Daily globe., 1883-07-19
NEW YORK.
Especial Telegram to the Globe


NEW YORK, July 1S.-The rally in stocks
this morning was of short duration. and
prices were soon on the down grade again.
The VanderbiIts were, as usual, found
without any support, and free selling car
ried New York Central below lis. Mich
igan Central declined per cent, and Can
ada Southern fell from 59}4 to 5615. The
Western Union lowered around so the
greater part of the day. The hour for the
expected strike was changed from high
noon to O'clock but at p. m. all seemed
serene, and business progressing as usual.
The granger stocks changed but little. st.
Paul continues to roll mp large earnings.
The increase for the second week of July
is $751; 900. Northwestern for the same
time gains $21,OOO The business of the
different lines cuts no figure in Wall street
at present. There is hardly any demand
for stocks from any quarter, and until
they reach a point where buyers will be
tempted to take hold we cannot expect
any change for the better. The Northern
Pacifics seems to be held up by main
strength, and q good deal of muscle seems
necessary to maintain them. Canadian
Pacific went all to pieces during the even
ing. The closing prices this evening, as
general thing, are lower than the final
sales of yesterday. The market was steady
at the end, with no particular feature, and
the situation unchanged
The Herman Nelcs Letter says: Strong
/ purchases, some new support, increasing
outside orders TO buy and favorable crop
reports we're among the strengthening in
fuences early. Large investment pur-
/ chases are reported. Good stocks are
/ considered cheap. It IS thought a settle
ment Of the telegraph troubles would
/ greatly benefit the market. 1t
looks as if the Western Union company
has prepared to partly accede to the de-
mands of its employees, and did not want
the concession to have bearish effect on
its stock. A Lackawanna director is re-
ported as saying that the issue of the New
York Il Lackawanna bonds will be limited
I to $5,000,O00 at present. 1t is thought the
money may be needed to iquidate the
/ floating debt incurred in operating the
road. The bulls say the extension is doing
well. 1t is said that the bears on the New
! York Central have been trying to scare out
foreign holders, especially the English.
! Several hundred shares we're sold at
/ 113B. Several parties are reported bull
ish on St. Paul. There is said to be no
danger of an immediate issue of stock.
Heath was among the large
! buyers of Erie, taking 5000
: shares. Encouraging crop reports helped
Manitoba and stocks of other roads in the
northwest. The Oregon TranscontinentaI
did not show the amount of stock outstand-
ing. It is stated the reported issue of
West Shore terminal bonds will be made
by another company, to be called the West
Shore Terminal company, said contem-
plated issue to be $12,OOO,OOO, guaranteed
by the West Shore. The transactions to-
! day were 3O1,5OO shares. It is thought
that Gould was among the buyers.
/ The Western Union directors considered
the demands of the telegraphers to-day. 1t
/ is officially announced that the directors
| favor few per cent. advance in salaries
and reduction of the hours of work. An
officer of the company said that the earn
ings for fifteen days of July were 1850
and the company during the present
! year has been earning 10 per
cent. dividend. 1t is generally believed by
knowing persons outside Wall street that
! the Western Union will not agree to the
! terms of the operators, and that the latter
will not accept the first proposition of the
company If there is strike the Western
Union may try to get along without the
strikers long enough to ascertain the
situation at its worst, and what should be
! done under the circumstances.
1t was rumored that new bull pool has
been organized in st. Paul. 1t is alleged
to have secured large amount of stocEs
| below 102 and to contemplate putting the
price above 105. Operators supposed to
be identified with the pool say there is no