Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-11
NEW YORK.
Especial Telegram to the Globe. |

Especial Telegram TO the GlODo.
New YORK, Nov. 1O.-There was de-
termined and successful move to advance
stocks this morning, Lake Shore u Canada
Southern being conspicuous. The former
was marked up to 116, and was on demand
by the shorts, who found it scarce and
were obliged to pay a premium for its use.
Western Union was as usual very active,
but it seemed hard work to keep it above 80.
Louisville & Nashville in early dealings
became strong, selling at 1890, but was
raided later and declined to 4Sc. It has
become such foot ball that some of the
banks decline to advance on it in loans.
By 2 o'clock the shorts seemed to have
pretty well covered, and Lake Shore
dropped to $114l4, the balance of the list
giving way also. The situation is anything
but clear. want of harmony between
Gould and others who sometimes act with
him seems to exist, and until peace is de-
ciared we must naturally expect a feverlsh
and unsettled market. There was a slight
rally at the close with steadier feeling.
Money per cent. The Vanderbilt stocks,
while suffered to go with the general
market, were taken at the decline and
have passed into strong hands.
This while many of the sales of these
stocks were for short account. Whether
there is anything in the report that Mr.
Vanderbilt has sold S10,O0O,OO0 of his four
per cent bonds to syndicate at per
cent. below the market price SO as to in
crease his cash ability to buy his own
stock, we do not know. There are also
mysterious rumors about something to
come out of favorable concern to Michi-
gan Central and Canada Southern, but
these we have been unable to fathom.
The lack of support in Lackawanna and
Missouri Pacific and the pulling of the
peg in Lake Shore caused an alarm
which brought out a great deal of long
stock. George Osgoods illness and Keens's
drive Lackawanna. The market began to
look panicky, but at l o'clock
the bulls went to bat and then the game
assumed a different aspect. Prices began
to soar, and the bears kept them soaring
all tie rest of the day. The marked i'm
provement in the situation was due to
heavy purchases of stock by the Gould and
Vanderbilt brokers, the covering of short
contracts, and the order of Secretary Fol-
ger to Assistant Treasurer Acton antici-
pating the payment of bonds under the
11oth call without rebate of interest at the
rate of $5,OOO,O0O per week. The effect of
Folger's order was satisfactors.
A prominent broker representing very
large interests advised customers to buy,
as the situation had changed since morn
ing. A prominent capitalist bought
stocks, and said that the prices
which would be seen before
January would brighten conservative brok-
ers. Vanderbilt brokers said that Lake
Shore was earning more money than ever
before in its history, and that people who
knew what the road was doing and would
do this year were ready to buy the stock
at curIsat prices. A prominent Broad
street house advised customers that Wes-
tern Union was the best purchase of the
list. Broadway house is said, on fair
authority, to be short nearly 5000 shares.
1t is said that MIR. Gould has bought a
large proportion of the stock sold below
SO. Russell Sage says that the market has
reached bedrock.
Failure.