Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-07
The Believers in Low Prices Control
the Market,
AND CARRY ALL BEFORE THEM.
Grain, Provisions and Stocks All Give
Way to the Onslaught.
PARTIAL RECeYERYIN WIZARDS.
The Issue Of Twenty Millions of New
Bonds Ready to be Taken.
NEW YORK.
Especial Telegram to the Globe. I

Ohy. 1uoro WAS cOnSlO6raDl6 DearlSn talk
on the street in the morning as usual, but
an exception seemed to be made in favor
of the Willard stocks, and on the stock ex-
change they sold up rapidly at the opening
and for the first hour. At So for Oregon
and Ga for Northern Pacific preferred,
there was free realizing, and at times
Northwestern Jagged and threw damper
over the rest of the list. After decline Of
about point on Willard stocks, there was
worry little eppreciable change in the mar
ket until after the bank statement came
out, showing the reserve $1,214,325.
This served to be the sequel
for an onslaught by the bears, first on Vii
lards, then on Coalers. Oregon was ofer-
ed down by clique brokers in hundred
share lots Of forced sales below the market
price. Jersey was sold seller go, one point
under going prices. The syndicate Of
liars circulated reports Of prominent bank
failures in the city. Northwestern was the
! weakest spot in the whole list, and sold at
120. Toward the close it was learned that
the meeting of Northern Pacific directors
| was harmonious,i land that they adopted the
issue of $20,G00,000, second mortgage 6
per cent. gold bonds, subject to the
| approval of the preferred stockhold-
ers. Kurnan says the bonds will be
readily taken, other reports are that they
can be placed and net the company about
| 95. 1t is learned from inside scources that
the consent of the stockholders was made
certain before the action of the board was
| taken, The issue makes an incumbrance
Of $34, $40 per mile and no floating debt.
| The market closed unsettled, with talk
CT drive against the high priced stocks
next week. W. T. Baker & Co. New York
and Chicago said there was general ex-
! pectstion that some favorable action would
be taken at the directors meeting to-day,
and the Wizards were bright in enticipa-
| ton. Other stocks were kept about
steady. After the first hour the
bears began selling the Wizards in antici-
patton of the selling by the bears after
the directors meeting, and these stocks
broke sharply. The rest of the list was
sold down, especially Northwestern, St.
Paul, Union Pacific and the coal stocks.
At the meeting of the Northern Pacific
directors, Willard was reelected president,
and an issue Of bonds was authorized, not
to exceed $2O,000,00O, for the purpose of
| repaying the advances of the Oregon &
Transcontinental company, finishing the
road and buying additional equipment.
A meeting of preferred stockholders, to
consent to the mortgage, is called for
Nov. 20. The books close Oct. 20,
1t is necessary that three-quarters of the
preferred stockholders should content to
this mortgage and it remains to be seen
whether they will do so or not. Northern
| Pacifcs became steady on the announce
ment of this result, and although the rest
of the list sold off considerably, they were
we'll sustained. We look for better feel
| ing in them.
| The bank statement was favorable. The
reserve in excess of legal requirement is
$2,092,950. In spite of this stocks gener-
ally closed weak.
! 1t was said in Wall street that q promi-
nent western capitalist who had large
line of stocks had been bit so badly
|
| headings on the market, and the severe
decline of Pullman Palace car stock
pointed to the person and seemed to con-
| firm the rumor. It was also said that two
other capitalists were in deep water and
having hard time to pull through, with
the result doubtful. They were all hit in
the same way, the terrible drsp in Willard
|
severe loss. The Vanderbilt family we're
reported to have finally dropped their
holding of stocks, with more or less loss.
The street is now calling those stocks the
ex-Vanderbilts. SIT looks very much as
if Gould had captured the
so-called Willard properties, said Scranton.
eff he has not obtained a controlling in
terest in Oregon & Transcontinental he
has surely secured enough stock
to make his presence felt in the manage
ment of the company. W. e. Conner &
Co. have been buying Northern Pacific
preferred and Oregon, and it transpires
they have been buying steadily for days
past. 1t is announced that the London
holders of the preference Northern Pacific
! shares will give their consent to the sec
ond mortgage. It is believed the adjust
ment of the Northern Pacific finances will
result in higher prices for stocks gener-
ally. It is thought the policy of the Woer-
ishoffer- Cammack party will be to aid the
advance for the purpose of eliminating
the existing short interest.
The more prominent bears have had too
much company of late. Possibly the day
| will come when they will want more com
pgny instead of less. A new S5,OOo,OOO
loan was also limited at. The weakness in
the coalers was caused by street rumor
that the coal companies were making faces
at each other, and that the Delaware &
Hudson had cut rates so cents ton. Later
in the day officers of the Delaware &
Hudson company positively denied having
made any reduction whatever in prices.
The price of Bessemer pig iron has advanced
81 a ton. Russell Sage was a borrower
of money to-day. G. j. Osborne & Co.
were large sellers of Union Pacific and
Lackewanpa. The state railroad commits
sioners of New York have ordered that
railroads must file quarterly reports, the
ordar To uO inf affaof r. onoo nanoroJ