Daily globe., 1880-08-08
II Days Later RtiBtors.

The same weakness that was apparent Tues
day afternoon" said disconsolate stock brok-
er yesterday, prevailed this morning, and it
Is almost impossible to account for the unex-
pected reaction in the temper of speculation,
except that sharp declines are invariably incl
dental to bull market. 1t is very difficult
matter to unload any large line of stocks at
present, and when the prominent operators
found that the tumble was acquiring too much
impetus il was evid entity the best policy to step
in and sustain the market. This was done, and
in the closing hour Gould bought freely of his
own special pete, while keene and Osborn
brought about lively whirl in the Grangexs.
do not look upon the change as permanent,
for the trunk lines are beg inning TO show a
diminutioR IN business, the east bound ship
ments from Chicago promising to show a re-
duetiOn OF at least 80, 700 tons this month. In
the last week of July there was falling off of
2,5Be tons III grain freights, due to the exorbi-
tant rates asked by the trunk lines since the
western roads are pouring more produce into
Chlcago than can conveniently b. handled.
The upward movement was accel elerated by the
covering or shorts" mainly through Prince
d Whitley and Jobu Bluodso & Co."
WAS any special rumOr circulated to affect
pricess''
There was really dirth of news, and the
rise was almost entirely due to manipulation
Of course the tendency is to restrict existing
risks, and Gould and Keene would be perfectly
satisfied to let all their stock go at current
rates. In fact, IL is estimated that Gould could
secure ab8ut $50000,g g0J in hard cash. and that
Keene would be reimbursed about $3. .000, 900
for last winters losses. Every straw is
grasped at, and q nOnsensical story was started
this morning that President Jewett, of
the Erie railroad, bad died suddenly in Lon
don. As matter of fact his health was iu-
proved, as ufhcial dispatches announced. The
truth Is that Mr.. jewett was SO great g sufferer
month ago that an immediate trip to the con-
tlnent was advised by his physicians. He re-
turned to London very much improved in
health and spirits, but three days ago had a
relapse, from which he has since completely re-
covered. The illness of Mr.. Jewett was cited
as the cause OF the weakness in Erie, but the
real solution Is TO be found in the almost in
evitable expense that the road will be at in abb
sorbing connecting lines. If Erie should be
compelled to shut of the aspirations of the On
tario and Western, there is no hope of any diyi-
dend for the preferred stockholders for the
next decade. A statement will be
made on President Jewett's re-
turn at the end of next month which
promises some unexpected figures. In the
mean time the heavy holders of the stock are
congratalatius themselves that through the
kindness of Mr.. Gould in helping the general
market along they have had such golden op
portunity of transferring their stock to the
over-conhdiDg lambs"
Another broker, who has kept a close watch
upon the GoulG properties, said: 81 think
that big deal is brewing and that efforts
will shortly be made to stimulate Wabash into
fresh life. The earnings of the road for the
Fourth week of July show an increase of over
S!oO0e0. At a meeting of the Missouri Pacific
directors within the past twenty-four hours it