St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-15
Gets It's Grip on Wall Street and Keeps
Everybody on the Lookout for It's
Movements.
Mr.. PierrepOnt Morgan Assumes to do What
he Likes With Any Securities in
the Market.
Some of the Interested Parties Dis
cover That They Cannot Purchase
the Press.
The Recent Riots IN London Contain
Valuable Lesson to Reckless
Spectators.
A Drexel-Morgan week.

Special to the Globe.
NEW YORK, Feb. 14.-The Sun will say
Tomorrow: The week was an exclusively
Drexel-Morgan week. Values were utterly
disregarded and reports of earnings were
not even looked at. All that spectators
wanted to know was what the great coal
deal" syndicate was going to do, and that
meant practically what Mr.. Perrepoint
Morgan was to invent or suggest.
He has become the great moguI
of the street since the famous
West Shore deal, and he evidently thinks
he can do whatever he likes with Wall
street and the securities dealt in there He
calls in stocks and bonds of corporations
that he has nothing to do with, giving in
stead of these securities some "DrexeI-
Morgan certificates" at considerably reduced
figures and everybody seems to be satisfied
with these scaled down |. .. US How
long such state of affairs can last it is
not easy to predict in view of the
bankrupt condition of most of the
roads and the cheapness of money. But
MIR. Morgan is only mortal and may depart
at any moment What will then be the
fate of the Morgan l. o. US? Then again,
Mr.. Chauncey Depew, probably the ableSt
corporation lawyer in the country, is at
present one of the most friendly supporters
OF the famous and despOtic syndicate but
will he always remain so? He is the best
Informed legal authority on railroad affairs,
and would be
AN ENORMOUS LOSS
to any syndicate. There is, of course, as
yet no signs of his weakening, but it is
rather difficult to see where the president
of the New York Central can be perman-
emily interested in scheme to bolster up
the price of coal. Most people think that
the Pennsylvania road will control the
situation and 1t is scarcely likely that
New York Central and Pennsylvania will
ever find their interests Identical. Some Of
the syndicate are said to have made a fool
ish boast that they could buy up the legis-
lature and press. To-day they find out
how much they were mistaken. The syn
dicate ought to learn q lesson from
the rioting III London last week.
The same thing may occur here al
any time if the wOrkingmen find themselves
out of employment, not from any fault Of
their own, but merely by the greed and ca
| price of a stock speculator who has no prac-
teal knowledge of coal mining or railroad
ing, and who threatens to jeOpardiZe the
/ fortunes and homes of half amillion of hon
est workingmen in order that he may keep
turn in stocks III Wall street. OF course
| it is
MATTER OF DOUBT
as yet whether the syndicate will be abba
to carry things with high hand or not.
Many straws showing which way the wind
blows rather prove that it will not People
begin to ask themselves why the stockhold-
ers OF the Reading should put up 20 per cent.
/ on their stocks i'll order that the members
| OF the syndicate, which merely acts as O
middleman and frightens bona fide stock
| holders and would-be investors by its per-
| fOrmances in Wall street At the same
| time, and in spite of all the strenuous
efforts of the syndicate people,
| freight rates are cut with incr easing
pertinacity and Mr.. Gowen has yet to
| be heard from. He has evidently soma
scheme on hand. but no one seems to know
exactly what he wants to do. Beyond all
doubt he will be an important factor in the
| future negotiations, and he has always
showed a Mephistophelian habit of
turning up when he is most wanted.
| All this, however, does not prevent
the coal stocks from going up at present
and giving chance to those who bought
them in time to realize big profits. Not
only did Delaware & Lackawanua, Della
ware & Hudson, Reading and Jersey Gen.
tral go up, but even the little Susquehanna
was
SHAKEN UP
i w al duN dliCO VI oCHCldA pOlllo, WIllO lilo
| friends of New York Central, now selling
at SIS share, expect to get $50 for it as
soon as the coal combination is fixed. Out
side of the coal stocks, the speculation re-
| mains very tame, and all the
support stocks like st, Paul, Western Union,
Erie and a few others obtain Is
said to be due exclusively to the operations
of Mr.. Victor Newcomb and the Standard
Oil people. In the case Of the Western
Union. at all events, there are no pur-
chasers to be seen outside the brokers
of the Standard Oil concern and q
few bears frightened into covering. The
insides in that stock are by no means bear
ish and predict steady reduction Of divi-
dends. The dividend for the next quarter
! is not likely to be more than per cent.
''Of course the company is going to treat the
| stockholders very gently and not pass the
| dividend all at once" said one OF the men
! best informed on Goulds stocks, "but
Mr.. Gould and his following,
| including old Sage. sold their
| speculative lines between 65 and 81, and they
are not going to buy it back at IL. It ID