St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-04
NEW YORK.
Especial Telegram to the Globe I

Especial Telegram to the Globe1
New YORK, Oct. 3.-The market opened with
some disposition to dullness, with absolutely no
business doing throughout the greater part of
the day. The earnings of the Granger roads
were somewhat of surprise so far as st. Paul
was concerned, as that line shows an increase
for the fourth week of September of $62 900,
While Northwestern, as was expected, was be-
hind about S163,000. Northern Pacific for the
same period decreased $4,000. These state
ments seemed to have but little effect on stocks.
The cliques appeared to be satisfied with hold
ing their favorite steady, and Delaware & Lack
awanna and Union Pacific changed but little dur
ing the day. The short interest appears to be
diminishing. Texas Pacific was knocked around
with sales down to 10H as against 12 last even
ing. The announcement publicly of the in
creased rates for grain to New York and the
prayerful determination of the pool companies to
adhere TO the schedule excites only sneering
comment. No one in the shipping interest be-
heves itimpossible to get grain here at easier
rates than those prescribed by the pool
commissioners and the Grand Trunks
acqu1escence is purely conditional.
1t will pay over cash for past excesses and makes
application for a new percentage and will insist
upon new arbitrator and different division of
business. 1t is thought, however, that settle
ment is to be made at the cut rates and not the
pool schedule. None of the roads dare insish
upon the latter settlement as each is equally
guilty of violations. The dearth of business is
due entirely to the absence of outside traders and
the unwillingness of the bull side to put stocks
up in the absence of big short interest.
The loaning rates for stocks do
not show that there is any
large short interest now and leading bears say
that they are doing nothing. In the absence of
a commanding interest in the business of the
day, brokers are considering methods for the
simpliication and more rapid transaction of
business during the boom which is anticipated
after the election. A plan is under discussion by
members of the board to facilitate delivery of
stocks. The plan is that the original seller OF
any stock shall issue a due bill or certificate to
the amount Of the stock sold, provided the one
who issues them before 2:3O, with certi-
fed check for the full amounts for
which the stock was sold, less
commission. The certificates will pass current
among the parties who have bought or sold this
particular stock. The advantages of the new
scheme are that the certificate will do away
with necessity of large certifcations, will lessen
the risk from any loss of certificates and will
compel more speedy fulflment Of the con-
tracts. Mr.. Quincy, Of VIM. Heath & Co., is
said to be the father Of the plan. This is an i'm
| portant scheme and Of interest to brokers and
dealers in stocks. At the last, prices were in
clned to droop and the closing was very tame.
! A prominent broker said to-day: 81 know
that some Of the financial writer's have been pre-
sented with calls on Lackawanna and Union Pa.
cifc, which Of course they pay for in bull ar.
| ticles Now If Gould and Vanderbilt really be.
lieved in materially higher prices for these stocks
why are they so willing 10 allow the public tc
share their proftsf They have Union Pacific
Lackawanna and Missouri Pacific so well in hand
that they can put them up at any time and force
general covering of shorts, then they let go and
allow another short interest to develop. Thil
they are likely to continue to do until after elec
! tion.''