex-
pected the last of the week.
The earnings of the st. Paul company
for the first week in January, showed a
decrease compared with preceding weeks,
but an increase of $16,945 over the CORE
spending week last year. Inside buying
continues to be a feature in st. Paul. A
bearish feeling has been developed in
Union Pacific. 1t is rumored that an m
favorable statement will soon be made,
and that there has been inside selling OF
the stock.