The Portland daily press., 1882-04-26
ORTLAND WEDNESDAY MORNING, APRIL 26, 1882.
WALL STREET.
It's Ups and Downs and ms and Outs.

It's Ups and Downs and Ins and Outs.
New YORK, April 25.-Wall street reports
state that the market advanced yesterday on
good buying of good stocks and on covering OF
those which have been oversold. The feeling
at the close was less bullish, and the best in
formation last evening was that the rally
would not hold. IT looks as though the
grangers were bid up yesterday to give tone to
the rest OF the market. A prominent trader,
known to be a bear, was very active in bidding
up. Under this treatment the buying became
excellent, but the selling in great measure is
believed to have been realizing. Washington
and Philadelphia made large realizing sales,
and there were strong indications OF inside
selling of Lake Shore. The bear party intend
ed to raid Lackawanna, Missouri Pacific,
Reading and some other stocks yesterday after
noon, but about one o'clock cancelled all SELL
ing orders.
The developments in the loan market did a
good deal toward sending shorts to cover. The
borrowing demand was unprecedented, al
though in some cases alleged to have been lille
gitimate. The foreign demand was light.
Some OF the best houses say that quite as
much stock is coming to this country as is go
ing away. A prominent house says that the
depression is not likely to last, but that for
eigners cannot be expected to support our stock
if they are not sustained at home.
The price OF exchange yesterday warranted
shipments of gold, but it is understood that
e500,000 of loan bills will be presented within
q
very large extent.
Judge Learned has denied the motion of the
New York and Albany company for an injunc-
ton restraining the New York West Shore and
Buffalo company from building its road ON the
present route along the west shore of the Hud-
son river.
Gen. VIM J. Palmer left Mexico City yes
terdayfor Vera Cruz and Monterey before COM
ing home. He telegraphs that tho Mexican Ma
tionaj company has the best route, with the
<.f -.
Mexico, and that there are more people engag
ed in mining in the State of Michoacan than
there are inhabitants in Colorado.
ST. Paul preferred advanced on the expira-
tion of the time for converting bonds into pre-
ferred stock.
Mr. Osgood is credited with selling Lacka-
wanna. Mr.. Keene is said to have put out
shorts in the morning. Geo. VIM. Ballou &
Co. were heavy buyers. Mr.. Tileston bid up
the stock at the close. A good deal of long
stock came out, and lower prices are expected
to-day. Judge Hutchins was a large seller of
Western Union yesterday. Work, Strong &
Co. were also sellers. An insider says the
stock is purchase on developments soon to be
made.
Parties who have just been over the Denver
Road are very bullish on the stock Points to
sell Denver come from good sources, but in
formation equally good is that developments
are in progress which make short sales of Den
yer risky. Large puts on the stock are said to
expire this week. Well-informed brokers say
that the borrowing demand for jersey Cen
trail does not represent legitimate short in
terest
The earnings of Denver and Rio Gran de for
the third week in April were $139,415, an in
crease of $35, $40 over the same week last year.
The increased earnings since January 1, foot
up 1904 ,404.
A Broadway house bid up North west, but
quietly sold. Insiders sold Reading.
4 London dispatch reported Mr.. Gowen as
saying, at the stockholders meeting, that the
floating debt had been reduced to So, 100000 by
income and the proceeds of the first INSTALL
ment on the deferred bonds.
Another dispatch said that Mr.. Gowen
would not succeed in his effort to place bonds
abroad.
Pacific Mail was offered down in small lots,
amounts at low figures.
Michigan Central was bought by people hay
ing the best information. A prominent Broad
street house supposed to be bearish on the
stock is buying. The introduction of new
element in the management is not unlikely.
The strength of Erie is attributed to cover
ing, helped by some long buying on the
strength of the connection with the New York,
Chicago and st. Louis road. All the securi-
ties of the latter company were in demand. A
prominent banking house bought a large block
of the first mortgage bonds yesterday. Insid-
ers are sanguine that Tennessee bonds will
have an immediate advance.
A room trader was the principal manipula
tor of Missouri Pacific yesterday. An upward
movement in ST. Joe is predicted.
The Omaha stocks were well boagh and
confidence in them is growing.