St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-29
NEW YORK.
Especial Telegram to the Globe. |


NEW YORK, Feb. 2S.-"Gone and forgot
ten, is apparently the epitaph which has
been prepared for the late bull clique. After
the feeble effort to maintain an appearance
of life during the three days of this week
they were apparently forced to-day to give up
the ghost and have departed from sight. The
few members of the public contingent who
were induced to buy stock are sadly going
about saying, "though lost to sight, to mem
ory dear" On the report of heavy cut in
rates by the Western Trunk Line association,
the market opened with sharp decline in
st. Paul, Northwestern and Union Pacific.
The full effect seemed to be made in the
first half hour and from that time
until the middle hours there was no feature
and very little life. Prices seemed, however,
to hold up fairly well. The bears then COM
menced determined effort, Slayback lead
ing with an attack on st. Paul. From that
time on to the finish the market steadily de-
clined and closed feverish without the slight
est symptoms of a rally. All kinds of stories
were given to account for the weakness One
was that Gould had made up his mind to go
away and being, as he stated once before,
little lame started early and left Mr. Wander
bilt long and trying to unload. A more
sensible conclusion is that the bull manipu-
lators did their best to advance prices hoping
to induce the public to come in, which
they failed utterly to accomplish. In their
strait while they were trying to reduce their
load comes the threatening condition of the
western railroads, and there was nothing to
do but run. There was good selling of Chi
cago, Burlington & Quincy by Boston parties.
On any sharp decline in the assured dividend
stocks we strongly advocate buying for
turn.
Another correspondent wires: 'sThe mar
ket opened somewhat excited and weak with
free selling all along the line. There ap-
peared to be no sustaining orders, and the
bears had it all their own way. Central and
Union Pacific were particularly feeble, also
Pullman Palace. The grangers were raided
again, Northwestern falling below III. Trans
actions were on limited scale for a time,
though toward the finish there was more ac-
tivity with everything on the down grade.
Pacific mail was about the only
property that showed any vim.
It advanced in the face of everything else de-
clining. During the closing hour free sell
ing caused considerable excitement, and
the feeling was very weak, the leaders show
ed much Indifference, and made no attempt
to sustain prices, as the bears scored quite
a success. The Vanderbilt stocks were among
the weakest. Manitoba was raided at the
end. selling at 90. Canadian Pacific fell to
50 and there was considerable demoraliza-
ton all round. Stocks were at about the
lowest for the day when business closed, the
rallies amounting to nothing, The market
closing feverish and unsettled
Henry Clews & Co. wired their cores
pondents tonight: "The market opened
weak and continued under the influence of
realizing sales all day, which was merely arepe-
tition of the same thing which has been go
ing on, now for several days past, andthe de-
cided break which has at last occurred, was
one to the overload of stocks, which have
been sold by the cliques, This recent retro
grade movement is unlike previous
ones of a similar character as it
was entirely devoid of the tactics
usually practiced at such periods by the
bears. 1t has been discovered that they have
taken but little hand in the deal, hence the
selling has come almost entirely from the
bulls, and as they have not by any means ex-
hausted their power Of selling stocks, lower