Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-29
NEW YORK.
Especial Telegram to the Globe.I


change the market was not over brilliant
to oday. During the morning there was
an advance all along the line with active
business in Lake Shore, Northern Pacific,
Denver, Louisville & Nashville, Western
Union and the Wizards. About p. m.
Northern Pacific preferred broke to 661aa,
a drop of 2 FER cent. from the highest
fgnres of the day. The common touched
35 at the same time. A weak feeling was
visible in about everything, and declines
were in order throughout. The fact that
a receiver for the Ohio Central vss sp-
pointed this afternoon did not help the
bulls, and had more or less 80 do
with assisting the decline. The market
dragged during the last hour.
There were few rumors afoat
calculated to have an influence il the
course of stocks. The final dealings were
decidedly tame and without feature, II
linois Central earnings during the third
week in September increased $4,000.
Delaware Lackawanna declined the usual
2 per cent quarterly dividend to-day, It
is reported to have earned " per cent on
the stock in August and the Buffalo extern
sion is said to have more than earned its
fixed change.
A leading operator thus reviews market:
There was good deal Of bull talk before
the opening of board and market opened
strong with good feeling all round. Prin-
cipal activity was in the N. P's. and the
Coalers while a good deal was being done
in Shsre. Towards the end of first hour
Oregon began to hesitate, and a prominent
house sold it freely. The market soon
became inactive, and while there was no
special decline it had every appearance of
being fed out. Toward the last hour Ore
gon sold off sharply and at 55 there was
very heav transactions in the stock. There
was very good selling of the Northern Pa
cifcs, which later on was traced to the
Wierishofer and Cammack party. Ger
tain prominent bears returned their bor-
rowed stocks largely to-day, especially
Northern Pacifics and New York Central.
Jersey loaned at 1.64 and New York Cen
tral ct 1.32. The market closed weak, the
entire list being offered freely by the bears,
who seemed to have sold all they bought
in yesterday.
Baker said: "The market opened with a
bear raid, which carried some stocks down
few fractions, but was soon checked by
bulls. Then prices advanced sharply, and
everything promised to go much higher.
The Wizards were, as usual, the most active
and made handsome gain. This move
ment was stopped by report that the
banks were calling loans extensively, in
anticipation of October disbursements.
Considerable Oregon Transcontinental d
Northern Pacific were sold by Boston and
Philadelphia houses, and the whole list
suffered reaction, the Villerds leading
the decline. There is a considerale ball
feeling, which will cause buying of stocks
on every decline. There is very little fear
OF stringen ~ in money; still there seems
to be SO many things to create uneasiness
that buyers hesitate to buy on an advance
but We do not see IN any good project in
short selling. We think an advance more
probable than q decline. The new issue
Of Northern Pacific bonds will be $15,-
100000 of second mortgages. A two
thirds vote of stockholders in favor of the
issue can be obtained, it is thought, with
out trouble through the Oregon Transcon-
tinental company. If any combination or
pool takes hold of the Willard stocks it will
first be their policy to let prices down a
little.
It is rumored that Drexel, Morgan & Co.
have made up a syndicate to buy up the
Northern Pacific preferred stock, to be
cancelled, so as to admit of the issue of a
second mortgage bond. Mr.. Geo. NJ.
Pullman is believer in Oregon Transcon-
tinental at these prices. John McGinnis
called the turn" on the Willard stocks
correctly thus far. He believes now that a
second mortgage loan will be negotiated by
the company and he thinks the stocks will
sell higher.
The bear syndicate have shown great
dexterity during the past ten days in ham,
mering the market with cne hand and
picking up the stocks with the other, which
we're thrown over by the holders
whom they had succeeded by
vociferous action to frighten into
selling. To the covering up by this noble
band of brothers who have temporarily
joined the bulls is attributed the up move
ment and general change for the better
has been experienced to-day. Buying has
been determined, while the selling has
been cautious and the marking up of
prices, therefore, was comparatively easy
and is likely to continue still longer until
higher range is reached; then another
upset may be looked forward to. The
absence of failures or even rumors of any.
together with the assurance from leading
dry goods men that none others are ex-
pected or likely to occur, has been favor
able in its influence in directing to-dsy's
business at the exchange and has largely
added to the general strength evinced.
The reduction of Bank of England was
also favorable element.
Stop, Thief!
To whom it may concern: 1t having come to
our notice that certain dealers secured orders by
representing themselves as the agents of the Du-
luth Coal Company, we beg to notify the public