St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-14
new YORK.
Especial Telegram to the Globe. l


New YORK, Oct. 13.-The weakness in
the coal stocks this morning was sufficient to
unsettle the general market. Reading dis
tinguished itself by declining to 2119, while
Delaware IL Lackawanna touched to 81
The latter appeared to be supported by the
same clique who lent helping hand in I'm
ion Pacific, and both stocks rallied later in
the day. There was a fair amount of activ-
ity in the Changers, and they were rather
steady during the greater part of the session.
Northern Pacific preferred, although showing
much weakness in the early dealings, adj
vanced later over per cent. quite easily.
The lighter weights were exceedingly dull,
and changed but little. Politics and the
approaching election in Ohio monopolized
the attention of most of the members on
change, and at times the fiuctuation in
shares cut no figure whatever.
1t was rumored this morning
that deal had been effected
between Vanderbilt and the Pennsylvania
Railroad company, whereby the latter agrees
to turn over to Vanderbilt the West Shore
road, in consideration for receiving from Van
derbilt the controlling interest in the Read
ing and Jersey Central. 1t is claimed that
for the past two or three days Gould has been
quietly selling stock, with the expectation of
buying them back at profit after the Ohio
election. n. V. White is buying Union Pa
ciic, and the room traders generally are
selling the Changers and coal stocks. Savin,
who has just return ed from the coal districts,
says things are going to Harlem down there.
London advices suggest a careful inquiry by
investigating the recent issue of New York
Central debenture bonds, of which IS, 500,-
900 were actually negotiated there in June
asst. The London stock exchange will prob
ably make an official investiga-
ton. All London advices are
that the Wormser effort to secure
control of Erie affairs is warmly supported
there. All the coal stocks are regarded as
sale by traders, and the bulk Of talk all
around is bearish. Acting President Gar
rett, of the Baltimore & Ohio, has written a
letter to Mr.. Heumley, of the Philadelphia,
Wilmington & Baltimore road. He says:
"If you propose to persevers, your company
will be responsible for all the consequences of
the violation OF its contract with the Baltimore
u Ohio, and for its disregard for the corporate
duties which has been imposed upon it by the
law. II IL not possible that the Pennsylvania
company will be permitted to place the state Oh
structiOns in the way OF travel between Balti-
more and New York, which may come by the
Baltimore 81 Ohio lines
Receiver Humphrey, of the Wabash says
that nothing tonight has been done in the
matter of reducing the assessment from IS
to So as reported from London, and that
nothing will be decided till Mr. JOY returns j..
The discussion of the reduction is going on,
and the plan is to reduce it from SIS to Sc
per share.
The principal interest in speculative cir
cles to-day conferred on oil. The market
opened at 6915c against 704c as the final
price Saturday. and sold down to 671c
Then the realizing traders came in, aud il is
now 1c higher than the lowest figure, but
with no confidence among spectators. The
Christie well is the alleged cause.
but the fact is that it is shaking out OF the
crowd by the Standard Oil company. AT
least this is the explanation held by the con-
sentative brokers. As the day waned the
tone OF the market improved. There was a
good business in Delaware q Lackawanl IA,
which rallied per cent. from early Quota
tions, Union Pacific and the Changers also
did better. At the close prices were steady.
The feeling is q trihe bullish.