Daily globe., 1880-08-08
WALL. STREET GOSSIP,
Is TIE Up,rard MoreIftent to be Stayed*-
4 Stsr Ia. Stock Egrchdade Mining
New York World, 4th. |

a
Stock.
New York World, 4th.i
Perhaps the driszlG,'' said gloomy broker
Yesterday, 'interfered with the spirit of the
members of the board. for they were all IN the
dumps and selling orders were plentiest
From the outset the market was weak. and the
rally at the close was forced and due to man.
ipulation rather than to genuine purchases, A
gradual reduction in the formidable bull In
teresu has occurred. Some one has evil
IDENTIFY been quietly selling, and that,
too, in good earnest. Whoever he may be he
appears to have had q bnuntltul supply OF
stock, and from all appearances it looks as if
Gould were unloading. 1t is generally believed
that the railroad speeuators are getting alarm
ed at the high prices of most properties quoted
at the exchange in view of the many weak spots
in the general market.
"In what special stocks is this alleged weak
ness apparent3
More especially with Erie, which will have
to pass through the ordeal of uufavorable COM
parson with the unprecedented earnings of
last year. Erie is in such position that the
moment an port ant block of stock ia offered
it cannot stand the pressure and recedes of Its
own weight. If the theory of the bull man
ipulators is accepted, which Is that 20
per cent. more freight will have to be moved
this fall than was moved IN the
corresponding season of 1879. the Erie road will
not benefit by the increase, since ra'es have
had to be cut heavily 10 secure these additional
shipments. Then, again, she increase of grain
and other produce is expected to be derived
from those sections which were not tapped last
wear by such new branch roads have been
constructed this season, and the profit to the
trunk lines will be greatly reduced by
the heavier pro rata return to all car
of nc Mail
pany has also rec ived black eye, and does
not derive any advantage from the tacit un-
derstanding said To exist with the Pacific rail-
roads. This contract may be carried ont in
perfect good faith, but the pool recently
formed in Pacific mail has become disgustcd
with the failure of outsiders to relieVeits MEM
bers of their bargain, and SO the stock declines
on heslightest provocation. There is also alar m
among the Ouio and Mississippi spectators.
Judge Drummond's recent opinion, received
in full to-day, iutimates that the payment of
current bond d Indebtedness, in
cludlng that of the Spring
field division. is quite problematieal. There
are now consequently abMt $1,000 QUO arrear-
ages and 1900 600 IN other Indebtedness to be
met before any claims Tor a dividend on the
preferred STOCK Can be recognized. The coal
stocks are also really suffering from limited
production, and the directors pool in Jersey
Central was selling to-day with great freedom.
The increased cost of handling the decreased
tonnage has also told upon the net earnings
of the Dsl4ware, Lackawanna & West
ern, and the prospects of the road are not so
bright as they were ten Gays ago. 1t is thought
that the speculative strength of the market
will hold through the first of any decline. The
big operators have sounded their market and
are satisfied that even with hearty recession
of at least five per cent. the lambs will con-
tinue to bite and Will not 'squesP until the
tn m n av
poses the true 81 uation."
In ncontraoiStInetiOn to the uniform weakness
of the general railroad market, the mining
stocks quoted ct the stock exchange were in
active request yesterday, and broker who has
made the better class of mining stocks speci-
atty saidl ! have Teen buying some mining
stocks in the stock exchange to-day. The rail
roads have 81 advanced largely, while mining
stocks are just beginning to show signs of life.
There is Central Arizona, which was
considered cheap in the twen-
ties last spring and one of the most active
stocks on the exchange, ID now selling at S3I(D
9. have investigated the property aud man
agement closely and am satisfied to invest in
it. believe, too, that as matter of specula-
tiOn itis safe purchase, for such houses as
O. j. Oeborn & Co.. II. L. Horton & Co.. Marx
d Co., ]. d y, Wormser, Maxwell & Graves,
and others have been heavy buyers at the
low prices quoted last week. The Home
btdhc, CidAudIu auu OHtdIIO lnlUeS are Selling
at 81, 27 and 80 respectively. Of course the
collapse of the Leadville deposit mines has af-
fected all mining stocks. even those regularly
listed on the Stock Exchange, but Wall street
will soon find ont the difference between dssure
veins and deposit mines and not condemn all
alike
Another broker, who was oct of sorts, said |
that selling vas more marked yesterday than !
on any previous day recently. Il do not I!
think, he added, that the shripksge will be
sudden, but we are on the eve Of decided re- |
duction in values. More caution is being |
shown and commission offices are now bare of l
orders to buy. Too many devices are resorted |!
to. For instance, Erie is unloading by |
German houses, who are used to |
mystify the outside public. Some of the /
small brokers have also been employed to sell |
Western Union, Lake Shore and the grangers, |
the orders coming, IL is said. direct from Jay |
Gould. The tone is not healthy as it was |
last May, and the old heads in Wall street are |
puzzled to think that the upward movement |
has lasted 80 10 g. The advance has enoount- |
cred no opposition and when the decline comes |
it promises to be severe.
Russell Sage ID very difident about selling |
cannot get him TO trade in puts" and al |
though he dUes not believe in any serious |
break in the market, he objects to being caught |
in semi panic which might result from a sud- |
den disagreement amolg the prominent opera |
tors.
II Days Later RuBt0rs.
IN, y. World Aug, 81