Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-09-10
WALL STREET GOSSIP.

LA MOICy 1NQ, Jill = -
WALL STREET GOSSIP
Every Indication of a Genuine" BAN" Mar
Eet-Latest Developments and kuMorS In.
Erie.
New York World 7th.l
1t looks as if the market had turned into
genuine 'bull' ONE" said q cautious broker
yesterday, "and shall not be surprised to
see the boys have their own way for some
time to come. There's no telling where the
speculative mania may carry prices, or how
suoi the crash will come. have io Doubt
that there has been an over-supply of hesi-
fancy for many weeks, induced by the alarm
that the leaders did not countenance the pres
emit advance, and that sooner or later tight
money was inevitable. This apprehension
OF tight money begins to fade away, and each
day demonstrates that there will be super
abundance of loanable funds for the
next two months. A 5 per cent. money mar
ket WILL therefore, be thought to be extraya-
CANT. Every operator appeared to enter the
market this morning with genuine vim, and
for time it looked as if prices would be
rampant until the leaders of the various
pools checked the spasmodic enthusiasm that
was creeping into every channel of specula-
ton. Stocks have been largely oversold and
the short interest has undoubtedly been I'M
dersold. The continuous rise has hurt one
or Two houses, and look for some little
trouble to result from the present exaggerat-
ed imitation. 1t is quite plausible for the busy
bodies to circulate the rumor that Mr.. Gould
has been overselling Nor Invest and Michi-
gan central. The room usually reports him
to be in right place three or four times a
year, but notice that he invariably holds
his own and comes in winner in the long
run. This is only natural, for he controls
all the financial wealth and information to
accomplish his purposes. am not believ-
er in the story of scrip dividend in North
west common, for 1t is the most unreason-
able fabrication that has been started in
many day. Should the directors be 80
disposed, they will not forget to provide for
the preferred stock holders at the same time,
and if 40 per cent. is distributed among the
common stockholders, l am afraid that moth
ing will be left to meet the cost of labor and
material to build the many new branches
now under consideration. In some stocks
the days trading was limited, such as West
ern Union and Erie, and this
gave them the appearance of being weak
and in good supply. Wabash stocks were
dealt in at comparatively low figures, and it
locks as if short interest in the preferred
might be engineered and q sharp upward
twist arranged by Russell Sage and associ-
ates."
81 am very big 'bull,'" said another
broker; ''that is to say, for the next ten days.
OF course they may Overdo this thing, and
will be the first to congratulate the man who
gets in on top. He will make more .money
in the long run thanaall these sanguins
| bulls who have been rusticating at New
port and Saratoga and been buying north
west at par and over when these same parties,
with no better prospects in view, last year
were very glad to sell the same stock at
| seventy five. There are one or two
things in sight which might
make Reading and Chicago and
Omaha cheap investments. The news is
confirmed from London that Reading will be
| recognized without an assessment on the
stockholders. The receivers have just made
arrangements to defer the payment of their
labor at cost of per cent. per annum,
while it cost per cent. to the Jersey Cen
trail. Tt is expected that the surplus of the
railroad company will be fully 100000 at
the close of the fiscal year, and the coal
company, owing to the better price of the
raw material, will be able to pay expenses.
The manipulators of Omaha are confident
that the receipts of the road must materially
increase as the new crop is marketed. Any
amount of puts have been sold on the pre-
ferred at 80 to run 60 days, so that with good
luck it may be worked to 80 within q short
time. I am convinced that every
Spectator on sober thought
will find out that prices are too
high; but what is an operator to do when the
most fierce bears are buying stocks in every
dlreotion?'
''The majority of the stocks are inflated -
said another broker, "but confidence is SO
well restored that the sceptics cannot be con-
WINGED of the possibility of breakers ahead
Some curious reports are whispered about
Erie. F. B. Wallace conservative gentleman
as he is, IS preaching extravagant figures for
the common stock. He does not hesitate to
pre- let rise of twenty points before Christ
mas, but then it should be remembered that
Mr.. Wallace is whoie-souled friend
of Mr.. Jewett and adores him as native
born italian does his patron saint. He has
frequently been misled, and as Erie is the
only stock he ever ventures to buy in fall
ing market his prophecy may fall as short
of the mark as did his bear sales of North
west in 1872. Other we'll informed gentle
men speak advisedly of some wonderful plan
being concocted in London. None of them
know where the land lies exactly, but think
that the present general buoyanoy, if kept
up, will influence the outside public to invest
in their old pet. On the other hand, the
Germans are selling Erie, there being no
profit between here and London. Won
Hoffman & Co. were disposing to-day of
some of their cheap purchases under 40, and
the market was not prepared for any ava
lanche of stock until it was rumored that
Woerishoffer & Go. had orders for 10000
shares at 40, supposed to have been given
out by the 81. N. Smith clique, The short
interest in Erie seconds may contribute to
the strength of the common stock, and it is
possible that the former may not be iqui-
dated before the price is advanced to IS.
Under any circumstances there will be some
unsatisfactory developments in Erie very
sooD, and those who have counted upon q
business of $18,OOO,OO0 gross for the road
will be sadly disappointed.
A REVOLUTION IN SENTIMENT.
What q Purely business Paper Says about
the Change No,c TAKING Place
That old, staid, business and commercial
daily, the New York Journal of Commerce,
in recent editorial on "The Political Out
look" says, among other things:
We believe that a large majority of the
people of the United States desire change
of parties in the national administration.