Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-05
NEW YORK.
Especial Telegram. to the Globe

Especial Telegram. to the Globe1
New YORK, Dec. 4-The railway war in
Wall street ragged iercely this forenoon.
Rates were badly cut, and most of the
western and southwestern roads went 10
pieces at the same time specuIators
claimed to have information that the
presidents message will contain some-
thing adverse to the Union Pacific. The
heaviest of the selling WAS in the granger
stocks, but the Northern Pacifics were all
soft. During the middle hours the
market showed a disposition to rally
little and was fairly steady. There are
large amount of seller 60 contracts in Or
on the 7th, and these stocks were menipu
lated against these contracts. 1t was re-
ported that the com pact between the UUion
Pacific, Rock Island and ST. Paul had been
formally signed, but it was difficult to find
any one who believed the report. The
more active stocks, with the exception of
Pacific Mail, have shown declining ten
denoy.
Cammack & WerishoEar are said to have
sold the Wizards literally. This il on the
expectation of unfavorabie legislation in
congress ard on the report that the Ore
gon TranscoDtinental will pass the regular
dividend. The decline IN these stocks was
quite steady, and they seemed to have no
support. New York Central was sold
heavily by prominent bears on the rumor
that the road is badly in need Of MOI ey
and is going to try aud
negotiate S2O,o0o,ooO second
mortgage loan to obtain it. The road is
badly run down, caused by the skinning
process it has gone through during the
past ten years to keep up the ner cent.
dividend the road has paid, and now the
West Shore competition compels them to
put themselves in shape to meet it. Prom
inent operators think that while the short
age in the corn crop will undoubtedly
affect the earnings of western roads, still
neither a short crop nor severe winter
affect values at the time of their occur
renee, but always later on. It is, however,
| believed that tho roads have good winter
traffic already assured. Stocks should
| naturally rise on account of the enormous
amount of money now accumulated await
! ing investment, besides large amounts
| which will come out in the next sixty days
The government will pay out s50,0o0,000
| for interest and redemption Large
amounts will be disbursed in dividends by
corporations. The natural tendency is for
such money to seek first
class bonds and go into
assured dividend stocks, thus spreading
| through all the list until even the wild
cats feel the effect. The present great dis
asser which counts for more than the
shortage in corn. is the fact that the st
+! Paul directors are short of their own stock
| Until that is settled, it is useless to expect
any great advance in the market.
The Granger road represSn tatives ard
| those of the Union Pa:iic were plentiful
at the Windsor last evening, but they
| continued to deny reports of an alliance
between the Rock Island, St
Paul and Union Pacific at
against the Chicago, Burlington & Quincy
and the Northwestern roads. r. R. Gable
and S. a. H. Clarke each made this state
| ment, but their denial is regarded as eva
sive of the facts-that papers have been
positively drawn up for such combination
and their lawyers are here with them t,
conclude bargain of this sort. Press ad
vices saw if this scheme is carried out