St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-20
NEW YORK.
Especial Telegram to the Globe.

Especial Telegram to the Globe.
New YORK, May 19,-Stocks were considera-
bly, unsettled at the commencement of business
this morning. Lake Shore was about the weak
est feature among the dividend buyers. The or
ders from the other side of the water which were
looked for did not make their appearance. There
was big trad ing in Louisville & Nashville, the
price falling from 1914 to 30A Money was in
good supply at about per cent. There were
not so many orders from outsiders, however,
were expected and the market at times
ceedingly tame. The coal stocks were heavy
the day through. About 2 o'clock Lake Shore
dropped below So. St. Paul was selling at II and
the market generally didn' look very brilliant.
The announcement of the failure of w. B. Scott
& Co. was made about this time.
Business to-day centercd in the better class of
securities The activity in Louisville & Nash
vile was occasioned by the unloading of it by
disgusted holders. 1t was also the case in Read
ing. This wedding out process will prove of great
benefit hereafter Stocks picked up somewhat
at the end, and closed fairly firm.
Henry Clews S Co. say: ''Soon after the
opening this morning savage attack was made
on Louisville & Nashville, followed by a similar
one on Lake Shore, and simultaneously report
became current of a defalcation in some corpora
tions not named 1t was also freely whispered
that several important failures would take place
during the day. This struck terror to the hold
of securities bought in the last few days, and
caused general unloading to realize the moder-
ate profits thereon. The market was consequent
ly kept in more or less of nervous state for
the residue OF the day, until about the close,
when stronger tone was aroused with
increased confidence, carrying with it some
BRIGHTER her
was but one small failure announced and as
liquidation took place in its advance the fact was
nominal. While other failures are not unlikely,
still they will hereafter cease to produce any great
CONSERVATION, as stocks are not likely to come
from such quarters, as it will be found that they
had already thrown their securities overheard
The bears must invent, therefore, some other
dodge to bring out long stocks than their efforts
to produce failures of stock houses. There
never has been such persistent, continuous and
vicious efforts to undermine the credit of many
of the leading firms and cause their collapse than
during the last few weeks. The wires have
been freely used reporting to all parts of the
country, first one then another, as having actually
failed. and the wonder, therefore, must be with
the people of other cities Of such frequent reports
that such houses thus attacked could have
sources large enough to have sustained them
selves. The test, therefore, having been such
thorough one, cannot fail to inure to the benefit
of those firms that have been seriously under fire
during the recent trying ordeal, and when the
storm has passed. they having survived the Or
ganiged conspiracy against them, the highest rate
of credit must be accorded, as it will prove they
are capable of passing through any financial erup-
tion and able to take of themselves under
any and all circumstances, come what will. The
market naturally after such rough treatment
and such terrible losses, cannot fail
to be otherwise than feverish
for short time ahead, but we look forward to a
steady revival of confidence and improvement
in good properties day by day, and we do not hes
tate to recommend investments in the better
class of stocks at the present time, and those
that do not visit Wall street with their spare
means will regret it thirty days hence if not be-
fore. 1t must be remembered that this country
and many of its enterprises have higher future,
and the effects of the recent panic will soon be
looked upon thing of the past and be soon for
gotten. Life is too short and time too precious
in this country for its people to look
backwards. The natural tendency is the forward
march. There certainly can be no risk in buy-l
ing stock like Delaware & Lackawanna at 1O9
which for many years past has earned and de-
clared per cent. dividends and accumulated a
cash surplus besides which now amounts to $1O-
100000. Phe be applied to North
western at 102, Rock Island at 115, and Chicago,
Burlington & Quincy at 10. All are per cent.
dividend-paying stocks and so will continue to
be. The rate of money will soon steadily
work down to per cent, if not less. Then the
question will come up what to do with it as it was
short time since. London has bought over 900, 900
shares of American securities in the last three
days which will prevent any additional exports of
coin, besides which the foreigners are not yet
through with buying. No more wholesome
sign could exist than this, and the effect of the
panic as producing low prices and causing this
export of our securities will prove beneficial.
force its export in the same ways. Banks and
trust companies who have loans and collaterals
should now insist upon full and ample margins,
and if their dealers unable to respond they
shonld be forced to the wall, so that all
weak spots should now be broken out, when the
base will be solid one to build upon, instead of
having struggling fortunes after we again get
fairly under way. 1t is better that the opportu-
it becomes solid and substantial, and then it will
be enduring and uninterrupted for one or two
years ahead at least. Now is the time to get rid
of all bankrupt firms, institutions and concerns
before we take new departure, thenit will be
straight sailing