Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-18
WALL STREET GOSSIP,

The Broker Who Stirred UP Mr.. Hatch
again Takes the Long Pole In HIS
Hand.
New York World, August 1871
"No duller Saturday has been seen for a
long time on the Exchange" said happy
broker yesterday, "snd was astonished to
see such tame closing after the brilliant
tits between the bulls and bears last
week. Since Friday mornings decline there
have been some good buyers. A few of the
big operators who turned bears found that
there was too much company, and so twisted
the market to force the weaker shorts to
cover. For time it was sdure gui peut,
and then the tone relapsed into extreme dull
ness. On the whole the market was strong,
with little activity and limited transactions.
One OF the chief reasons assigned for the
fact that the market did not go lower for the
moment was that Russell Sage has number
of privileges outstanding on which there
was profit at Fridays quotations. These
include puts on Wabash preferred at 69
to run thirty five and forty days, and fifteen
day puts on Erie at Al. Mr.. Sage has also
issued few spread privileges on Jersey
Central at &C and 81, to run sixty days.
The better bank statement had also steady
influence on prices. The grangers re-
NAMED stationary on the better accounts of
the English crops. Lake Shore and Michi-
gan Central were unusually dull, and the
decision of the railroad arbitration in favor
of the Grand Trunk was not known till after
the board hours. After P. NJ. there were
not more than 5000 shares sold, the brokers
being all anxious to get away to the coun-
try. The market at the close was firm, but
had 6 pstched-up look, and it is possible that
another raid will be made next week in spite
of the prospective imports Of gold."
The broker whose remarks quoted in the
"Gossip" the other day stirred mp Mr.. Rufus
Hatch, and who takes very cheerful view of
things, said:
"The market to-day has again demon
strated that investors are ready to buy stocks
at every decline. am decided 1bulp and
believe that we will see very much higher
figures within the next six weeks. would
like to see decline of 2 or per cent. from
the present prices, because know it would
increase the short interest, which already
is much greater than it has been for the
past sixty days. It is simply folly for Rufus
Hatch or any other member of the 'bobtail
bear-pooP that has been selling stocks of
late to deceive himself by thinking that he
can talk stocks down or frighten the public
by calling them lambs and by comparing
prices now with prices two years ago.
Why didn't Mr.. Hatch compare the
earnings of this month with the earnings of
August two years ago. What would Mr..
Hatch think of a man who would have said
AL>n1k I,,T III,
sold for about S50O,00O, was only worth
BOO, 900, and that it was altogether too
high, because some years ago it was sold for
$4,000. It was the growth and increased
prosperity of New York city that made this
property worth one hundred times its origi-
nal cost, and that is what is making the
railroad stocks of the country more valuable
every year. The country is continually
growing and improving. What is the object
of trotting Keene out before the public as a
man whose selling is likely to inf uencs the
markets. Every man in Wall street knows
that Mr.. Keene has dropped SO much money
in the different markets in which he has
been trading that he is now only q
third-rate operator. Wall street does not
care much whether he is 'bulI or a 'bear,
for there are over hundred operators
who have more influence in the movement
of stocks than Mr.. Keene now has. There
IS an attempt by the bears to make the
public believe that Mr.. Gould is on their
side, in order that they may brighten them
out of their stocks. Mr.. Gould is the only
man who has power enough to break stocks,
but know that his sympathy is entirely
with the 'bulp side of the market. His in
terests in the Texas Pacific, Missouri Pacific
and New Orleans & Pacific, together with
his large interests in other lines, believe to
be based upon his convictions that we will
see remarkable growth and improvement
in the West and Southwest during the next
two years, and, believing this, he cannot
feel that he has any reason to
turn bear Besides, the last bull
market has not been caused
by rush for stocks by the outside public
without regard to values, but has been a
slow and steady advance made principally by
investors who pay for their stocks and take
them out of Wall street. Mr.. Hatch's pre-
dictions are as far out of the way now as
when he said that Pacific Mail would sell at
30, and as much out of the way as his last
bear statement published some two months
ago when prices were from 10 to 20 per cent.
below what they are now. Mr.. Hatch's bear
statement probably had some effect in put
ting stocks to-day, because operators remem-
bered that when his last bear predictions
appeared the market Immediately turned
and advanced, and they probably considered
that 1t would do the same this time Hatch
is good fellow but on the wrong track at
present."
DUNNELL REJECTS.
He WNt Not Retire bat appeals to the
People,.
MIR. Dunno II has written lengthy letter to