St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-02
WALL STREET REVIEW.
Business in the Stock Exchange Consid-
erably Reduced in Volume But
Not in Intensity.
The Transcontinentals Receiving More
Attention Than the Heavily
Paralleled Lines.
Wall Street Taking No Interest in the
TWO Principal Topics ofPub-
lie Comment.
Inc Elect1on and the Ward Trial
Alike Matters ofIndiference
to Spectators.
snecial to the Globe

Special to the Globe.
New YORK. Nov. 1.-The Suns In and
Out of Wall Street article tomorrow will
say: The business at the stock exchange
last week was considerably reduced in VOL
ume, but not in intensity. Prices were
boldly put up, in many cases far beyond
expectations of even the most sanguine
bulls to be found within the vicinity
Of Trinity church. That specialties like
the Grangers the Southwestern and the
few other stocks should go up is quite nat
ural in the present condition Of the specu-
lative temper of the public. But there
seems to be no earthly reason why the So
called trunk lines, and especially those
known as the Vanderbilts, should be stead.
lily marked up. Nothing has so far beea
accomplished in the way of consolidation,
reorganization or pooling arrangements.
At the same time law suits are being in
ltiated i'll almost every instance Of proposed
reorganization, and rate cutting is going
on without improving in any way the
weekly reports Of the eastbound tonnage.
THE TRUNK LINES,
heavily paralleled and heavily capitalized
as they are, are in quite a different
position from number of lines
which runs through comparative newly
opened sections of the continent. They
are exposed to little or no competition. have
steady prospect of development before
them, and their securities have been unduly
depressed during the panicky three years
through which we have just passed. Atten-
ton has been more than once called in
this column to the speculative value of
numbar OF these securities. Most of them
have since considerably advanced. At the
same time the growth of the Southwest and
the steady development of the industries
peculiar to this section, spread firm belief
in the speculative values of stock like the
Kansas Pacific and the Texas Pacific. They
have all had a considerable advance in
prices and seem to have become favorites
with people who have few hundred dol
lars to spare and who are disposed to in
dulge in little gambling.
THE GREAT ADVANTAGE
of all the Southwestern lines is that they
work all the year around without being
subject tn snow blockades and other natural
disadvantages to which Northern roads are
exposed. One Of these Southwest
ern concerns, the Atlantic & Pacific,
has come of late into considera-
bic prominence by the completion
of the California Southern from Dagget to
San Diego, by which new through line
between the Atlantic and the Pacific has
been established. AS a matter of course
this new line will become a
great rival to existing trarscon-
tinental systems, and Union Pacific is likely
to be the greatest sufferer Various strong
Boston and New York capitalists have
lately joined in speculative movement in
stocks and bonds of this concern. Both the
bonds and the stock have had considerable
advance within the last two weeks, and are
said to be booked for still higher figures.
THE TWO PRINCIPAL CURRENT TOPICS
of public interest attracted no attention in
Wall street. as a rule. An election is gen.
orally fully discussed among the brokers,
and bets are freely made on the results.
At present, however, the most complete
apathy prevails, and Wall street seems to be
perfectly Indifferent as to who is
elected. Probably the active market
may have something to Go with this, but
even up town there has scarcely been any
betting. If there was any it was not on
the gubematorial contest. The trial of
Ferdinand Ward was treated with similar
Barrett that Ward had done more
than any other man to undermine
commercial honor and commercial honesty
was received III Wall street with a grin.
OF course every one was glad that the law
had tripped up the heels of the would-be
tnancier, but the failure of Grant & Ward
had no influence upon Wall street affairs.
The general feeling on the street
is that the customers of the ''saw-
dust firm fully deserved to
lose this money and that they deserved lit
tie or no sympathy. AS is now well known
Ward did no business in stocks or bonds,
and consequently Wall street was not stuck.
The latest agricultural returns show that
production of wheat in England this year
has been almost double that of any year
previous.
TIE AVERAGE COST OF GROWING WHEAT
in Great Britain is estimated at $25 per
acre, while the return for the same is now
more than double. but of course all this has
nothing to do with the price OF wheat in
Chicago. American spectators do
not seem to care straw about
the actual condition of European
grain markets. They steadily
keep the price of wheat in this country sew
eral cents above the price at which it sells
at Liverpool. They pretend that they will
make Europe buy our wheat at our own
prices, hope but nothing but the
most abject ignorance of the ac-
tual condition of affairs could
suggest. If there ever happens to be year
Of bad crops in England Australia Russia,
India and the northern part of Africa, Chi
cago and New York spectators can assume
the control of the grain markets of the world,
but unless a deficiency of this kind occurs
throughout ali these countries at the same
time the United States will have to submit
to law of supply and demand. AT the time
of the Afghan troubles Chicago fnanciers
made the surprising Ito them
but to nobody else) discovery
that English consols constituted the
barometer of political and diplomatic af-
fairs in Europe. Since then they look for
the quotation of consols in London every
morning before they say their prayers
or take their breakfast. If the
consols are quoted IS of 1 per cent.
down, they Immediately put wheat up
about cent per bushel. 1t is therefore
impossible to make out in what way war
could advance the price of breadstuffs ex-
cept as speculation.
The Fight on ReII,s Patents.