Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-11-02
WALL STREET GOSSIP.

SDeeuiat1ons About the Kissing Market
Winter Weather and the Freight Roads.
Nav York World, 29th.l
''Some of the heavy bulls have determin-
ed that tLe market shall not be depressed be-
fore the election" said well known Wall
street operator yesterday afternoon, "aud
thev are holding it up. The sharpest ad-
vances hare been made in the investment
stocks, tn supply of which has been so
drawn upon by investors that the spectators
find it easy to control the market. Mr..
Gould, it IS said on good authority and not
denied by his brokers, has never been SO
heavily sl,ng' of stock before, and is deter
mined to hold on until after the election,
which he considers will be the signal for
rise, no Iaatter which candidate is elected.
The opening to-day sent prices up firmly,
not with very large sales, but with so brisk a
demand that quotations woTe boand to ad-
vance. The Vanderbilt stocks were especially
strong, for Mr.. Vanderbilt is paying person.
al attention now TO ths stresi. NeY York
Central went up on rene we'd assertions from
very good sources of that increased capitali-
cation plan. Gould has kept watch on
Western Union and it went up with the gen.
eral rise 10 the market. Just here let me
say that the positions of Western Union and
Reading Snow what false and merely ma
nlpulative market we have. Here We have
the telegraph stock, which is carrying along
8 good per cent. dividend, dragging along
at the ioot of the market almost, wnile
Reading Il ranging up to between 40 and SO.
The whole market now is being bnlstered
simply bef.aase all the large operators are
long Of stick and are not quite rsady to let
60 of tbs;r holdings. The active room
brokers are having good time of it just
now on realizations, and some of them are
clearing profits by carrying stock over night,
only taking advantage of the afternoon Ian
and the snorning rise. The commission
houses i are daing<weil. with plenty of
outside orders. I expect to see the week
end with still further rise in rates.
Another broker, explaining the present
"bulP' market, said: "The election has
nothing at all to do with it. The fact is
that the business of the country has out
grown its carrying powers. Freight is JAM
ming upon the trunk lines and We will soon
have grand complaint from the business
men of the West about the difficulty of get
ting their freight to the seaboard. An early
closing of the canal, with any weather
which would impede railroad traffic, would,
think, bring on a crisis in small way.
The roads are not competent now to do the
business on hand, and they will not get it
done for some months to come. The super
intendeDts of the several divisions of the
Vanderbilt roads have been instructed to
send in reports on this subject and they
have done SO, showing that on the main line
of the New York Central with the four
tracks in use it is impossible to send on the
accumulating freight fast enough. One line
of rails can do so much traffic in day, and
the only way to give the business of the
country chance to grow is by building
or opening more through lines for freight.
AS it is now the whole freight
business is likely to come to stand-still at
a days notice if the pool should break, and
to pool being monopoly will carry 30 much
trade and is willing to force the remainder
to wait. 1t is absurd to expect the business
of the country to pay liberal dividends on
doubled and doubly doubled capital of exist
ing roads, when new ones can be rushed
through, opening up new country, affording
real relief and bringing down the profits of
the carrying trade to somewhat like the av-
ersge of profits in other directions of bus
mess. 1 am giving you somewhat of lee
ture on railroading, but it explains in q
measure the present high rates of railroad
stocks. They are worth the money, because
the roads are monopolies. The market to-
day has been one of activity and big sales.
Pacific Mail is kept down on somebody's
speculative account, and the coal stocks have
been put up by the efforts of room-traders
and by reports from outside. Receiver La
| throp, of New Jersey Central, is one of the
00o ofr h Hbr,tl IL kLok~
year the fine property under his care will be
redeemed, and ne holds great deal of the
stock. Mir, Lathrop says the
road has earned more during
the past month than in the corresponding
month Of any year before, ard these
earnings have helped not only that stock but
| all the other coal stock which the specula-
| tive movement in Reading is also pushing
up. Mr.. Lathrop predicts that New Jersey
Central stock will be at par again before
next summer, and that the road will be out
of the receivers hands. If the English
| commissioner, Mr.. Powell, could make the
| same prediction for Reading, the coal stock
| market could afford to get up boom of its
own.'
Yet another broker, who some days ago
said there was prospect of decline before
election as sort Of starting point for the
rise which he looked for afterward, said:
'This market puzzles me, and I am the
more convinced that it is manipulated
market. I fatty don't believe that there is
any such quantity of shares sold as is re-
ported. The pressure on the 'bull' side is
enormous. Gould, Vanderbilt, Mills, Keene,
on most stocks, and every other operator of
weight in the market are now on the 1ong'
side and will realize finely in the rush of
sales after election. Then it will be very
easy to get up scare, and it will depend on
the capacity of the outside buyers whether it
will work or not. There is great deal OF
capital lying loose, and now the report comes
that the European banks, to save their cur.
rency and coin, are sending back our bonds
and railroad securities to balance the trade
account"
| Annex.