Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-11-05
THE STOCK MARKET.
WALL STREET IN THE DUMPS.
No improvement in the Condition Of At
fairs Expected Till After Election.
NEW YORK.
Especial Telegram to the Globe. ]

legal holiday has tendency to demon
alize and deaden the market to-day, ant
has produced a somewhat conservativ
feeling. With those already loaded the in
clination has been not to increase thei
lines and with those altogether out of tn
market to keep them. Hence the feeling
were very circumsbribed and on
Monday similar condition of cain
if not more SO, may be expected.
The bank statement was favorable an6
that was about all that happened to infiu
ence the stock market, and even favora
BILE bank statement produced only frac
tional advance on few stocks and left
others stationary. Chicago & Northwestern
was firm on increase in earnings for the
last week of October, and Canadian Pacific
was manipulated up little, but the list
was very dull and transactions even in
| Oregon Transcontinental were few and
fluctuations small. The talk about the
absorption Of dividend paying stocks
| by investors at present prices
| is delusion. There was considerable
buying of this kind at the low prices of
two weeks ago, but we think that that has
entirely ceased and that many of the So
called investment buyers have sold on the
advance. There is no life to the market
now or indication as to what the big oper-
ators will do next.
The earnings of the ST. Paul increased
for the last week of October $4,000, and
for The month $279,e0O, which certainly is
q good showing, but the advance in that
stock was only d. The slight advance
in Michigan Central and Lake
Shore was doubtless due to
the favorable bank report, but
more to the reported conference between
D. o. Mills and Vanderbilt at the Windsor
last night. The list of yesterday was
almost unchanged to-day. Osborn and
Commack have been selling the market
and Jim Keene was it's main supporter.
Woershofer says he is using a little
Oregon Transcontinentala as an investment,
but is not trading to any extent, and is
willing to yield the present market to
Keene. A rumor came from one Office of
pools manipulated and one
of them unloaded upon the
other causing much grief among the
clique. Another statement was given out
that Keene was manipulating Oregon
Transcontsnental for the large owners who
have employed him for that purpose, the
object being to make market for the in
siders to sell out on, Keene himself having
no interest in the stock.
The Kansas g. Texas company has decid-
ed to issue $1O,0O0,0OO of per cent. con-
solidated bonds to retire $8,OOO,OO0 of in
comes and the exchange will be made dol
lar for dollar. A plan for the exchange of
these bonds was formally agreed upon at
a meeting of the Missouri,
Kansas q Texas directors to-day. The
plan is as follows: New bonds are to be
issued under the provisions Of section elk
of the general consolidated mortgage of
Dec. 1, 1880, whereby $10,oo0,OOO of bonds
numbered from 1928 to 28,217 were re-
served for the purpose of retiring second
mortgage income bonds and coupons, and
scrip representing interest accrued there
on. The new bonds are to run for the
same period as the six per cent bonds al
ready issued under the general
consolidated mortgage to Dec. 1, 1924,
and bears interest from October 1, 1888,
at the rate Of per cent, payable semi
annually the first days of June and De-
cember, the first coupons attached to fall
due December, 1888, and to be in payment
OF TWO months interest at per cent. per
annum from Oct. l, 1888, to date of the
coupons last maturing on the income
bonds. The new bonds are to be issued in
exchange for income bonds dollar for
dollar in even sums of $1,000 and upward,
there being no $500 bonds to be issued I'M
der the general consolidated mortgage.
Pending the preparation of the 8 per cent.
bonds the income bonds asserting to the
proposed exchange are to be stamped
with the assent. The 8 per cent. bonds
are to be ready for exchange notlater than
February 5, 1884. All the income bonds
received in exchange for the new bonds are
to be deposited with the Mercantile Trust
company IS trustee and held uncancelled
IS security for the new bonds until all the
income bonds have been retired. Out
standing income coupons and scrip there
for are to be retired at 60 per cent. of their
face value, payable in the new five per
cent. bonds at par. Mr.. Hicks, a leading
banker Of Amsterdam, who holds large
block of the bonds, has given in
writing his assent to the plan.
Assistant Commissioner Pierson ia con-
tinuing the war against the railroads which
have been cutting rates directly or By
paying such heavy commissions to ticket
sellers that they can be divided with the
passenger. An order has been issued, to
take effect next Monday, directing all
trunk lines and their connections not to
issue tickets over the Louisville & St. Louis
railway nor to honor tickets issued by that
road over their lines. The rosd placed
under the ban is practically the western
line of the Chesapeake & Ohio, which is
believed to be sharer in
the cuts on the rates. The
cutting has been going on some time and
it principally affected the business from
ST. Louis to New York. The penalty was
e7fo-oad bv tha commissioners ofsao a. {ba