St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-28
NEW YORK..
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lSpeClai ieleefan ID L1e GloDe
NEW YORK, Dee. 27.-The stock market
opened this morning with a feeling fully rs
weak as il was at the close last night aud
with the talk bearish. IL is feared that at the
first OF the year there will be a good many
failures, and this now is a most depressing
influence. ''lu7estors are getting tired out"
says one firm in its circular. HPeope who
have held stocks through all sorts Of vieiss-
tudes are letting them go, now that the divi-
dends are not coming forth, or now that they
are being cut down. We don't see any good
In the Market" aud the market became
thoroughly demOraliZcd before an hour
elapsed. The coalers suffered the most,
especially Delaware d Hudson, which fell
to 6S, a decline OF points from
the figures twenty-four hours ago. Delaware
d Lackawanna touched 90c. Lake Shore &
st. Paul were pressed for sale, as was Rock
Island and Chicago, Burlington d Quincy
The feeling was very feverish, aud at times
the market was In state of semi-panic Tue
ups and downs were sufficient To keep the
roof. traders busy. A sharp break IN Man
haitian Elevated railroad stock was caused bv
quarrel, it is said, between Gould and Cy-
rus w. Field over some questions of policy.
The price dropped from 66x to 64%, but re
covered TO 66 when IL became known that
the trouble was not due to any internal fuan-
cia! trouble of the company, but 10 a quarrel
simply of two very large stockholders.
Gould was though 10 be willing TO see West
ern Union and Manhattan Elevated botb
lower, although he was not selling the latter.
bt,ts Twin 4 a.
mas gifts. He owned little while ago ST.
600 shares of Manhattan. A war between
the cable companies would not hurt Western
Union, as many suppose, as. by its present
contract with the cable com lnies, IL is to re-
ceive liked sum per word. There was no
good reason for The continued decline IN
Lackawanna, II was sverred, as the road al
ready has money enough in bank TO pay one
years interest on its funded debt, while II
could earn its dividend easily, but Reading
now declares II will enter into no new coal
mbiDation to which the Pennsl lvania road
is not party. The London houses bought
New York Central this morning. and sold
Lake Shore, which was regarded as singular.
inasmuch as the Lake Shore company earned
its dividend on the last quarter and the New
York Central did not. Probably the weak.
ness in Lake Shore in London had some
thing to do with it, as money was up to per
cent outside the Bank OF England, owing
probably to the depression In Vienna. The
London discount houses are allowing per
cent. or ~ per cent. for deposits, the former
rate being subject to call. 1t is said that
support will be given to St Paul at 20. A
new bull pool is reported forming
in st. Paul to incluae the
directors party and two prominent
outsiders. Vanderbilt brokers say they think
thai W. II. Vanderbilt has been luying a
little Northwestern, not enough, however, TO
amount TO anything AS a pointer. The
younger Vanderhiits are doing nuthing. The
Vanderbilt brokers, who have been predict
ing a rise in Northwestern, talk as if the
movement had been deferred little Some
large selling orders are reported in Rock
Island.
The Sun says that the Oregon Transcon-
tiuental company will announce that the
$40, 600, 900 collateral trust loan has been
taken. The old loan of IS, 900. 600 has been
reduced to $500, 600 by taking up some of
the collateral. AS has been announced here
tofore, Drexel g. Morgan take one-half
of the loan, with ~ per cent. commission.
Stockholders who subscribe will also get this
commission, In the closing hour covering
caused sharp rallies In the Vsnderbills,
graugers and coolers. Northern Pacific pre-
ferred was strong all day. There is so little
of 1t afoat in the street that few care 10 touch
1t on the short side. The oversold condition
OF Erie second bonds keeps them quite steady
also. Alton begins to weaken and sold at
sl.29 to $1.27 The rallies failed 10 hold,
and at the finish Delaware and Laekawanna
dropped below 90c. The books close for the
dividend on the 31st inst. The 51yingl this
afternoon seemed 10 come from the shorts,
who evened up for the week.