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

lOPSSoA AOAO$A " Ill0
New YORK, Aug. THE stock market
To day has been good deal demoralized
by rumors of various kinds, and bv the
persistent hammering of the bears. Prices
were we'll sustained at the opening, and in
some instances stocks were advanced. The
properties that suffered the most yesterday
received the attention of the bears this
morning. The rumor mill was in full
blast. 1t was reported that Gould had
been called for loan of $5,O00OOO and
was obliged to sell. At one time the be ars
confidently announced his failure. Wabash
was very sick, selling down very rapidly
from 2211a to 10. No sale between 2115
and 20, except stop orders between brok-
ers. Transactio ons were very large in the
Gould properties and Oregon. Towards
the middle hours there was halt and good
buying was shown in New York Central,
Northern Pacific, and some of the promi-
nent bears covered freely. The market
continued to gain in strength and
closed gradually higher than
last night, the Omaha, Northern
Pacific, Northwestern, New York Central
and Union Pacific being particularly
strong. The market for the day would
seem to show that each tub is standing on
its own bottom; that worthless trash will
not drag down the sound dividend paving
stocks, and the latter are purchased on
every reaction. The real cause for the
weakness in the Wabash is that large
amounts of the stock have been held
abroad and have been sold the last few
days, and the bears helped the sale this
forenoon. There was good buying in
Northern Pacific preferred, one house tax
ing 5000 shares. Woerreshoffer announces
that we shall have no Surplus grain for
export. The market will probably be
feverish and unsettled till the labor
troubles are out of the way. Duluth net
income for the year ending June is $549,-
600. The balance, after payment of
equivalent, trust, sinking fund and
dividends, will be $15OOOO.
The transactions were 10000 shares.
Northern Pacific earnings for the fourth
week of July increased $61, ,O0O The mile
age increased 403.
One of the Gould brokers this afternoon
said that the room traders, in selling the
Wabash's short, have been playing with
fire. 1t is well known that the Gould peo-
pie held very large amount of common
which is off the street. So far as the pre-
ferred is concerned there is SO much of it
held IN London that the floating stock here
is not equal to the short interest. 1t is
undeniably IN the power of Gould and his
friends to advance the price of this stock
8 or 10 per cent. without making any heavy
purchase, and while it is il the power of
the room traders to cause low quotations,
it seems no longer possible for them to
shake out long stocks. They admit that
the public are not in the street, and have
not been for some time. This means there
are very few stocks carried on
margins, and that the large bulk
of securities are lodged in strong hands
and are so held that they will not come
upon the market until the holders realize
the profits they are willing to take. 1t is
generally understood that success against
the Western Uuion company means strikes
in almost every line of business in the
country. This is one reason why the Wall
street bears lend encouragement and con-
tribute funds to the strikers. It is unnat-
ural that labor should demand higher
compensation when il every direction
there is liquidation and decline in values.
A decrease rather than an increase in paw
wonld be more in keeping with the times
so far as general business is concerned.