St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-28
NEW YORK.
Especial Telegram to the Globe.

New YORK, June 27.-Stocks have been
reported up to this hour-2 p. m. It
thought that there are more failures to come
and they will continue to touch supposed
safe places, and that in the next twenty-four
hours people will hear of some of them, un-
less the limited trading proves a help. Busi-
ness in volume has been comparatively
small to-day, but prices have suffered.
The big drive this morning was on the
Vanderbilt's, which sold down to OK per
cent. for Michigan Central, subsequently re-
covering two per cent. Canada Southern
broke "a and Lake Shore 35S. Lake Shore
later sold up about per cent. from the low
est figures, New York Central sold off 9 per
cent and Union Pacific 81 per cent. West
ern Union broke, but was showed up sharply
and the final prices were about 2 per cent.
above last night. Mosouri Pacific shows
similar upward movement, and all of this
sort of thing goes to show that
it is Vanderbilt stocks which
are the shining lights for
the bears. Gould is loaded and can hold his
stocks if he must, but it is matter in gem
eral suggestion on the street that he has
made heaps of money on the bear side of the
past, as his stocks have not been sustained
only at the odd times, and are to-day so
much lower that the prayers for outside help
are not heard by the few spectators left.
Union Pacific sold off from 33114 to 295S and
closed very weak. The weakness of the
Vanderbilts is attributed to the very
poor showing of the companies at their
stated meeting yesterday. The Northwest
ern directors at their meeting to-day decided
to absorb the Blair system at a cost of about
100000 issue of common stock. 1t is
figured that the rentals of the additional sys.
tenn will more than offset the cost of the new
stock, The Lackawanna dividend of 2 per
cent which was declared to-day is regular.
A squeeze in Lackawanna was engineered
and the price put up 2 per cent. from the
lowest. Stock renewals were generally 9S0
y per cent, or $50 per day for the use of
100 shares. Gould has been influenced by
Deacon White, the Plymouth church leader,
and has walked up his Missouri Pacific
Boody, Mcclellan & Co. say: 'sThe mar
ket was decidedly erratic at the opening this
morning while st. Paul common advanced
point and the preferred closed at 100 last
evening fell to 957s. The Vanderbilt prop
critics were sadly demoralized. Michigan
Central dropped So per cent. to 51sl in a
moments and Central & Hudson and
Rhode Island were pressed for sale. The
Gould stocks were remarkably well sus-
tanned in the face of all the trouble surround
ing them, and made handsome gains during
the day. There appeared to be no end to
the liquidation in Union Pacific and Erie
bonds. Large amounts of both were mar
keted to-day and at the lowest figures vet
reached. There was but little in the way of
rumo1s calculated to affect prices; scarcity
of buyers seemed to be the main trouble.
Quite twist on the shorts was engineered
during the closing half hour. Central and
Hudson and others were bid up sharply
this helped the balance and the poorest of
them were holding up their heads and look
ing more cheerful. Many stocks continue
to loan at a premium, SO it is not a difficult
matter to cause furry among the bears,
such as was witnessed to-day. Reactions
from the best figures occurred at the finish,
and the marketwas very much mixed when
business closed.''