Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-09
NEW YORK.

Especial Telegram to the Globe.
New YORK, Oct. 8.-The Wizards we're on
top to-day, and were the most active stocks
on the exchange, opening higher and scor-
ing substantial advance, Northern Pa
cifc preferred gaining 235, common q
and Oregon Transcontinental rs. The
market was rather irregular during the
morning. The Vanderbilt brokers were
credited with selling Northwestern, which
touch 49, The Northern Pacifcs were in
clined to improve soou after the opening,
and were pretty firm the greater part of
the day. There was little news afloat, and
many stocks we're almost entirely neglect
ed. Business was confined to the
Changers, the Wizards and three
or four other properties. The market
WIS quite dull at times, and the slight
rallies that occurred were occasioned by
reduction of short lines more than for
any dem and account. In the closing
hour there was moro activity, with quite a
trade in Northern Pacific preferred and
Oregon Transcontinental. The advance
did not seem TO inspire much confidence,
aid there were few believers that it was
permanent in its nature. The improve
n ents were sufficient to !close most all
stocks higher than they were last Saturday
evening. The Northern Pacific stocks
were sold strong the first hour, but the
bears were very bold in their attacks on
Chicago & Northwestern, Chicago, Mil
waukee & st. Paul and Chicago, Buriing-
ton & Quincy. Cammack & WoerishoffeI
sold Chicago, Milwaukee & st. Paul
steadily down. There was also good selling
in Union Pacific and in coalera. There did
not seem to be any special attempt to
sustain anything except the Willard
stocks. At 10 there was good buying in
Chicago & Northwestern, and 1t show ed
strength for the first time in many days.
The market was only fairly active during
the middle hours, but during the last hour
there was considerable activity, with Gov
ering of shorts and more cautious buying
by the sharp room traders.
It's reported that the Northern Pacific
loan was subscribed as folloAs:
Drexel, Margan s. Co., 100000;
Winslow, Lanier & Co., $1,oo0,000; Bel
mont & Co., 81 100000; Seligman 6 Co.,
$1,00O,000; English bankers, $2,O00,0O0;
Willard and friends, $5,00O,000; and
smaller amounts, making an aggregate of
over 100000. MIR Willard informs the
GLOBE correspondent that the second
mortgage bond will not in any way inter
fere with the exchange of Northern Pacific
preferred for land east of the Missouri
river.
Chicago, Burlington and Quincy earnings
for the first eight months of the year in
creased $1,710,OOO.
New York Central loaned at 1-64, Jrsey
at 1872. Most of the other stocks
fat. It is purely an arti-
fetal market. Any one holding good
stocks is bound to come out ahead, but
they must bear in mind a strong bear
pool is on top of values endeavoring to
demoralize holders. There is an immense
short interest, which sooner or later must
cause a rally. The market closes very
strong for the coalers, with rather better
Indications on the general list.
". I. Baker & Co., New York and Chi
cago), say that gloomy feeling pervaded
the street and although there was no rush
to sell stocks, there was plainly disin-
clination to buy and belief that prices
would decline. There was fair activity and
prices were off somewhat. st. Paul,
Northwestern aud Michigan Central were
most conspicuous in the decline.
The Willard stocks were active,
but strange to say were well held
and advanced, while everything else went
down. It looks as if the general list had
been depressed in order to allow the
shorts to cover in Northern Paciics as
the books close in the preferred stock on
Oct. 20. tits probable the stock will then
become scarce for delivery if the short in
terest continues large. Some of the
shorts bought the stock to-day in antioi-
patton of the closing of the books and
tried 20 put it out again sellers60. Some
stock was sold in this way at 61I and
6115. About noon the market turned and
stocks generally advanced. There was
some covering of shorts and some buying
for en- advance. The close was quite
strong and we expect another attack from
the bears tomorrow.