St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-03
NEW YORK.
Especial Telegram to the Globe. ]

Speclal Telegram TO the GloDe.
New YORK, May 2.-The tactics Of yester
day were continued in to-day's programme
III Wall street. In the early hours stocks
advanced and looked fairly firm. Union
Pacific, however, assisted by Central Pacific
and Western Union, upset the plans of those
who were inclined to hold up prices. They
gave way gradually until at 2 O'Clock Western
Union Telegraph was selling at $3.50, Union
Pacific had lost 3 per cent. and
Central Pacific 4. The Changers were
down to about the lowest figures yet
reached, and the feeling was anything but
comfortable for holders of shares. Canada
Southern was the weakest feature among the
Vanderbilts, declining to 1870. There were
some wild rumors afioat, and there would
have been more probably if the storm west
had not interfered SO with telegraph!c COM
munication. There was an active business
in Northern Pacific preferred, and, n0twith-
standing the weak feeling in most stocks, it
gained 3 per cent. for the day. The bonds
of the company are also strong and advanc-
ing. There were sharp rallies at the finish
when it was known that many of the reports
of trouble earlier in the day were entirely
groundless, and many stocks closed at nearly
the best figures of the day. The market con :
tinues to be puzzle to the majority of oper-
ators.
Henry Clews Il Co. say: ''The market
was ragged most all day, and it is doubtless
about the close of the bear campaign. All
the panicky methods usual at such periods
,lo Of hnc
on the street had saddled upon the vague re-
ports of their being in trouble, but the last
one must have been intended us a big stroke,
that is report which reflected on the Bank
of England. When such false weapons are
used it shows an exhaustion of bear ammu-
milton to affect prices, and seldom or ever
fails to be signal to buy stocks upon, and
soon occur again as the present for making
investments. We have now had two
years of shrinkage, with which our
firm has been in full accord most
Of the time, and together with our
customers have reaped the profits thereby.
Surely if the Texas Pacific and Missouri,
Kansas & Texas companies should go into
that could possibly happen to them, these
stocks would still be worth the price at which
they are quoted for their vote to control
these properties if for nothing else, and the
same can be said Of many others. The heavy
selling Of Union Pacific stock was on reports
of strike of the employees owing to the de-
crease in wages. There has been a striking
but it has been confined to the machine
shops and in no way interferes with the run
ming of the road. Central Pacific sympathize
of cours ewith Union Pacific, and it was
unduly depressed. Another report
was freely circulated that certain herctfore
dividend paying stocks had been thrown out
Of loans by a trust company. Our investi-
cation stamps that statement as false. II
the reports put in circulation by the bears
are to be believed during their present des-
| parate efforts to keep the market from rising
while they are buying to cover, the person
who does believe them would be credulous
enough to believe the world was coming t.
an end tomorrow, il so informed. Remem-
Der one thing, and that is, always wait for a
day with stocks on bear market,
when rumors are the most numerous, anG
let that be signal for good stocks to be
raided as such periods We, therefore, un-
hesitatingly recommend buying good stocks
in every bear onset hereafter. They will
pay large dividends within very short time
to their possessors."
Western Associated Press.
New YORK, May 2.-Brokers at the produce
exchange at noon broke the pit to pieces,
and refused to buy or sell to Millmine, Bod
man S5 Co., who represent bulls, and who are
said to be cornering wheat