St. Paul daily globe., 1884-10-24
NEW YORK.
Especial Telegram to the Globe.

Especial Telegram TO the Globe
New YORK, Oct. 23.-The stock market
opened bearish this morning, but after the
first hour began to show signs of returning
strength. 1t is claimed that Newcomb has
left the bull party and is selling Western
Union. Commack advises his friends not to
think of buying, but to sell the VanderbiIts
IL Jersey Central. Kirduer saws he is bear
on the Vanderbilts, but on nothing else
White says the market is merely demoralized.
President Rutter, of the New York Central,
talks discouragingly on the Trunk line situa-
ton and rumors are current that New York
Central and Lake Shore will be compelled to
make further reduction in dividends. The
only bull point on the New York Central is
that squeeze may be the result of the pres
ent depression. 1t is said that there is bear
party in Lackawapna, and 95 is predicted
for this stock in the next thirty days. The
arguments which will be used against Laclla-
wanna are the unfavorable condition Of the
coal trade and the Trunk line difficulties.
About II O'Clock the market began to de-
cline again. 1t is rumored the Atchison,
Topeka d Santa Fe will reduce its divi-
dends owing to decrease in its earnings.
A pointer was very generally distributed to
the effect that Lake Shore was going off 4 or
points. The stock did decline : point,
and was weak all day. 1t was rumored that
the Union Pacific had secured control of the
Oregon Navigation company.
Gould, however, denied it, but said that
it would require the purchase of only small
amount of the stock to secure a controlling
interest. The Trunk line receipts
to-day show that the Central carried more
grain from Chicago than any other road and
is within twenty-one cars of the entire com
bned lines, and the Central and West Shore
roads are credited within forty cars OF the en-
tire shipments. These figures are given TO
show how completely Vanderbilt has control
of the trunk line business. For all this the
West Shore cutting of rates is regarded as
Vanderbilt tactics. The characteristic de-
nunciation of the Nickel Plate was followed
by the Acknowledgement that the family had
bought the road, and the report of Wander
bits buying of West Shore bonds for weeks
fact that the New York Central viii control
its opposition lines when they become able to
demand recognition. In the mean time a
proposition to lease the Wost Shore is about
| the street, and President Stewart, of the Uni
! ted States bank, has been protfered control.
| IL he accepts the lease the bonds will proba-
/ bly, advance from the present prices. Moth
! ing has been decided yet, but some public
announcements is promised before the week
ends. Receiver Houston SAYS that unles:
Vanderbilt pays full price he cannot secur,
the property without at least five years of liti
cation. Vice President Sykes says thit
afternoon of the report that tn,
loss of earnings in September for thu
Northwestern road was $50, 1000; that he ha
no knowledge of it, and that as a matter o
fact the accounts for September have not ye
been written up and are not yet Forwarded
from Chicago. The prouunciamento is mad
over his signature and circulated on tn
street, but has so far not boosted the stock
The failure of H. D. Cooke Il Co, of Wash
iugton, who have been rated at nearly mil
lion of capital, excited only passing com
ment here, and is not likely to hurt Ne,
York houses. The firm had special wire
from Washington to Chicago and did at on
time good grain business. The closin
hour witnessed = slight improvement and tn
shorts covered 4 good many shares. Their
was some buying in Of Union Pacific an
New York Central for delinquents. Th
| final sales differed but little from the figure
current when business opened. The marke
closed quiet and fairly firm for all the lead
ing shares. The bears on the exchange az
pear. however. to be in the majority. an
nes rly all the prominent houses are still shol
I on sfocls