St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-11
FINANCIAL.
New YORK:

Special to the Globe.
New YORK, Dec. 10.-The stock ex-
change was crowded again this morning at
the opening, for there were a good many
who felt that perhaps, the support of
the big leaders having been withdrawn,
there might be some exceptional weakness
to-day. There was no such development,
with the exception of Northw estern, which
was little unsteady, and which declined a
point almost at the outset. The list opened
steady. st. Paul kept above "a. Lacka-
wanna was the most active and the
strongest. 1t sold up to 1913 and was very
cratic From this figure it dropped to
1861 Il in five minutes. The buying to-day
was altogether by the shorts and room
traders. There was no evidence
that the supporting pool made up
Tuesday night was doing anything
in the market. The opinion of the street
was that the danger of stampede was
over and that the market was likely to drop
into the rut again. Shortly after the open
ing the market began to decline, with the
selling movement most apparent in Texas
Pacific, which very quickly dropped from
90 to under Is. The large traders had ap-
parently turned seller and it was the opin-
ion that the sharp advance last night might
have been engineered SO as to affect the
London opening and make a
strong market in Wall street to
sell at the opening. At 1890
business was going on in about the ordinary
way, and one who had witnessed yesterdays
scenes on the floor during the early hours of
the day could not help but wonder how
Wall street can be excited beyond all de-
scription and within twenty -four hours pass
through it without the
SLIGHTEST EMBARRASSMENT RESULTING.
Brokers agree In attributing the restora-
ton of confidence to steady support given
the market throughout the whole of yeSter-
day by the syndicate of capitalists. vino, on
learning of the death of Mr.. Vanderbilt
held meeting and decided to thwart any
attempt to use the fact to depress the
market.
Il think" said one of the leading brokers
to GLOBE representative this morning,
that 1t is now clearly proven to any sane
person that the death Of no man, no matter
how great his interest may be in the street,
can break or demoralize the market, provided
there is little time for calm foretnought
and for arrangement among the largest
capitalists. Why should the market go to
pieces because one millionaire dies when
there are several real, live millonaires left?
it is incumbent on them to protect them. 1t
is all nonsense for any one to think for one
moment that because one big man is suddenly
taken off all the rest are going to lie down
and let things go to ruin"
Up to now the market was quite unset
tied and prices fiuctuated frequently. The
changes were slight, however, and attracted
but little attention. At noon the bears
began circulating a number of unfavorable
reports with regard to some of the list.
Among them was one to the effect that the
Texas Pacific road would soon be placed in
the hands of receiver. and another to the
effect that Mr.. Garrett had resigned
as a director of the New Jersey Central.
These reports resulted in free selling of the
leading stocks, especially those named, and
by 1880 prices had declined 4 to 2ss per
cent The close at o'clock was generally
within half point of the lowest figures of
the day. The total sales showed very
large days business, but the chief reason
for the decline was that there was not to-
day the concerted effort on the part of the
leaders to support prices that there was yes
terday.