Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-23
NEW YORK.
Especial Telegram to the Globe.

3 .
Wall street this morning. Activity conferred
in two or three stocks which, after q CON
paratively steady opening, were pressed
for sale and fell off 1@115 per cent. The
trunk lines and grangers were frmer and
managed to make slight advances. The
usual amount of bearish talk was in cir
culation as soon as exchange opened, and
of course had more or less effect. The
bank statement was not any too favorable,
though money continues easy enough on
call. The reserve decreased S1,83I,OOO.
About 10 o'clock weakness in Oregon
transcontinental carried it below 81, and
this was followed by lower prices
throughout. Wabashes were sold rather
freely. Jersey Central and Delaware &
Lackawana were the weak features among
the coalers. Reading was reported to
have purchased the Philadelphia & Allan
tie City road. There was perfect STAN
pede in Willard properties at the last. Or
egon fell three per cent. in few moments.
This was enough to demoralize the balance,
though some of the dividend payers held
remarkably well under the circumstances
and were fairly firm when the market
closed.
The pressure in the Wizards was seem
ingly worse than ever with further reports
of the issue OF new securities. There was
much unfavorable talk about Union Pa
cifc, Central Pacific, Louisville & Nash
vile. The business conferred in these stocks
all day, with the Wizards
leading in the depression. Towards noon
the downward course was checked little,
and few timid bears covered their shorts
in anticipation of rally in the afternoon.
The change was short lived, and powerful
attack was made on Oregon, which occa-
stoned what seemed to be selling of long
stock. With the cry that the "VilIard bag
is opened all his stocks were badly pun
ished, and closed feverish with no rally.
There appears to be very large short
interest in the market, but Oregon is in
full supply for use. Northern Pacific
preferred is Ioaning at 1-64, Jersey fiat to
1-64, New York Central, Louisville 81
Nashville and Union Pacific fat. Outside
of Wizards and Pacific stocks, the
market showed great strength all
day, and many stocks manifested
a decided disposition to advance
whenever the pressure was lifted for
moment. The market closed very unselt-
ted, with fears of further trouble in VII
lard properties.
A leading operator says: The Wizards
have no support whatever" there seems
to be no point low enough to satisfy the
bears. There is said to be large amount
of long stock coming on the market.
There was considerable buying by Phila-
delpia houses, and there was considerable
covering up by the shorts, but the trans
actions in them were so greatit is i'm
possible to tell the connection in which
it is left. 1t is thought fair amount of
the stocks have been absorbed by capital
lists who think them cheap. 1t is worthy of
remark that in spite of all d;strust ex-
pressed about this property, the bonds of
the Northern Pacific have remained steady
in price above par. This is an Indication
there is move apparent than real d1strust,
Oregon Railway & Navigation company is
126, Oregon improvement bonds 9115, do
stock 81, Northern Pacific scrip, S724.
At the Windsor hotel in the afternoon
the general talk was bearish on Willard
properties. 1t was said D. o. Mills had
bought largely of Northern Pacific pre-
ferred and that some of the directors IA
vored per cent. dividend, but Mills was
opposed to it. The company, it was re-
ported, would require at least 100000
more to finish and equip the road.
The bulls claimed that Cammac
took no part in the market. President
Gowen said Reading had earned ~ net
on its stock in August, aside from the Jer-
sey Central receipts. Jersey Central peo-
pie claimed the road earned in August
100000, more than per cent, and this
sum remains to the credit of the Reading
company, as net surplus earnings. The
Gould and Vanderbilt brokers predicted a
higher market for October. President
Tyler, of the Grand Trunk company, said
the relations between the Grand Trunk and
the American lines were perfectly harmo-
NOUS.
A dispatch from Ottawa, Canada, said
ugly rumors were in circulation regarding
the condition of several Canadian banks.
Confidence had been impaired by the
Montreal trouble, and leading bankers
feared general crisis. Imports contin-
ued to increase and exports to decrease,
and the warehouses were filed with goods
which the banks were obliged to carry, and
as a consequence funds were locked up
and not available to meet maturing liab1li-
tiles.
The attack upon Willard stocks has
cheered the bull market. The only ques-
ton is whether Northern Pacific and Or
egon Transcontinental may not cut loose
from the rest of the list. They separated
from the list last year and advanced when
the rest of the markets declined, 1t is
possible now to put up the list regardless
of the course taken by Willard stocks. The
Northern Pacific may not go down. There
is no doubt bull pool has been formed
in the stock, and several large operators
ara identified with it. 1t is stated the pool
will buy 100000 shares ofNorthern Pacific
preferred and Oregon Transcontinental; in
act they have already bought consider
,ble block. That story that Gould and