Daily globe., 1883-08-25
NEW YORK.
Especial Telegram to the Globe. !

New YORK, Aug. 24-The market open
ed very strong in the Wizards and showed |
an advance on nearly everything on the |
last. The bears were much less demon |
strative. After the first fifteen minutes !
they devoted themselves strictly to the |
Willard stock and Central Pacific. There |
was good buying of Oregon at 64 by the |
Willard brokers. Towards the middle |
hours of the forenoon Slayback made a |
drive at Lake Shore, offering it in 100
share lots d below the market, and in this |
way selling it down to 1O3B. There was
very little feature in anything. The mar
ket drifted along during most of the day |
and in the last was strong throughout
the list. Memphis & Charleston was ad-
vanced from All to Al. This is believed
to be liquidation, but for the bear account
and not for the bulls. There are a good
many orders in st. Paul at 1917 and
1919, and it is believed strong parties are
buying it. There is only one point on
which the most conservative parties fully
agree, and that is that the short interest
is very large.
W. z. Hessly, of Brady, Mcclellan & Co.,
says: "The market at the opening was
buoyant and the advance in the Northern
Pacifcs quite marked, the improvement,
however, turned out to be somewhat
effervescent in its nature, and in a short
| time they were on the down grade again,
being assisted by break in Lake Shore
from 105 to 1886. About noon the mar
ket was quoted as dull, tendency downward
without any special pressure Of stocks.
One exception was Memphis & Charleston.
It opened at Il and advanced sharply to
II. One week ago it sold at 81. The
tenor of advices during the balance Of the
day did not change much until near the
close, when there was considerable activity
with little squirt in the Wabashes, Oregon
and few others. Pullman sold at 127,
and there was sale in Hannibal & St Joe
preferred at 80. The Chicago,
Milwaukee s. St.% Paul earnings
during the third week in Aug. increased
$8S,OOO. The northwestern melon"
seems to improve with age. If thorough
ly divided now it is supposed that stock
holders would be entitled to an increase
in their holdings of about SIS per cent
The stock was not at all affected by the
ruler. The result OF the days business
has been to close some properties trife
hlgher and some trife lower than on last
evening"
Seligman said: "We certainly are
looking for better prices, and believe stock
will show an imp roveme ent. English and
other European investors have not made
any realizations on American securities
and our agents abroad cable US that while
the recent fuctutuations have done much
to unsettle the market, the feeling
is more builish than for
some time past" There is
a good deal of mysterious talk about a
break soon to occur i'll New York Central
The stock may be sharply attacked
although it has been steadily held all
along. The borrowing demand for stocks
is increasing from day to day, and is now
large for nearly every active stock.
broker thoroughly informed in West
ern Union affairs said: "There has been
a fair investment demand for Western
Union for long time. During the strike
it was interrupted but has been resumed.
Taking the price at rs it represents a
capital ofonly S6O,4OO,OOO. The plant
could not be duplicated for that amount
of money. The company builds every
year new lines enough to equip a small
telegraph company. New lines built year
4 ly by Western Union will equal
the. mileage built by any
of the opposition companies.
The fact that several small oppositions
have started to build lines to the same
point will be in the end of advantage to
the Western Union, as they will by mutual
competition bring themselves to position
where the Western Union can buy them
up for less than cost if they are worth hav-
ing. 1t is we'll known among those who
have had experience in the matter that
there has not been one of the small com
panies which has been able to earn its ex-
penses. One difficulty which bears much
on Western Union is the fact that the
stock at 76 is paying per cent. on the in
vestment. AS time money can be borrow
ed for year at per cent. the buyer nets
over per cent. per annum, even if the
price does not advance as he bor
rows the market price of the
stocks and gets per cent" The an
i. nouncement Of gaining the track from