The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-04-25
WALL STREET.


The Bear Policy Observation-Disclosures
| Break in Denver-General Street Cos
sip.
NEW York, April 24.-Wall street reports
states that the bear party asserts that its posi-
ton is unchanged, and that some stocks will
| inevitably go lower, but admits that the im
provement in the Vanderbilts may be the be-
ginning of an upward turn of considerable
importance. Conservative operators think the
market will be lower this week, bu advise
extreme caution lin making short sales. Con-
trary to expectation the borrowing demand on
Saturday was as large as on any previous day
of the week. Missouri Pacific, jersey Central,
New York Central, Michigan Central, Reading
and Wabash preferred loaned fiat; Lake
Shore loaned at 2, while the short interest in
WesternI Union seemed to be comparatively
small
The Vanderbilt letter, of which so much has
been said, amounts to this: prominent man
some days ago wrote to Mr.. Vanderbilt, saying
that he had given Mr.. Vanderbilt his proxies
for years, and had considered him safe custo-
dian for the interests of the company. On Mr..
vanderbilts advice he had bought Lake Shore
at higher figures. He was now told by Mr..
Osgood that Mr.. Vanderbilt had sold all his
Lake Shore. What did it mean? Mr.. Van
derbilt replied, saying, first that he had not
seen Mr. Osgood to speak to him for 60 days;
and second, that he had more Lake Shore than
at any time during 1881, and more than he had
held in 1882, except during short time when
for purpose, he increased his speculative
holdings. He had sold some of his speculative
stock, but still owned more Lake Shore than
at any time since 1880. 1t is understood that
public statement to the above effect will soon
be made. to be followed by vigorous buying.
1t is beyond question that Mr.. Vanderbilt has
lately bought Lake Shore. 1t is equally GER
tain that ID. o. Mills has been large buyer.
A strong party of capitalists have lately been
expecting to buy Lake Shore at par, but began
foh huu SATURDAY. at 103 and 104.
Jersey Central was the weak spot in the mar
ket It had no support whatever, and shorts
bad no difficulty in covering at handsome pro-
fits. A Broadway house mashed, the stock
probably in the interest of Mr.. Gould Most OF
the buying was to cover. One object of the
drive has been to shake out stock, and as that
object does not seem to have been accomplish
ed, lower prices for Jersey Central are not
improbable The action of the Gowen party
in calling a stockholders meeting will be re-
sisted by the present management, and will
merely develop a new phase in the contest Tor
Central
1t is understood that the ST. Paul Company
will appeal from the decision of the United
States Circuit Court awarding Sl,74O, 800 to
Wm. Barnes on account OF the invalidity OF
foreclosure suits in connection with the La
crosse and Milwaukee road.
1t can be stated definitely that the Denver
Company has paid for all locomotives, between
30 and 40, that have been delivered according
I
was some German selling. The buying ap-
peared to be upon sealed orders. Mr.. Stockwell
was the largest buyer in the morning. 1t IS
stated that there will be break in Denver this
week.
A bearish feeling prevailed yesterday in
Lackawanna. Lower prices for coal are expect
ed in May. The earnings Of the Union Pacific
railway increased $514 ,45S during the first three
weeks of April. A strong combination is said
to hold Louisville and Nashville, ready for
rapid rise when the market turns Over 1000
shares have been bought for investment within
a week. Mr.. Keene is credited with covering
shorts. Reading was offered at 56f at the close.
Some heavy selling was supposed to be for
London account. Philadelphia is large bor-
rover of Reading in this market A dispatch
from Mr.. Gowen states that the financial plan
has been unanimously approved by the Eng
lish stockholders
Banks are not contracting their circulation
on account OF the high price of As. On the
contrary, the deposits of 4s and AIS to secure
circulation are Increasing. The increase in
the dedosits of As for this purpose during the
three months ending April exceeded $3,0O0,-
600.
J. G. Clark, General Superintendent OF the
Union Pacific railroad has resigned and accept
ed the position OF Superintendent of the Chica-
ga, Milwaukee and st. Paul railway.