St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-27
NEW YORK.
Especial Telegram to the Globe. I

Especial Telegram TO the Globe.
NEW YORK, Sept 26.-The feeling seemed
a trife better when business commenced,
and during the morning became quite buoy
ant, especially in Lake Shore, Northwestern,
Delaware & Lackawanna, and Northern Pa
ciic preferred, but few dared to predict that
the improvement would last throughout the
day, or that it was anything more than
rally on the shorts. The feeling at times
was feverish, and many stocks were sold on
each rise. Northwestern showed much
strength. Oregon Railway, which has been
so much depressed of late, made the best
gain for the day, and West Shore bonds rose
about per cent An advance to 9S1S in
Northwestern was the eliminating point,
and in the closing hour prices went down
with run. New York Central was weight
on the market all day. Delaware 81 Lacka-
wanna ranged between 1881 and 110. The
usual quarterly dividend of 2 per cent.
was declared this morning. The
late dealings showed considerable weakness
and the markets closed unsettled, with the
advance of the earlier hours entirely wiped
out. Heavy realizing continued up to the
finish.
Freights are openly announced at big dis
count. Commissioner Fink says he is tired
of this constant repetition of breeches of
faith, and seeks rest and recreation every af-
| ternoon in long rides on horseback. He ex-
presses no opinion as to the outcome of the
present demonstrations, but those who are
watching for developments say it will, as
usual, end in cry of peace when there is no
| IL
lively sessions. 1t is even said that Fink, in
one of the exciting episodes, presented his
resignation, but was subsequent
ly induced TO withhold It,
Ten thousand shares OF Northwestern
by Theodore Wilson, were obtained this af-
ternoon between 9O% and 81. The only
large sellers were Powers 81 Stephens and A.
| De Cordova. Much Of the stock was picked
up in small lots. Mr.. Coombs sold z, 800
shares at 915S. Traders in New York Cen
trail report a great deal of long stock coming
again to-day. Brokers in the Erie crowd say
that there is good buying from quarters that
usually have early information, and a rumor
is current that the English committee is hav-
ing better luck in raising money than was
expected. 1t is stated upon good authority
that the New York Central will issue the re-
ported $40, 600, 900 of debenture bonds, and
that the first installment of S2,000,000 will
be announced on Monday of next week
This may account for the break of l 4 per
cent in the stock this after
noon. Receiver Little, of the Jersey
Central, says that the Delaware 81 Hudson
has made proposition to leave the Jersey
Central and guarantee 6 per cent. interest
on its bonds. The Lake Shore statement
for the year ending June 80, fled with the
Ohio railroad commissioners, shows an in
crease of 81, ,O54, ,943 in the floating debt of
1898, 4S5 in receipts and assets, leaving a
net increase Of $246, ASS in the floating
debt. The Delaware 81 Lackawanna directors
to-day declared per cent. dividend, pay
able Oct. 81. President Sloan says the
August earnings are over per cent.
A broker remarked this morning: aErie
earns about the same as st. Paul, which pays
about 50, 1000, 900 for fixed charges, interest
and dividends, while Erie pays nothing but
fixed charges. There's a big steal in Erie
some where"
Speaking of st. Paul, Lawson saws that
Alex. Mitchell is a railroad builder but not
railroad. He was in the habit of building
railroads for s6, 600 to IS, 900 per mile and
selling them for s12, 900 to SIS, 900 per mile,
and the Milwaukee 81 st. Paul, having no
more road to build at present, he is ready TO
retire.
General Manager Merrill, Mr. Mitchell
states this morning, is very low and liable
10 die at any moment. Some of the best
houses claim that st. Paul is loaded down
with debt and in short time will be in the
same condition with Wabash, and will have
a receiver appointed to take charge of its
affairs.
The Posts financial article says: 'sIt be-
comes more clear from day to day that the
elements of the greatest weakness in the
market are the Vanderbilt stocks, and espe-
cially New York Central and Lake Shore.
The greater advance in these to-day, than in
other stocks, as well as the decline in them
yesterday, was due to manipulation. They
are beared by cliques first TO depress them
and TO advance the general market.''
Western and Texans made up about 900
cars of the days receipts Of cattle, and the
quality Of the westerns and Texans was fully
up to the average, many droves being good
enough for any market. Stockers and feed.
ers were in brisk demand and selling al
high prices. All the stock calves have been
! sold out at strong prices. Range cattle were
quoted at 10t915c lower, but the drop was
!. more on account Of the quality, which was
! really good all around, as the current sale:
show little or no change. We quote Texans
ss.75a425, wyomings s4.25Q5. Colo
radios s4.1094- 80, Montanas s4.25@4. 80,
COWS and tailings s3. .5094.
There we're about 81 900 hogs in sale, f.
D much greater number than was wanted, es
: pecially when It is known that more thar
half the number were OF the common kinC
and medium sorts. The market opened anC
ruled dull, prices gradually sinking unit
the decline reached 10a15c on medium ant
common, 5910c on the best heavy. Ligh
e sorts were entirely neglected Sales wer
: small within q range of s5-SO@6 for com
T mon to choice light, "a 50ta6 for common
t mixed, and S. 50@6 for the best heavy
, Prices Of sheep within the past tSenty-fou