Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-24
NEW YORK.
Especial Telegram to the Globe. I


NEW YORK, Jan. 23.-The general mar
ket was stronger under very trying cir
cumstances to-day. Had it not been for
excessive weakness in the Oregon and
Northern Pacific, it is very probable that
an advance would have been made all
along the line. As it was there scanned to
be disposition to cut loose from these
dead properties on the part of the balance
of the list, but just at the critical time West
Shore bonds became active and weak, and
turned the day ia favor Of the bears or
prevented the bulls from gaining victory
which seemed SC nearly assured. There
was coed buying of Gould stocks at the
opening: Northern Pacifcs were sold by
Sweet & Head, OF Boston. Oregon Naviea-
tion was very weak, selling down from
884 to 80, on q report that il was to be
leased to the Northern Pacific on guar
antee of 8 per cent. then it was reported
that Oregon TranScontinsntal was selling
its own treasury stock. This was at once
denied By the president of the
company in letter to the
president of the exchange, which
was publicly posted. 1t read as follows:
in view of numerous unfouudsd ru-
mors put in circulation to depresz stocks
in which the Oregon Transcontinental
company is interested, I deem it my duty
to state that the company has not dimia-
ished it's holding of various stocks as
stated in the report of the investigating
committee.
Signed VIM. EEp1osTT"
After the publication af this letter stock
rallied. Later R. P. Flower j. Co. sold
large amounts of Northern Pacific frsts
seller. 1t was rumored that Billings had
given orders to sell $1,O00,000 of his
firsts, and was buying st. Paul and going
into the directory. Flower was thought
to have information from politicians un-
favorable TO the land grant. In the mass
OF reports It'll impossible to learn anything
clearly, but it seems very evident that
there is something radically wrong in
these properties, which has not been dis
covered, and large amounts of long stock
have unquestionably come out. Denver,
the third week, increased $15,3OO. The
market closed very weak and utterly de-
moralized by the course of Northern Paci-
fc stocks, and with every appearance that
the weakness will spread to other
properties that have not yet been
fully liquidated. The good stocks showed
much strength at the opening, and this in
the face of miniature price in Oregon
railway and conspicuous weakness in the
ex Wizards.
Ii was evident that properties like the
Grangers, Missouri 6 Union Paoific, were
supported by strong hands. This fright
ened the shorts, who covered literally.
Tt was sufficient to give a better look to
the market than anything Witnessed in
some time. New York Central was
marked up quite sharply, the stock being
scarce for delivery. AS high
as d per cent was paid for its use. There
was considerable activity all along the
line during the morning hours, and fsel-
ing among many that the market had
turned for the better at last. Free selling
later in the day of Northern Pacific pre-
ferred and Oregon Transcontinental carry
ing these properties lower than ever be-
fore, unsettled values throughout the list,
and changed the tone entirely. Caolsrs
were steady throughout the excitement.
The fact that the anthracite production
last week increased 10000 tons helped
them. Denver & Rio Grande earnings dur
ing the third week of January increased
about $2O,000 but the stock is lower in
prices. Wabash preferred fell from 261a
to "a d in the last hour, and Manitoba &
Oregon railway were much demoralized.
Gould properties were remarkably well
maintained.