Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-23
Raids ON ALI the Stocks that Show In.
dicatiOns Of Weakness.
SOMETHING SERIOUS IN THE WINE
The McGeOch-FOWler Lard Quarrel in
Chicago Adjourned.
MOOTED PRODUCT NOT IMP IRE,
NEW YORK.
Especial Telegram to the Globe


stock exchange were generally lower than
yesterdays close. The better class of
stocks were fairly steady at the opening,
and in some cases higher. Oregon Trans
continental was the weak spot early, fol-
lowed later by Northern Pacific preferred,
which broke from 80 to 78. The market at
this time was dull and irregular.
The Wabashes, Northern Pacific, Louis
vile and Nashville and Oregon Transcon-
tinental opened at about one-half point
lower than the close last night, the rest of
the list being unchanged. Prince and
Whitley were buyers of st. Paul, Van En-
Der and Atterbury of Northwest, Slayback
was also buyer of ST. Paul. The market
was too dull to be satisfactory, and the
talk on Northern Pacific was very bearish.
Before the first hour was over determined
drive was made on the Northern Paciics
and they sold off sharply, especially the
preferred. Oregon declined in sympathy,
but the rest of the list seemed to sustain
itself with ease. From that time until
the close the market was devoid of
all features and excessively
dull. Denver was strong dur
ing the early hours and some very conser-
vative parties were feeling very bullish on
the property. Manitoba earnings'for the
| second week of August decreased $4,000.
| Union Pacific earnings for six months
ending July 81, decreased $685., 900. Ex-
penses decreased $645,OOO, making a net
increase in earnings of $275,OOO. Conner
& Co., Gould's brokers, have hammered
| Oregon Transcontinental all day. A
prominent commission house in these
securities has also been selling steadily.
In the late dealings the outlook was not
very favorable for better prices.
Stocks showed but little animation
1t may be the programme of the bears
to make the feeling feverish and resist any
advance until later in the season, which, If
all crops show up well, they will be willing
to change front. At the close there was
considerable weakness visible, particularly
in the Northern Pscifics. The preferred
sold at 76 /, with every indication of 60
ing lower. Oregon Transcontinental
touched 60 IS. The market was quite
feverish at the close.
/ News from Philadelphia during the day
indicated furry in financial circles there,
money advanced to 10 per cent, which
caused the banks to call in loans, and
stocks were sold very freely. The effect
was visible in New York. Vanderbilt is
credited with saying that he will build a
new road to KansasCity in opposition to the
Gould system. There is something serious
hanging over this market, what it is can
not be learned, but it is known that one of
the biggest operators cautioned another
to-day TO mot depress prices at the mo-
ment unless you wish a calamity" 1t is
said the Drexels have been large sellers of
Northern Pacifcs and | think there is no
doubt but that theY have told Willard and
his following that they must sell. Prob
ably the moment these stocks become
weak they will be rallied so as to keep
them in hand, but selling will go right on.
Henry W. Smith has had his eyes open as
to the danger of his position, and he is
thought to be selling as rapidly as posi-
bic. Something ugly may be looked for
in Denver & Rio Grande. There is big
row in the camp, and either they are
selling $4,000 shares of new stock to pay
off the floating debt or the stock has
been hypothecated by the company,
coupled with endorsed notes by the direc-
tors, and is being sold to take up these
notes. Illinois Central earnings for the
second week of August increased $4,000
1t is rumored that the Union Pacific will
eventually control the Denver & Rio
Grande.
The continued raiding in the stock mar
ket has method in its madness. Every
stock that is weakly or unmatched by Wig
liant brokers, ready with sustaining orders,
or is in any other way N a vulnerable po-
sition, is attached with selling orders, and
if any signs of weakness or event of sur
prise can be developed, it is hammered
until depression of prices begins to bring
out long stock. Whether there is any
special purpose behind the raid on Denver
it is difficult to say. Many
of the same parties who a yea,
ago were clamoring that it was extremely
cheap at IS are now saying it is not safe
to hold at 20. The road as an independent
line is not worth much.
An attachment has been granted against
the property of Cecil, Ward G. Co. The
application was made by Kirkland
Co.. brokers, who allege that defendant.
disposed of their property with intent Of
defrauding their creditors.
that Ex-Governor Hubbard has lost his en-
tire fortune through speculation in Wal
street. No other man in Connecticut il
, similar misfortune could win such genera
, sympathy as Richard D. Hubbard Tn
troubles he has suffered socially have done
much to make him near to the publ
heart. A year ago he was worth over $3.50,
: 900. The best lawyer in the state, hil
practice has brought him in a yearl
raunpna Of roonr Of doIIo 80