St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-22
NEW YORK,
Special Telegram to the Globe

New YORK, May 21.-The stock market
was disturbed this morning by a decline in
Jersey Central of about 5 points, and shortly
after by the announcement of the suspen sion
Of j. l. Brownell & Co. There was large
amount of stock pressed for, and the Hquida-
ton continued throughout the morning,
some properties touching even lower figures
than were reached during the late panic. At
ter midday the market recovered from the
effect of the early troubles, and stocks ad-
vanced quite sharply. The recovery in the
Granger. was feature, and there was some
good buying of Northwestern
The failure of a Pittsburg bank upset
prices for time, but at 2 o'clock stocks
were all pointing higher, with much activity
throughout. Missouri Pacific recuperated
quickly, as did Delaware & Lackawanna.
The changes were unimportant at the finish
and the market was irregular, and as there
were no rumors of any more trouble there
was no particular raiding attempted. The
fluctuations to-day have offered excellent op-
portunities for making quick turns, and the
room traders have been very busy. Invest
ers still continue to make purchases of the
better class of securities on the declines.
Boston sold considerable Union Pacific to-
day.
Henry Clews 81 Co. say: ''The market
from the start to the close showed a power of
resistance which has not been evinced since
the panic, Notwithstanding the usual tactics
of the bears to beat down prices. We are
quite satisfied the panic is at an end, and all
70 aIJ f,,a1
hausted ON the part of those vicioe ,lv in
clined. There was but one small failure to-
day, which had no effect. The larger num-
Der OF such disasters in the future are likely
to be from the bear rather than the bull side.
1t certainly will be so if Mr.. Vanderbilt
keeps up a steady buying, as he has done to-
day. Mr.. Sage passed a COM
paratively quiet day, and is
convalescing rapidly. There scenes to be
lots of vitality left in the old gentleman
from all accounts, although he has suffered
very considerably from loss of blood, as the
lance has been freely used, still he is well
known to have large reserve. Good divi-
dend-paying stocks are sure and safe DUR
chase for investment. The multitude of
brokers in the street have got out of their
stocks and those of their customers and thev
have tried very hard to-day to get out of the
money at per cent. per annum which they
took in exchange, as confidence returns
Many Of the present loaners of money will
soon get tired of the low rates that are likely
to prevail now for several months to come
and will be glad to invest in good dividend
properties
A. NJ. Day says: s'The market continues
extremely feyerish. 1t was heavy during
the forenoon and strong during the after
noon, with wide fluctuations between sales
Browneu & Co., small house, failed in the
forenoon, and the Pennsylvania bank, of
Pittsburg, suspended in the afternoon, but
neither had much effect on the market The
rally started with Missouri Pacific, which was
bid up, Lackawanna following and strength
ening the list. Soon after Union Pacific
weakened on the calling of loans and closed
very heary with the general list unsettled.
During the past three days we have been ad
vised to sell Missouri Pacific, St. Paul, Union
Pacific, Lake Shore and Lackawanna. and
every one has showed handsome profit. The
same sources of information make US still
feel bearish on all the above, and 35 for
Union Pacific before Saturday night would
not surprise US. We are credibly-
informed that Union Pacific will pass its
next dividend and is not likely to pay
another for some time to come. Long
stock of this company came out freely to-day
from good parties. New York Central loan
ed at per cent for use. We think the
for the past week, each decline finding low
er prices than the time before on all the raj
lies. Sell the fancies, which will include
some so-called dividend stocks. On all the
declines, buy the few really good stocks. In
both cases take moderate profits quickly
made.
The duty on cattle and sheep has been
doubled by France.