Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-14
GRAIN MARKETS SOME WEAKER.
NIY .ORK.
Especial Teleg. n to the Globe. I

New YORK, Aug. 13.-The day has been
an eventful one in Wall street It was
evident before the exchange opened that
about nine out of every ten brokers we're
on hand to sell stocks. The opening fig
ures showed that they were not particular
at all about the prices obtained, and the
throwing overheard of the properties
which were SO weak on Saturday continued
until the market was on the verge of a
serious panic. When Oregon Transconti-
mental reached 50 the excitement was in
tense, the loss being IL from the opening.
1t rallied 11s at the close. Northern Pa
cifc declined 338 but recovered slightly.
Northwestern and also St. Paul went down
with the receding tide, and in
fact nearly everything was badly
affected and pressed for sale.
Transactions were enormous. Thousands
of shares changed hands every few mo-
ments. The Willard properties were COM
pletely demoralized. Omaha common
sold at decline of per cent. from Sat
urday's closing figure. The preferred was
below par. Occasionally stocks would
rally, only to be followed by sharp decline,
and near the close prices were in many
cases at the lowest. Boodey, Mcclellan &
Co. said there was some good buying of
the better class of stocks at the end. It
would not be unreasonable to look for
sharp rallies at any time, as many proper
ties are largely oversold. Day, Field &
Colbrom said: The general situation is
unchanged regarding assured dividend
paying stocks. They will continue to
earn and pay dividends, and holders
who keep them will come out all right.
They have lost none of their real value. +"
W. 4. Baker said the market was on the
verge of panic and the outlook is not en-
couraging, but we think the decline has
been greater than is warranted in dividend
paying stocks, and that now is good time
to buy with discrimination.
Kiernan said Oregon Transcontinental
is regarded with suspicion, and is consid-
cred TO be nothing but security jobbing
company. It is said on good authority
that the Willard syndicate has bought an
enormous amount of Oregon Transconti-
mental and Northern Pacific during the
past three months to sustain the price IN
til the Northern Pacific road should be
opened with a grand jubilation. Upon
that hurrah they expected to sell out. In
this business of sustaining they
have had to borrow, it is stated
four millions of exchange from
one big house and three millions from
another. The tide of events has been too
much for them, and the syndicate must
put up more margins with firms of whom
they borrowed exchange, and this call
comes when their resources are already
taxed to the extreme.
The decline in Willard and Gould stocks
betrays the weakness equally of Willard
and Gould. The latter contrives to hold
on to Western Union and Missouri Pacific.
A leading broker says general prices are
getting down where they seem low, but as
the value of thing is what people will
pay for it, they will look high at present
figures if we are to have series of bank
failures. Stocks like everything else have
been working down from inflated figures.
With money plenty and easy, and plentiful
crops just beginning to make their way
to the market, the disturbances
of the last two weeks gives 10 occasion for
alarm.
On the exchange the market has been
weak and demoralized all day, and at
times exceedingly feverish, bordering on a
panic. The transactions for the first hour
were $4,000 shares, and the liquidation in
the Northern Pacific stocks being forced
W. E. Conner gave out orders on the hoel
in person to sell Oregon Transcontinental
on the Northern Pacific stocks. There
was no special feature and it was impossi
BILE to give any correct idea of the market
outside of the quotations.. Long stocks
were liquidated and short stocks put out
covered and sold again.
1t was impossible to follow the market.
Every body seemed to be buying and every
body seemed to be selling.
The dividend stocks were liquidatec
and sold lower than for many months
There have been many lines of shorts Gov
cred and some stocks bought for reac
ton, but to what extent this has gone it il
impossible to tell. During the Afternoon
the failure of Cecil, Ward & Co. was an
nounced; liabilities $4,000.
The Vanderbilt brokers say that GoulC
was large buyer to day. Jersey Contra
loaned at 4 of l per cent. for use. Th
whole list seemed to be without support
and sold down rapidly. The rallies wer
few and feeble, and during the last hou
where the announcement was made of
failure, everything dropped again. Ru
mored embarrassments here and at Phila
delphia, the report that New York hous
identified with Northern Pacific, was il