Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-14
WALL STREET GOSSIP.
DOings In Sc. PaMEsRn the Pacific RGtttUGy
Securittes-W What Is Said Of the Holdings
Of Heavy Operators.


securit,es-What Is Said of the Holdings
Of Heavy Operators.
New York World, Aug. II.
1.-THE imprudent 'bears,'" said a good-hu-
mored broker, yesterday. who persistently
sold the market on Monday, had to come in TO-
day and pay pretty dearly for their experience.
When the furry was over stocks tumbled like
ballast bags out Of balloon. 1t is q matter
of necessity just now that the big operators
should conceal their anxiety to unload stocks.
They employ brokers who have special instruc-
tions to keep their mouths shut. During the
day out of the 100000 shares of transactions
recorded only small proportion represent le-
Ultimate trading, and the net result
for the past ten days has shown that
one Of the leaders has got rid of
about 10000 shares to some con-
fding broker who has promised not to sell out
until the pool does. To accomplish this end
it has been necessary to cover the tracks Of
many transactions, and even the old trick of
making the money market tight on demand
for $4,000 has been resorted to. Erie is pro
badly the only stock in which the big men
have not traded with any degree of confidence.
1t is regular speculative stock, and there are
SO mary who are greedy to snatch eighths and
quarters that the brakes have to be put
| rapidly in either direction"
SIS not the time coming when the men who
have immense paper profits will be glad to take
them?"
''Yes, but it is far distant; for after having
| basged the profts, what then? What are they
to do with their money! I offered this after
neon $500 600 at21A per cent. and found no
takers, and 80 tho money has got to go back
again into bank. The weather is against the
i NJ, ;ro 60
the general event is being compelled to buy
back stocks at a loss if they are sold during
these periods of languor. My customers tried
it to the extent of SO, 600 shares last week and
| were very glad to get their stocks back at per
cent. loss. The public is beginning to get in
| terested in mining, and although it may not be
80 eate it, is more exciting and amusing. In
spite of the afternoon's weakness Central Ari-
IONA was steady all day, closing strong. The
pool has been able to work up lively short in
terest, consisting OF prominent Broad street
bankers. to the amount of 10, $50 shares. It is
understood that half the capital stock is locked
no for investment, and that nearly two-thirds
| of New York, Boston and Chicago, who believe
that dividend of 30 cents share will soon be
declared"
Another broker, who has had little confidence
| in the late advance, ssid: ssThe irregularity
and feeblenees of the grangers were more
| marked to-day because of encouraging reports
Of the European crops. great deal of
| anxiety was evinced at the reticence of the Sc.
Paul directors about what was done at Mon
DAVIS meeting. II is understood that the
unanimous vote was to issue bonds at the rate
of $4,000 per mile on all roads recently &C.
q1ired, on those building and about to be
built. Some of the large stockholders were
very much exercised about this rumored issue
of several millions of additional bonds, and
said hat there was not q word of truth in it.
fheY say that the company is not in wait of
money and that the earnings of the fiscal year
win be SD, 800 900, which after paying interest
on bonded debt and per cent. on both COM
mon and preferred stocks, will leave
s3 600, coo surplus. Northern Pacific stock
was weak on the report of the harmonious
meeting of the Texas Pacific In Philadelphia,
with speedy prospect of consolidation of
all The latter's interests in the Southwest.
| There has also been some difficulty in floating
some proposed issue of Northern Pacific bonds,
which induced few of the insiders to get rid
of their stock, and they found very poor
market to sell IN. liz lso surmised that in
view of the oppositioh.of the Texas Pacific it
will require superior inducements to force the
extension of the Northern Pacific farther than
the limit of the present settlement. All the
Northwestern properties we're also more or less
affected by the reported ambition of the Union
Pacific to extend their connections to 81. Pauf. 1
1t is said that Mr.. Gait was employed
for that purpose Jersey Central was
the only strong coal property, aud was support |
ed by pool of 80, 900 shares. These manipulat |
ors were buying on the report that Baltimore |
and Ohio had entered into contract to give the |!
road a!l its through eastern business. It is
becoming more apparent every day that the |
big operators are unloading stocks. Jaw
Gould, whe Ia not fierce beaf, is credited with |
owning nothing but New York Central, Union |
Paci6cHnd Western Union. He sells the latter J