St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-15
NEW YORK.
Ispecial Telegram to the Globe.1

New YORK, July 14.-There is little to
say about the stock market this afternoon,
and the wet blanket of politics and doubtful
hopes for the future is still very damp. The
fact is that if the market
is put sharply up or allowed to follow
its own weight downward, there is no squirt to
outsiders, and until there is outside conf
dence commission houses are looking very
carefully to the margin of customers and Of
flee expenses. One of the oldest men in the
street said to me this afternoon that he ex-
pected to hear of at least wiping out failure
or two before the bottom was reached. There
is no doubt that there is serious trouble i'm
pending, and that further failures are within
the near future in both business circles gen
orally and Wall street and financial parts.
Wall street has suffered less conn aratively
than other sections SO far.
The opening of stocks was weak this
morning, owing largely to rumors of further
trouble in the dry goods trade, to succeed the
sted-Haines failure But the market
dragged, and by the time the noon hour was
reached, and there were no further failures,
the bears began to look about and cover, and
there was reaction of N@11 per cent. in the
active stocks. At the present writing the
market has receded from the highest prices
and is about the same as on Saturday. st.
Paul has been active and sold up per cent.
and DOWN 1 per cent, and is now
steady at Saturdays figures. North
western had more weakness than
strength, but is now unchanged.
from last weeks closing. The fact is that
there is no feature to the market but the
majority Of the quotations are fractionally
lower, even for Gould stocks. The short in
terest is still large and most all of the active
stocks loaned to-day at 1-64th to Lie, which
means between S15@$62. so for the use Of
1000 shares of stock over night--for the
loans are all liable to be called in or given
up at the opening of the board in the morn
ing. Money continues wonderfully easy for
call loans on approved stock collaterals, and
there is unlimited money at per cent. on
good securities. People are wait
ing for development that will necessitate
quick money and with sharp turn either
way the demand will come.
a W. DdI says. He HAS DGtu
dull with an undettone of strength. The
fear Of further dry goods failures has been
somewhat neutralized by report that Mr..
Vanderbilt is again large borrower. We
hear of some parties looking for higher prices
in Western Union. The market is in condi-
ton to respond readily to any strong impulse,
either bull or bear. Careful enquiries in the
dry goods district, including interviews with
houses named as being in trouble, gives the
result that further trouble is not likely in view
of the fact that the banks are pursuing
a more liberal policy, The Boston Herald
printed yesterday statements from Mr.. Goutd
laying great stress on the crop prospects and
the increasing strength of the New York
banks is likely to remove dstrust. Russia
and India will have far less wheat to export
than usual, and we can undersell them in
he English markets. The railroad situation
is brighter than at any time since 1880, and
the current prices for securities are ridicul-
ously low. All of which we leave for the
personal judgment of our friends. Loaning
rates: Lackawanna, New York Central and
Lake Shore, 1872: Burlington, Central Paci-
tic, Union Pacific, Northern Pacific prefer
red, 1-64; Missouri Pacific, lie; Northwest
eru and st. Paul fiat to
1854. Louisville 81 Nashville earnings
the first week in July increased S1,615.
The bull pool in st. Paul is again mentioned
and it is said that there is bull pool in Erie
seconds, in Babcock's office. The following
statement is interesting: Twenty-one lead
ing stocks in the '73 panic from Sept 1, to
Dec. 81, averaged decline of 24.s points.
From May to June 80, 1884, was 22.91
points. After the '73 panic to Feb %, 1874,
the advance was 26.77. The stocks are Alton,
| Burlington, Northwestern, Northwestern pre-
ferred, Rock Island, st. Paul. St. Paul pre-
ferred; Cleveland, Columbia, Cincinnati &
Indiana; Jersey Central, Hudson, Erie, Erie
preferred, Illinois Central, Michigan, Mis-
souri, Pacific, Pacific Mail, Union Pacific,
Western Union, Lake Shore. New York
! Central and Laekawanna"