Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-27
IT WON'T WORK.
The Stockholders Of the Northern Pa
cific Object to Wizards Style,
AND WANT TO SUPERSEDE HIM.
He Will Be Allowed a Chance to Ex.
plain His Late Extravaganza,
BUT HELD TO RIGID ACCOUNT.
The Stock Market Excited and Fever
ish All Day.
THE GRAIN TRADE ACTIVE.
Large Transactions at Narrow Margins
In All the Cereals.
HE GRAIN TRADE ACTIVE.
Large Transactions at Narrow Margins
In All the Cereals.
NEW YORK.
Especial Telegram to the Globe]

active and advancing. A slight demon
stration was made against Lake Shore, but
it was of short duration. During the Sec
ond hour thepegs were pulled out of West
ern Union, and it quickly dropped off one
point, followed by general decline of y
to point, the latter for the Wizards. The
market at this time seemed quiet, but the
tone was less feverish than for some days
past. During the middle hours there was
more general activity, and there was buy
ing of the Wizards for long account, and to
cover shorts, st. Paul, Rock Island, Chica-
go, Burlington & Quincy, and Northwest
ern were quickly absorbed. The bears in
Union Pacific manifested less disposition
to sell, and the timid ones were disposed to
run. Denver was quite strong. During
the last hour the market was quist'y strong
and the bears were made to see that moth
ing could be bought without advancing the
price. There was good reason for believ-
ing the Oregon Transscontinental people
have sold largely of their Northern Pacific
common and preferred and thereby have
provided themselves with ready cash to ad-
vance the Northern Pacific company and
put them in good shape, taking debenture
bonds of the company as securities.
The question then arises, who has
bought all the stock which the Oregon COM
pany and inside parties have sold? The
street ask. SIS it Gould or Vanderbilt, or
both?" Well informed parties have been
free buyers of Oregon for the past two
days, and think the market is in good con-
ditiop to twist the shorts.
Jersey Central is loaning at l 1-6.
Lake Shore declared regular dividend of
per cent. The books close Oct. 2.
The market closed strong with q good
feeling, the shorts covering freely. It is
stated that the Wabashes are being quietly
picked up by strong parties.
Boody reviews the situation as follows:
"There was a fair amount of activity in the
early dealings, with improvements in
prices throughout the list. Before mid
day the market weakened and declines set
in, followed later by much better feeling
and heavy trading in the Northern Pacific,
Oregon and Lake Shore. The declaration
of 2 per cent. dividend on the latter put
to rest the runors that the rate was to be
only ~. 1t impaired strength to the
stock and also TO Central &c Hudson.
Western Union acted in an eccentric
manner, selling down to 77A at
one time. There was some good
buying of Delaware & Lackawanna
with a big business in it. The return of
Mr.. Willard to the street seems to have had
a beneficial effect on his properties, and
they have been the leaders in activity to-
day.
The following earnings for the third
week IN September are just at hand: Lou
isville & Nashville increased 100000; Man
itoba ST. 400, Missouri Pacific system $780,
coo including Wabash, which gained $16,-
600; Chicago & Alton is behind $4,000.
We note sale of stock to-day at 1873.
The business of the Rock Island is re-
ported as immense at the present time.
The closing quotations on ST. Paul are
ex-dividend 81 per cent. The market was
firm at the finish.
Kiernan says: "The market opened with
considerable strength in the Wizards, and
this strength held we'll and increased dur
ing the day. Lake Shore was weak at the
opening on the report that only ~ per
cent. dividend would be declared to-day,
but when it was announced that the divi-
dend had been made 3 per cent. as usual
this stock gained rapidly and gave strength
to the rest of the list. Western Union
sold down unaccountably at one time dur
ing the morning, but subsequently rallied
sharply. Denver was active, and gained
rapidly in price. We think the greater
part OF the advance to-day has been caus-
ed by covering of short sales made
yesterday on the rumor of extensive fail
ures. The bears hasteDed to cover when they
found these reports to be exaggerations.
We have nothing new about the Wizards
to-day. There were 1umors of large
pool formed to buy these stocks, but we
do not credit them. The largest private
investors in Northern Pacific stock reside
in Philadelphla. 1t is known they have re-
garded the great attack on Wizards with
increasing uneasiness. These large stock.
holders have given President Willard full
rein for two years or more. He has been
most expensive president and reliable in
formation is received there that some, at
least, of the capitalists who are interested
in Northern Pacific and the COR
perations identical with it in the
Pacific coast, now complain that his
management of the road has been need
lessly extravagant, and they made four
points against him.
First-He has wasted money in rushing
the road to completion SO rapidly. Get
ting out Of reach of congressional legisla-
tion in regard to land grants, might
have been good thing, but while he. was
doing it Willard got into the way of con-
grassional investigation and spent a great
deal Of money.
Seoond-The construction of branches
at high cost Of rental to the Northern