Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-04
NEW YORK.
Especial Telegram to the Globe. |

Especial Telegram to the Globel
New York, Oct. 3.-Kiernan's letter to-
day was very bearish, giving the rumors
and opinions from most of the leading bro
kers. Vanderbilts alone stood by their
properties. Keene is said to have ssout-
puts" on over 100000 shares of different
stocks. He is short, and waits the ssput-
ting" of the stock with composure. Louis
vile & Nashville, took the usual drop. then
started up. There is this to be said: The
worst is known, and in the market the mar
gin stocks have been cleaned out, and a
large short interest made. She
ought to rally value
aside. The wise man goes carefully on
the bear side after such a fall. In a mar
ket of this character value is the best
guide. If man thinks Lake Shore is
cheap at Sill because it pays per cent. div
idends quarterly, let him buy it and keep
it or any other stock. If he has bought and
fears that it is all going to pieces, let him
remember that is the state of feeling the
leaders in Wall street have been trying to
get him into.
There is no change in the situation.
There are plenty of good reasons to salts
fy the bulls that the market ought to 90
up, but it goes down all the same.
The leading operators are bears, and
have no trouble in getting stock back at
lower price than they sell, no matter what
that is. 1t is just as likely to continue
more profitable for the bears for month
to come as not. The action of the Del
aware, Lackawanna 81 Western in leasing
the new connection is the excuse not only
for selling that stock but the whole mar
ket. The steadiness of the afternoon is only
the covering of shorts. Those who have
stocks must be their own judges as to
selling; those who have none had better
keep happy by not buying. Country
orders to sell come in like a flood,
and weak holders throw over their
stocks in a semi-panis. There were ru-
mors of something dreadful about to hap
pen, no one knew precisely what, but in
every office there were people talking of the
break in the Louisville, intimating rot
tenness in Union Pacific, producing col
lapse in Lake Shore, limiting of failures in
the streets, and anticipating the downfall
of this or that prominent operator. Here
and there cool trader was found strain
ing his eyes to see who was picking up the
plums from the vigorously shaken tree.
There were rumors of great activity in Mr..
Babcock's Office, and alternatives
more or less positive that
Mr.. Gould was cornering shorts through a
Boston house. 1t was very plain that al
though the general situation SO far as
crops, railroad. tonnage, full rates for the
transportation of the same and the bust
ness outlook are concerned is 'sbullish,' yet
the power of individual speculars has been
sufficient, aided by such developments as
have been made in few prominent COM
panies. and to create thoroughly bearish
feeling among spectators. and sufficient
distrust among the'actual holders Of stocks
to ind1ee many of them to reduce their
holdings. The decline of the last few days
have weakened margins so that stock al
ready begins to be pressed for sale on this
account sifeF ,4s
1t is believed that the purpose of the
large spectators who have brought about
the decline and the existing unsettled feel
ing, is to get the markets into a shape
where they can pick up a line of stocks at
comparatively low prices, so that a sharp
upward turn in the market is among the
possibilities, if not probabilities, at the
most unexpected moment. The decline in
the market has been more assisted by the
break in Louisville & Nashville than by
anything else. There is nothing new in
the way of reports respecting this COM
pany. After the annual meeting on We'd
nesday the facts will be known. Drexel,
Morgan g. Co., began payment of the Oc-
tober interest for the company to-day.
1t is thought in some circles that the
market will not show much improvement
for day or two, because the country is
selling freely, and those who wish to buy
will not check the movement, which they
may be supplying with stocks.
1t is said that the bears will close their
campaign by a strong raid on Lake Shore.
Said an operator to-day: sRoom traders
have made one or two drives at the stock
to-day. but it has shown continued strength.
Bears say it will be broken down to par.
Friends of the road say it earned PA per
cent. on the stock for the quarter ending
Sept. Both. 1t was reported that Mr.. Keene
was seller of the leading stocks last week
and that Mr.. Gould pressed prices down SO
as to spoil Mr.. Keene's market. The lat.
ter is said to be heavily short, and the
story this afternoon is that the Vanderbilt
HTNE TIA