, 1880-12-05

power to relieve the StrlnEency Ill luo mol1e5
market. Another story was to the effect that
the Secretary would transfer large sums OF
money to the depository banks, and still an
other that the pension checks would bo
drawn upon these institutions instead OF
upon the Sub-Treasury.
It was reported this morning that
A PROMINENT BEAR OPERATOR
had covered his shorts in Northwest at
heavy loss. The story lacks confirmation.
Tie decline In the stock is without doubt
due to the fact that two large holders have
accepted profits, selling their stocks as soon
as they learned that the leading holder. OF tno
shares lacked the backbone to carry OUT MS
announced program Of scrip dlv1uentl.
This IS not the first time that this individual
has shown the white feather In the face OF
threatened Legislative agitation.
It is currently reported that Mr. Sage has
bought i'll many OF his own calls issued on
st. Paul common.
The reports made to the Western Union
Telegraph Company during the first few days
include the figures on which are based the
estimates for the present quarter, and the III
dications are that the usual dividend will be
declared, rs a less dividend would leave
surplus OIL hand. The figures show falling
off Of earnings for October as compared with
the same month last year, but the earnings
for November are materially increased.
IN MINING hlArrEI,s,
Leadvillc stocks were firm at the New York
Board, but the general market has been
weak. Gold Placer fell from G5 to IS, owing,
it is said, to tho breaking UP Of the pool.
Robinson Consolidated recovered to 9G'.
Great Eastern declined to 25.
BEoKE1:s' TALK.
Speaking of the stock market to-day, a
broker said: 1t was Intended by the bears
that this week should sec the collapse Of tho
market, and they began by putting all
the money they could out of reach. and
then, by getting up scare,
with false sales of stock, began forcing the
minor bulls to sell. They had to steer clear
of panic, for a general selling out under
the rule would not have been a
very pleasant thing for the heavy
bears who had so much money
lent about the market. They were helped
not only by the timid bulls but BY the large
number Of room-traders and others who
were anxious to realize on the rising market
The control OF the street has undoubtedly
been
IN TIE HANDS OF TIE BEARS,
but they cannot very we'll apply the thumb
screw for the reasons have stated. A good
many OF the conservative brokers with bull
tendencies are getting to be of the opinion
that, after all, when the January rise
comes, or the easy money rise, when
the present lookup is broken, that there will
be such desire to trade that the present
market is safe to buy on, even though
some Of the quotations appear to
he very high. They are not. I
think, unrcasonably high when We look
at them simply as representing the earning
capacity of the roads. The bears thein-
selves are large borrowers, but on time loans,
and the greater part Of the money which they
are now distributing rs demand loans
has been borrowed from the banks at four
and six months time. at even + per cent,
without any bonus. It is certain that with
out 4 more open money market, the bulls
eau only hope to
HOLD PRICES STATIONARY,
under the hammeriug OF the bears and
the market can no more boom without
money than mill can run without water.
Chicago, Burlington s, Quincy stock las
been strengthened on a report that
Vanderbilt had made some sort
Of an agreement with that road to
form coalition on freight, but any one who
believes that must think Fanderbilta fool. lie
may give c0untenance to the yarn as q help
to him in his Wall street speculations,
but ho 10 tho operator Of n trunk
line, and 1T is just as profitable for him
to take freight from the Wabash and Chicago
& Alton as from the Chicago, Burlington &
Quincy Road. BY discriminating in favor
Of one he would antagonize perhaps 4 dozen
other lines, and there would be trouble. No,