Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-03
NEW YORK.
Especial Telegram to the Globe.

IOpONAoA 4OACSioA W CuC OAOUC.t
NEW YORK, Nov. 2.-On reported set
Element of the Metropolitan Elevated diff
fculties the market strengthened this
morning, and an advance of per cent.
took place in several stocks. Manitoba
huctuated wildly, selling at LA and later
at 1484. The Nickel Plate preferred
was the weak feature. Opening at 331{,
it failed to make any improvement. After
half day of what would pass for activity
in these times, the market became slug
gish. Illinois Central, though neglected,
holds firm. Rumor .has it that about
$6,0OO,O0O bonds will be retired and
stock issued at par to stock
holders in sufficient amount to provide
for the taking up of the bonds. During
the closing hours stocks improved. MAJ
haitian advanced from AZ to "a. Western
Union sold at 7S and the Omaha
at los. Louisville & Denver
have led in activity and sold at about the
same figures. The strength in the final
dealings may be attributed to the demand
from the shorts, as the money stringency
continues and loans were made at 10 q
II per cent, the last loan reported being
at the higher rate. s'Money is likely to be
easier for about week. said a banker to-
day, ION account of the interest
disbursement by the treasury to-day, and
when this amount is absorbed another
squeeze is probable,as money is going into
the treasury in the form of revenues at
the rate of S1,OO0,O00 6r S1,5OO,OOO per
day"
The demand for commercial paper has
been very dull this week, as the banks be-
gan to make call loans very freely as soon
as money rates were tightened.
A prominent operator is quoted as say
ing there is not money enough here to war
rant the beginning of bull market, and
that there will be none until
the banks loan freely on cheap
stocks. The injunction obtained to
restrain the perfection of the new trust of
controlling interest in the Mutual Union
Telegraph company had little influence on
the stock of that company, or on Western
Union telegraph. The bonds of the Mu-
tual Union, however, fell to 72 from "a
ex-interest.
|, ''The sensation said prominent opera
tor, "was the attack yesterday and to-day,
on Reading. The German following were
the principal sellers, and easily brought
about the decline. Some Philadelphia sell
ing was caused by rumo1s of failure in
that city. have investigated
the rumors and found them
false. The selling by traders was alleged
to be for the Gould party, but no con6r-
nation could be obtained. My impression
is the Woerishoeffer party attacked the
stock in pursuance of that plan for keep
ing the market weok. Good houses bought
the stock, and purchasers are likely to see
considerable profit" Western Union has
been affected by adverse reports, some of
which have been accompanied by good
selling. The stock has had support, how
ever, and friends of the company think it
will be continued, at least as
long as the stock is under
fire. The general advice of commission
houses is to do nothing. There is great
deal of bear talk, and a general feeling
that things are not going right, but the
fact that raids run prices into buying
orders hinders free short sale.
Nobody seems to have definite informa-
tion as to Mr.. Gould's position on the
market. His following seems to have
been divided. One section thinks Mr..
Gould waiting bull; the others believe
him to be. a waiting bear. They agree,
however, upon the feature of waiting. There
are intimations to-day that the magnates
of the street are not, to put it mildly, in
hearty accord. u