Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-03
NEW YORK.


off this morning in determined manner
which soon convinced shorts that their
safest plan was to acknowledge the corn"
and come up, which they have been busy
doing all day. Their purchases, in con-
nection with good strong buying by the
bulls, resulted in an upward movement
that remained in force right up to the
close, prices then for the majority of the
stocks being the highest for the day and
week. The increased bullish sentiment
seemed to have originated with the activity
and strength shown in the bond
market on account of the
growing demand from capitalists
for desirable investment securities. This
demand will undoubtedly increase as the
choice bonds grow scarce, and will most
likely extend to the better stocks as be-
tween now and the first of January it is
estim ated that one hundred million dol
lars will DO paid out for dividends, ETC., by
the government and corporation. 1t is
the solid form of relief that Wall street
has been in need of.
The bears were rather discounted at
the action of stocks. There appeared to
be no scarcity of orders for all the leading
properties. Canada Southern was pur.
chased il large amounts, one firm taking
5000 shares. The balance of the Wander
bits were not lacking in activity, and
the advance and prominent trading in
Lake Shore was one of the features eff the
morning. The attack on Oregon Trans
continental was undoubtedly for the pur-
pose Of demoralizing the balance, but the
attempt was failure and it recuperated as
soon as the hammering process eased off.
Denver & Rio Grande earnings the fourth
week of November increased S54, 900. The
Salt Lake line can hardly be expected to
show mnch improvement in traffic now that
the Union Pacific has made a twenty-five
cent freight rate from the Missouri river
to Salt Lake City. 1t is stated
on very good authority, that
the Lake Shore report for the
quarter will show "a per cent. net. The
dividend meeting will be in the third week
in this month.
Rogers & Randolf bought $500 Lake
Shore this morning at 102.
Keene's brokers are buying Canada
Southern. There were a good many Wall
street people at the Windsor last evening,
including Vanderbilt, Gould and Sage.
The two former did not discuss stocks, but
Sage thought there was going to be
strong and higher market after Jan. 1, but
what the immediate course would be he did
not care to predict. Still he did not be-
lieve stocks were going down much
IN the meantime. Regarding Louisville &
Nashville, he would buy it in every reac-
ton, and the friends of this company
state it will make surprisingly favorable
showing soon of the years business.
The traders on the general market
looked for reaction from yesterdays ad-
vance about noon to-day, and were in
clined to the idea that Keene and Hutchin-
son had simply made turn to sell on.
The Mills people are much elated over the
advance and strength in the bonds and
stocks market, and say they
believe these securities have seen
their lowest figures. 1t is stated
that 100000 loan on 100000 shares of
Erie common, which expired to-day had
been renewed for six months at per cent.
for leading stock house, the note being
endorsed by one of the largest capitalists
in this city, which points to where the
central of the Erie road will finally land.
Another prominent operator in this stock
said last evening that there would soon
be some tall scrambling among the
shorts.
Nothing positive has yet been done out
side of the courts regarding settlement
of the elevated railroads difficulties. A
meeting of the commissioners
of the two roads was
held at Director Halls residence Last even
ing, but the latter was not we'll and q
speedy adjournment followed.
A leading iron manufacturer states that
the official statistics show that there Is 40
per cent. less pig iron in the country to-
day than twelve years ago.
The Postal Telegraph company will
open to ST. Louis in e fortnight, and the
tariff will be % ger cent. less than West
ern Union rate. The new company pro-
poses to have thirty of the largest cities in
communication in ninety banks. The
Bankers and Merchants company have
contracted for two new cables TO Europe
next year.