Daily globe., 1882-10-08
NEW YORK.
Especial Telegram to the Globe. |

New YoRK Oct. 7.-For several weeks
they have been looking for big
boom. Stock has been bought and
the list has steadily fallen. Large op-
orators have talked bull and predicted
higher prices, but the more bull predic-
tlons were heard the more rapidly the mar
ket fell. Time and again we have seemed
to be on the edge of boom, but Just as
everybody was settling himself for a nice
time, the boom has snapped, ard
the bulls have had drop, and they
had it again to-day, for after noon
the market sagged off sadly, led by those
unfortunates, Richmond & Danville and
Richmond & West Point. These stocks
have never been distributed in Wall street,
and very likely the present trouble is that
the few persons who hold them and have
them in loans have been called upon to
pay their loans. This may not be very
likely, but rumor reports it so.
The stock market continued weak up to
the close, and the lowest prices were made
in the last hour. The sudden change
In the tone of the general
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the afternoon was without other reason
than change in the purpose of the lead
ing spectators who have brought about
the present demoralization, and who for a
moment appear to be in complete control
In fact, the market continues in a condi-
tion which defies analysis. Some of the
best houses in the street are strong bulls on
the ground that prices are low enough, and
that the leaders are deceiving
their following. Other houses
are bullish on the situation, and
are not bears on the market, but say there
is no snap to the rallies, which is a bad
sign. Gould brokers are said to be out
spoken bears. Their standpoint of bear
ishness shifts little from day to day, but
their prediction of lower prices not a
decline merely, but breaks confident
aud unchanging. They hint of something
hanging over the market, dwell upon the
pientitude of securities and the
scarcity of money, discuss the in
adequacies of earnings, and point to
the rottenness of particular properties.
'One thing is apparent" said broker to-
day. "The general market will not have
strong rise with Mr.. Gould on the bear side.
There have been times when that gentle
men was not where he was supposed to be,
This may be one of them, but his follow
ing is so confident and has been so we'll in
formed that it is perhaps the part of pru-
dence to await developments"
An effort is being made to bull Denver.
Mr.. Keene wants it lower; Mr..
Waerishoeffer wants it higher. Thus far
Keene has had his way, but possibly the
German interest may carry the day.
The position of Louisville & Nashville
continues in doubt. The general feeling
is that the stock has been hammered
enough, and that it is likely to have good
reaction, even if it subsequently goes
lower. There has been good selling of
Union Pacific to-day. The Gould-Sage-
Cammack interest Is believed to have in
spired the selling, and all information
from these sources is that the stock will
have further decline.
In regard to rumors circulated by those
who are engineering the road upon the
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the statement that the floating debt of the
company is $780, 1000, and that it was in
Cured by the acquisition and development
of branch lines, which are sources of large
revenue; that this floating debt is carried
at three and four per cent. interest, and
that the company has nearly $6O,OOO,OOO
of seven per cent. securities in its treasury.
Mr.. Dillon says he could pay
off the floating debt before sun
down to-day if he thought
best to sell 7per cent securities at par, and
then have more than S5O,OOO,OOO in the
treasury. He does not consider it good
business policy to sacrifice paying invest
ments, and says that eventually all these
securities will be divided among the stock
holders. He is buying, and advises his
friends to buy the stock, at present prices
as an investment.
A prominent merchant in this city who
is large holder of the stock at much
higher prices, increased his holdings sever
al thousand shares yesterday for invest
ment. The general feeling on the stock is
very bearish, and it is asserted that a new
issue of stock will be necessarily made.
THE N. E. CONFERENCE.