St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-18
NEW YORK.


New YORK, April 17.-The opening chorus
this morning was in Pacific Mail movement
downward. At noon it sold at Az, drop
of 3 per cent. Next came the Wabash, and
with sales of the common at 80 and prefer
red at 1614. A break of about two per cent
in Denver followed. This was sufficient to
upset the remainder, and a very feverish
market was the result Manitoba sold ex-
dividend of 3 per cent at the opening, and
fell to 92H soon alters. The trading in
Missouri Pacific, Pacific Mail and the Coalers
was very active. The bears had it all their
own way, sweeping everything before them,
some covering by them after midday checked
the decline and prevented the market from
running into a little panic. The Northern
Pacific properties continue the exception and
remain very firm. The earnings of the road
for the second week III April increased $780,
600. Omaha also gained S31, 900, while
Northwestern and st. Paul decreased 50, 900
and $4,000 respectively. Jersey central is
somewhat oversold, and was worth 1-16 for
use to-day. At the end the market was ir-
regular, feverish and anything but strong.
Henry Clews IL Co. say: ''The market has
been weak most of the day, and at various
periods received many hard knocks, which
killed all attempts to advance prices and
hold them. Pacific Mail distinguished itself
as an acrobat and performed many feats
wonderful to behold, opening at 50Tc and
receding to 4715c. Had the quarterly divi-
dend been paid instead Of II per cent, the
price doubtless would have fallen rapidly to
4Oc instead of stopping at 471lc. After past
and recent experience. dividends do not make
as good bait for fishing
as formerly. The bearish attitude of Gould,
together with the largely talked Of gold ship
ments, was the basis of the attacks upon the
general market. The closing was made to
look as weak as possible and really appeared
to be sick. Cotton had very quiet spell in
the morning, but recovered Is point on
strong buying which made more confident
closing. Wheat opened steady, but soon
grew strong through anxiety of shorts to
cover, as they felt nervous on account of the
market not breaking more under big
lots Of long stuff thrown overheard
last night by Hobbs, Comstock and
Clapp. While there is no change to be noted
in the position Of the factors to be considered
in estimating the value of wheat the scalpers
are daily growing more bullish and are very
cautious and conservative about going short,
which is quite a contrast to the bold, con-
fident and reckless sales of a week ago.
Corn surprised its friends by bracing up and
advancing over a cent. The stimuant for
this unexpected action was the small re-
ceipts, only SO cars. 1t is feared, tomorrow
the effect will be short lived and
as usual in such cases at the expense Of its
future vitality leaving it weaker than before.
Provisions felt heavy, but could not remain
quiet on account of the noise and hustle
raised, by wheat and corn They
woke up and made an earnest but feeble az
tempt to drop in line of the bull march.
they presented tired and uncomfortable
appearance towards the close and looked dis
gusted with the whole proceedingsn
A. NJ. Day says: ''The weakness of Pa
cific Mail, the Wabash and Missouri Pacific
again had depressing effect on the rest of
the market during the morning hours with
the exception Of the Changers, the Wander