St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-29
NEW YORk.
Especial Telegram to the Globe. |


NEW YORK, Dec. 27.-The stock market
opened this morning with a feeling fully as
weak as it was at the close last night, and
with the talk bearish. 1t is feared that at the
first Of the year there will be a good many
failures, and this now is a most depressing
influence. Investors are getting tired out,
says one firm in its circular. "People who
have held stocks through all sorts of vicissi-
tudes are letting them go, now that the divi-
bends are not coming forth, or now that they
are being cut down. We don't see any good
in the Market" and the market became
thoroughly demoralized before an hour
elapsed. The coalers suffered the most,
especially Delaware & Hudson, which fell
to 6S, a decline of points from
the figures twenty-four hours ago. Delaware
81 Lackawanna touched 90c. Lake Shore &
st. Paul were pressed for sale, as was Rock
Island and Chicago, Burlington & Quincy.
The feeling was very feverish, aud at times
the market was in a state of semi-panic. The
ups and downs were sufficient TO keep the
roon. traders busy. A sharp break in Man
haitian Elevated railroad stock was caused by
quarrel, it is said, between Gould and Cy-
rus w. Field over some questions of policy.
The price dropped from G69[ to 641S, but re.
covered TO &c when it became known that
the trouble was not due to any internal finan-
cial trouble of the company, but TO a quarrel
simply of two very large stockholders
Gould was though to be willing to see West
ern Union and Manhattan Elevated both
lower, although he was not selling the latter.
but giving it away to his children as Christ
mas gifts. He owned little while ago 5l,-
600 shares of Manhattan. war between
the cable companies would not hurt Western
Union, as many suppose, as, by its present
contract with the cable companies, IL is TO re-
ceive fixed sum per word. There was no
good reason for the continued decline in
Lackawanna, it was averred, Ms the road al
ready has money enough in bank to pay one
years interest on its funded debt. while Il
could earn its dividend easily, but Reading
now declares it will enter into no new coal
com bination to which the PENNSYLVANIA road
is not party. The London houses bought
New York Central this morning. and sold
Lake Shore, which was regarded as singular.
inasmuch as the Lake Shore company earned
its dividend on. the last quarter and the New
York Central did not. Probably the weak
ness in Lake Shore in London had some
thing to do with it, as money was up to 5 per
cent. outside the Bank of England, owing
probably TO the depression in Vienna. The
London discount houses are allowing per
cent. or AZ per cent. for deposits, the former
rate being subject to call. 1t is said that
support will be given to st. Paul at 40. A
new bull pool is reported forming
in st. Paul to include the
directors party and two prominent
outsiders. Vanderbilt brokers say they think
that W. H. Vanderbilt has been buying q
little Northwestern, not enough, however, TO
amount to anything as a pointer. The
younger Vanderbilts are doing nothing. The
Vanderbilt brokers, who have been predict
ing a rise in Northwestern, talk as if the
movement had been deferred a little. Some
large selling orders are reported in Rock
Island.
The Sun says that the Oregon Transcon-
tinental company will announce that the
100000 collateral trust loan has been
| taken. The old loan Of SIS, 600, 900 has been
reduced to 81, 100000 by taking up some Of
the collateral As has been announced here
tofore, Drexel q Morgan take one-half
of the loan, with 211z per cent commission .
Stockholders who subscribe will also get this
commission, In the closing hour covering
caused sharp rallies in the Vanderbilts.
grangers and coolers. Northern Pacific pre-
ferred was strong all dav There is so little
Of it atioat in the street chat few care to touch
| 1t on the short side. The oversold condition
of Erie second bonds keeps them quite steady
also. Alton begins to weaken and sold at
! Sl.29 to Sl27. The rallies failed to hold,
and at the finish Delaware and Lackawan a
dropped below e0c. The books close for the
dividend on the 3lst inst. The buying this
afternoon seemed TO come from the shorts,
who evened up for the week.