Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-10
THE GAME IN STOCKS.
Keene Assumes the Role of Bear--The
Northern Pacific Boom.
IN Y

IN. Y. World, Feb. 5th.l
''The market has been strong to-day"
said prominent operator yesterday,
'strong enough to stand great deal of
hammering on the part of the 'bears,' of
whom Keene is now the acknowledged
leader. He has laid down the outline of
his campaign, and means to break the
market by unloading st. Paul upon it.
He thinks by thus showing a marked
weakness in one high-priced stock, to
create general 'bearish' feeling, and so
lead off the whole list. He can sell St.
Paul long way below the present figure,
and yet lose nothing, for it has been
manipulated up to its present point
Those who were with him in the Granger
pool, are working as hard as he is to get
rid of their high-priced holdings,
and it would not be surprising
if Keene were compelled to sell
eventually at loss if he keeps up his
campaign long enough. The other stocks
were strong at the opening and then sold
down somewhat on account of an uncer
tainty which seemed to come over the
market, but at the close prices were good
and there was no break as there would
have been if it had been really 'bearish
market. The carrying out of the tele-
graph consolidation had strong 'bull'
effect on the market and the quotations
on all the telegraph stocks showed an i'm
provement over the day before Many
had sold short in these directions because
of their uncertainty as to who would
come out ahead in the race for consolida-
ton. AS usual, the lovers won the race
to Gretna Green and the stern parent has
been left behind. Northern Pacific was
strong on the ground that demand for
the stock will Icome from the London
market and from Europe as soon as the
stock has been listed on the exchanges
there Alton and Terre Haute was
stronger, upon the explanation that the
meaning of the closing of the books was
only the perfecting of the arrangements
already made for the issue of the deferred
divid ends.'
"The bulls are yet in CONTROL" said
second broker. "and the sudden COM
pletion of the consolidation scheme had a
very unpleasant effect on the many
shorts who had developed themselves
in the past few days. They sustained
Western Union very finely by their cover
ings, and it is reported Vanderbilt was
liberal seller at the prices now ruling,
and managed to get rid of good slice of
his stock. His going out of the executive
committee of the company is looked upon
in some quarters as indication that he is
going to withdraw from telegraphic con-
troll and look after other interests. There
has long been growing impression that
the men who have manipulated the con-
solidation are now going to remain in
control of the vast and very unwieldy
body which they have created. 1t has
been an easy day for money, but deliver
les have been very poor, and especially
was this the case with Lake Shore.
Reading was left alone, pending
the meeting of the governing
committee on the question of the
status of due-bil for the deferred bonds
which the company has issued. The COM
mittee have decided that the due-bills for
the allotments of those deferred bonds of
the Reading railroad company are due
and payable within twenty days after the
issue of the bonds by the Philadelphia
and Reading railway company, and that
those who hold or have issued such due
bills may call for mutual deposits of ten
per cent according to the rule of the
stock exchange The bonds are not to
NC udi oACCp0 III 11oiuOi, anu oi0iO hd'O
been some hurried, mutual arrangements
during the day in settlement. AS much
as twenty-five per cent. premium has
been bid to-day for the bonds by those
who are not able to deliver them. The
market, l think, is in for rise yet, and
will remain above the figures which have
been quoted during the early part of the
week Several of the shrewdest opera
tors of the street, who fix their opinions
by the calls they are selling, think that
we are in for long run Of high prices,
among them Russell Sage"