Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-18

was lower in sympathy with the decline IN the
stock market, West Shore d Buffalo bonds and
Texas Pacific incomes being the special features
and both lower, the former IS per cent. lower at
| tax a72M07S1S and the latter J Is per cent.
| lower. Rio Grande division bonds were also
tx Der cent. lower at 7i@7097015, Chicago,
Burlington Quincy l per cent. lower at 80,
| Chesapeake G. Ohio skies per cent. lower at As,
East Tennessee, Virginia & Georgia incomes l
per cent lower at %, Missouri, Kansas Texas
general mortgages per cent. lower at 1898,
Louisville & Nashville general mortgage l per
| cent. lower at S0E.
| Stocks-The stock market was more active
and the general decline in prices was greater
than on any previous day for many months,
| though the reaction after II o'clock made the
net decline up to 1890 very much less than at
the extreme declines at II and IL. The general
net decline for the forenoon was from KIOSK
per cent, the latter for Oregon Transcontinental,
with the exceptional net decline of per cent
on Oregon Railway & Navigation-the extreme
decline in this stock from the opening-the
lowest price at Il being IS points. The total
sales of stocks up to 1880 were 425,000 shares,
probably the largest total for any halliday in
the history of the Exchange. This recovery
from the lowest prices of the forenoon. which
began at just about Il, was continued until
| nearly 2. In this two ho RS the most important
| advances were On Oregon Transcontinental 256
per cent. to 35$5, Oregon Railway & Navigation
| ia per cent. to 0i5<, Chicago d Northwestern
u per cent. 10 lIT1<, preferred 2 per cent. to
l35, Chicsgo, Milwaukee, q St. Paul J. = per
cent. to 50, Northern Pacific ~ per cent to
| 25]g, preferred PER cent. to 597f, Delaware,
! Lacsawanna /; Western per cent. 1881, Ger
tral Pacific per cent. TO So, Lake Shore l per
cent. to $50, Louisville & Nashville IA per
cent. to 4E15, Western Union Telegraph ! Is per
cent. to rs, Miohigan Central ID per cent. to
| 785<, Missouri, Kansas & Texas q per cent. to
| ri, Union Pacific q per cent. to 661s, Missouri
! Pacific Il per cent. to 92$<, New Jersey Central
| q per cent. to 79Ig, Wabash, st. Louis & Pa
cifc preferred "a per cent. to 301z, common
| per cent. to 1875, Chicago, st. Paul, Minneapo-
lis & Omaha common ! per cent. to Sl779, st.
Paul, Minneapolis & Manitoba l per cent to
1861, with smaller advances on the other stocks.
In tie last hour the m rket was weak and there
was a continued decline until within about FIVE
minutes of 8, when there was sudden upward
turn of 2 per cent. IN New Jersey Central,
which caused a fractional advance in other
| stocks. In the early part of the hour there
was decline of 1925 per cent on all stoke,
with SG per cert. on Oregon Railway & Navi-
Cation company to t0i, with final recovery 70
l03 at the close. The break was due solely to
the manipulation of the bear party, who, with
| their constant hammerirg have undermined con-
! hdence and shaken out large amounts of long
stock. The shorts to-day covered over 100,0O0
shares of differen. stocks. The rapid rise in
! New Jersey Central is due to the comparatively
| small amount of stock aRoat, while the short
interest is large. After the close of busiGess as
! high as per cent. was bid for use of the stock
tomorrow, when it is believed the bears Will be
! severely twisted. The re- Tort is current that
/ some OF the wealthiest owners OF the stock are
Interested II the movement Go punish the shorts,
! alG also that intimate relations o. GoTan AID
| Vanderbilt have induced the latter to lend a
| helping hand. The upward movement in New
jersey Central just previous to the close took
! operators generally completely by surprise, and
! il continued tomorrow VII probably brighten
many of the shorts into covering. The an
nouneenent that eiG0,0C9 OF gold would be
| shipped from London to New York by the
steamship Fulda was much commented On in
financial circles. L Is believed to be the pre-
cursor Of larger movement. Later on stocks
continued scarce ard deliveries poor. Many
active stocks command g premium for use to-
day. Northern Pacific preferred is at 9<E91 per
cent. and New York Central ard Philadelphia G.
Reading 1-54 per diem for use. Messrs. Seiig-
man & Co. have $4,000 francs on the way
from Paris. At the regular board nesting of
the Northern Pacific Railroad company the ac-
ton OF thefnance committee in accepting the
offer of the old syndicate for s1s,0l0,OC0 of
the proposed issue of 0,0O0,00o second mort
gage bonds, was ratified and confirmed. The
steamship Canada, from Havre, brought 100000
francs in gold to Heidelbach, Sekelheimer &
ings the second week in October SI75, 900 against
Sl31 GOO the same week last year; increased
earnings for the year to date $3.50, 900.
The Euening Post says: The continuance and
magnitude of the decline in stocks would en-
title it to be called panic except that it is de-
void of the excitement usually attendant upon
panic. There is a general movement to sell
and all Efforts on the part of the largest capital
lists and hackers and promoters OF the various
securities to check the decline seem to have
been abandoned. The principal element which
caused the decline of prices IS the fear of the
bears that they are over selling the market viii
fail. Several of the stocks are loaning at ex-
traOrdl1ary high premiums for delivery or
sales from day to day lends some possibility to
this fear. 1t is argued that in the case OF the
Northern Pacific preferred, which loaned at one
per cent per day premium to-day, there viii be
better supply OF stock for loan after the books
close Saturday, and this encourages the selling
Of stock. Cosl shares are still the PRINCIPAL
point of attack. After the Northern Pacif;cs
the most selling IS of Lacl1Gwanna, while the
Jersey Central and Philadelphia q Heading have
| been firm throughout the day and show no de-
clining for the day, and at the close Jersey Cen
4 ,.I,,, I ,Ix- ,
The transactions aggregated G99,oO0 shares:
Central Pacific ll,OO0; Delaware, La~kawanra
& Western l26, 900; Denver & Rio Grande 9,cG0;
New York, Lake Erie d Western $4,000; Mis-
souri,, Kansas & Texas 6,0UU; Lake Shore
41,00G; Louisville g. Nashville Il ,G00 Michigan
Central Il, GOO; Missouri Pacific 10000; Chicago
& Northwestern 23,0O0; New Jersey Central
$4,000: New York Central 1900; Northern Pa
cifc 10000; do preferred 81 ,00C; Philadelphia q
Reading II 0UO: Chicago. Milwaukee & st. Paul