St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-22
NEW YORK.
Especial Telegram to the Globe

Especial Telegram to the Globe
New YORK, July Give have the cholera
in our stock market to-day and professionals
are holding off awaiting results, the general
belief being that with any spread
of the epidemic in France or, it's
extension to England we will have
no market for our immense grain crop.
There is no doubt but that this is one of the
demoralizing influences in Wall street to-
day and it is accompanied by the failures in
the iron circles where everything was sup.
posed to be very solid. Stocks have been
dull and "busness'' is a sort of historical
fact for the general run of commission
houses. So far as prices are concerned the
general tone is weak. The Ore and Steel
company's failure in St. Louis brought out
some stocks but the cliques rallied and bought
to meet the offers of the furry only lasted a
few minutes. Then came weaker period
and the advance was lost with st. Paul of
1 per cent, and Illinois Central =.
Western Union is also i lower
and Missouri Pacific per cent. The latter
sold at one time to-day nearly ? per cent be-
low Saturday. In the face of round trip
tickets from Cleqeland to New York and re-
turn, good for ten days, price So, West Shore
bonds are steady at Saturdays prices Lake
Shore keeps in the rut, while Michigan Cen
trail was bid up to 6215 from SO. So far as
as this latter is concerned it is a fact that
there is nothing doing in it. In order to
make price one broker bids 50, which is
Saturdays final price, and another offers the
stock at 81 cents advance. A bid at the
latter price would bring swapping rush of
the stock upon the market The
air has been fnll of rumors,
one was that New York Central would issue
bonds to meet the cost of certain depot i'm
provements here. This was promptly denied
by President Rutter. There are rumors of
more trouble in the iron trade with a big
company involved and prospective embar-
rassment is predicted in the sugar trade and
more in dry goods, but the real point in any
weakness is the cholera scare and the pros
pect of period of depression abroad that
will prevent grain shipments. France is the
earliest buyer of American wheat. With the
ports of Toulon and Marseillcs closed against
ships, for any vessel that enters there is
Immediately quarantined and cannot leave,
and with the possibility of Havre being quar-
antined also, the outlook is not promising:
and the quarantine at New Orleans only adds
to the bear argument that we must retain
our wheat here, and if there is no foreign
demand the railroads must carry less to tide
water points, and hence the bull argument
of big crops and big earnings because Of
them is knocked in the head-and the crop
promises has been used tor the recent past
as the backbone of the bull party. The mar
ket fell off at the finish and closed a trihe I'M
settled
Body, Mcclellan g. Co. say: ''The mar
ket gave promise of better things at the open
ing. The tone was decidedly firm. There
was an advance in Delaware d. Lackawana
to 112. The grangers and Union
Pacific were better and there
was very fair amount Of
activity. Before the afternoon hours great
prrt of the advance was lost and the market
became almost lifeless. The clique in st.
Paul appeared to be doing nothing. In the
loan crowd nearly all stocks commanded
small premium for use, Western Union te,t-
graph being an exception. Outsiders up
peared to be doing little and they win prob
ably stand aloof until the safety of the crops
is assured. There will be sufficient tempta-
tons then to warrant their participating and
the result will be much more life and better
prices for all our western stocks. II has
been one of the dullest days Of the season on
the exchange; the total sales up to noon
amounting to less than 10000 slares.
A. NJ Day says: 'It is impossible to tell
what manipulation will do until the cards are
played. IF believers In the intrinsic value of
certain properties wish to buy for a long pull
the present may be as good time as anyi
but to those who wish to buy on turns, we
advise waiting for reaction"