Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-26
NEW YORK.
ISpe cial Telegram to the Globel

ISpe cial Telegram to the Globel
New YORK, Sept. 25.-Stocks opened
strong and active. Northern Pacific pre-
ferred sold at 65c an improvement of 4
per cent from yesterdays lowest figures.
Common and Oregon Transcontinental
were both better, though they did not score
so great an advance. These features were
sufficient to impart much frmnes to the
balance of the market, and for time ev-
ryLhing looked remarkably well. The
report of the failure of F. Mayer i Co.,
an extensive cloth hous, with lar ge liabili-
ties, was somewhat of damper, and the
shorts having coved heavily, the market
weakened and became considerably demor-
allied. The attack on Lake Shore helped
unsettle values, and in late
dealings there was much activity in it
and the lowest figures of the day were
reached. The balance of the Vanderbilts were
feeble. The transactions in Willard stocks
were immense. There was large trade
in Northern Pacific, and it was not easily
depressed. The bears talked more failures
at the last, but none were announced. ST..
Paul earnings for the third week in Sep
tember increased $4,000; Northwestern
for the same time, $4,000. At the finish
stocks rallied and the close was fairly firm.
The transactions aggregated 439,95O
shares.
At the Windsor hotel this evening the
main financial topic was the probable
future course of the Willard stocks.
The Drexel, Morgan, D. o. Mills and
Billings party declared to their friends
that they have not sold their stocks. The
shrinkage in value of the Willard stocks
last week is estimated as high as $10,0GO,-
900. The bulls claim this class of securi-
ties will soon cut loose from influencing
the remainder OF the market, possibly
within forty Eight hours, and that when
the current does change in earnest, an ad-
vance of 10 per cent. is very probable in
the list Of active stocks. Brokers report
the market still continues largely oversold.
The big room traders have bought in the
most of the shorts, and are a little shy of
following the bears. Connor said his peo-
pie were inclined to do nothing in the gen
eral market at present, because they saw
a determination to put Willard stocks
lower, and they consequently were
waiting till this movement was concluded.
The western railroad managers say the
only trouble among their roads is the
squabble oYer the southwestern passenger
rates, and freights are entirely unaffected.
Work, Strong & Co. have been heavy buy
ers iof Oregon Transcontinential. It is
stated the money borrowed on Northern
Pacific and Oregon Transcontinential
when the securities were pledged as col
lateral for sixty day bills of exchange has
not caused any trouble to the borrowers,
as the trade provided for an extension of
the bills of exchange twice. In other
words, the loan really matured at the end
of six months. It has been current that
some of sthe long stock sold
last week was the result of one of these
transactions, but was denied, and the ex-
PLANTATION made that loan which became
one was not paid, and the stock was sold.
This loan had nothing to do with the
Northern Pacific company. Mr.. Mitchell.
of the St. Paul, was director, and it was
an open secret that the st. Paul company
expected to control tha Northern Pacific
road.
McGinnis Bros. & Terry wired their cor
respondent the following confidential let
ter this afternoon: sThe Willard stocks
we're excited at the opening and received
an advance of TO 2115 points IN the first
Is minutes. It was thought Commack
covered at least $4,000 shares, and others
of less prominence a smaller amount.
The effect of this buying was much less than
the bears expected or the bulls hoped for
Brandon, Woernihoffer and other bears
were still large borrowers. Oregon was
returned to the lenders, and the street
seems full of it. In the midst of the dis
appointment at the feebleness of the rally,
came the announcement of further trouble
among the cloth houses of New York. Two
houses failed, one, a very prominent one,
for $2,000,O00, and four others are in diff
Guilty. This caused loss of all snap to
the advance, and then decline of one to
two points took place, when the market
became quiet and featureless.
The Gould brokers were buyers of
Louisville & Nashville during the early
hours. Jersey loaned at 1854 for
use. During the middle hours
it was quiet all along the line but towards
2 o'clock the entire market was hammer
ed and pounded by the bears and room