St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-27
NEW YORK.
Especial Telegram to the Globe.

ISpeCldl lcltSTdln W tue 1iODe
New YORK, May 26.-The market looked
badly this morning. Northwestern was at
tackled at the opening, also Rock Island,
Chicago, Burlington q Quincy and Illinois
Central 1t was very evident before the first
hour elapsed that Mr.. Gould was sustaining
his specialties and the shorts appeared to be
somewhat alarmed. When they attempted
to cover the market advanced sharply, and as
the day wore on the feeling became quite
buoyant. Chicago, Burlington & Quincy
rose four points. 1t was reported that Mil
waukee was purchasing st. Paul and the
stock was very stubborn when others were
weak Northern Pacific preferred was one
of the strongest features. Business centered
in the better class Of properties and they will
continue to be leaders for a long time to
come. Delaware s. Lackawanna was raided
most numerically at one time, but recuper
ated later in manner that made the early at
it feel very uncomfortable. We may expect
reactions after such an improvement, but
there are many conservative operators
who feel that the prices for
some of the leading stocks,
which were reached during the past forth
night will not be seen again very soon. The
bears were full of business in the closing
moments. Delaware u Hudson opened at
S913 exdiyidend III per cent; the first sale
was at 95.
Henry Clews s. Co. say: ''The market
opened under a general preconcerted and
determined attack from the same quarter
where most of the recent ones emanated
from. The aggregate of the transactions
were short sales which being added to the
previously oversold condition Of the market
proved burdensome and may not unlikely
soon be troublesome to the parties interested
therein. The incentive for the
continuation of the bear movement
is certainly entirely predicated upon past
events and already gone into ancient history.
The bear dance continued, however, happily,
until about noon when the market was
snatched from their grip. The wants which
are likely to develop in the future will soon
overshadow the gloomy past and in contrast
Herewith make the times appear bright
again. We certainly have had terrible
things occur, many of which are worse in
their character of villany than any that have
ever struck Wall street before. The wonder
is that men engaged in business should have
any confidence in their fellow man after the
unearthing of so many acts of wrong doing
by members of the race. It is to be hoped,
however, that all the rottenness of the old
timber has now come to the surface, and
that the new growth will be spring-like and
healthy. At the start of the days. business
combined effort was made to beat down the
price of Delaware 81 Lackawana, and through
it lead the market to renewed panic. The
statements which the parties engaged in this
movement endeavored to make the street be-
lieve to enable them to carry out their plan
of destruction was that the coal combination
was on the eve of disruption. We
have satisfied ourselves that the so called coal
combination was never so harmonious and
strong as at the present time. There is no
more likelihood of its breaking for some time
to come, at least than there is for the North
river to stop running. as "united they stand.
and divided they falln The various compa-
nies tried the latter once to their hearts con-
tent and it never will be repeated. The tone
at the close was buoyant and promising The
worst certainly has past, and nothing one
half as bad is likely to occur again in the
next five years in our Judgment
The basis is good one for
a strong bull market, and the handwriting is
on the wall that it will drift that way. Peo-
pie who have lost this opportunity to buy
dividend paying stocks at the lowest prices
reached, will make great mistake if they do
not buy them forthwith, as there are no
properties anywhere to be found in any
market in the world as cheap. The water is
all out of Western Union and everything
else at their present prices.''