Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-15

observers we have seen the worst, and will
now see an improving market.
Willard said: "The market must 90 to
the bottom, but We can't tell where the
bottom is."
Depew, in conversation with number
of gentlemen at the Union hotel, Saratoga,
said: New YORK Central will pay per
cent. dividend during the life time of any
of us on this piazza"
Herman says the transactions
were about 576,OOOO shares, and
liquidation was the feature of the
day. The pressure to sell was con-
tiRuous. The decline was precipitated by
the demand for margins, which were not
responded to, and brokers elosed out &C
counts as best they could. A number of
stop orders were reached, which added to
the weakness of liquidation.
Gould said that stocks were
getting to position where
they would care for themselves,
but the future of the market was perplex-
ing. Twenty hundred shares of
stocks sold were under the rules. 1t is
reported that orders have been received
from Europe for the purchase of stocks,
and that negotiations for loan for one
year of 100000 were made yesterday at
6R with dividend paying stocks
as collateral, the proceeds to be
invested in desirable stocks.
Boston and Philadelphia parties
were among the sellers of Union Pacific.
Canada Southern made application to list
six million second mortgage five per cent.
bonds, issued for the purpose of construct
ing branch line from Willard to point
on Niagara river, acquiring the ownership
of the bridge over the Niagara river and in
crossing equipment to take its present
capacity. Henry Clews & Co. said the
decline in telegraph stocks was attributed
to the report that MacKey has furnished a
large amount of money to enable the
Postal Telegraph company to extend its
line to all paying points.
A dispatch to Schwartz & Dupee said the
forced liquidation was renewed more
savagely than ever this morning, but the
market closed better all around, some
large operators coming forward with sus-
tanning orders. The worst of the scare
seems about over, at least for the present,
and the general tone is improved. The
buying closed good, but most of the sales
were forced and in stop orders. 1t is be-
lieved that Ballou's failure will not hurt
the market much, as he sold out
all or nearly all of his long
stock yesterday and went short. The
shorts having pretty well covered, the mar
ket is likely to lose its snap and become
heavy while awaiting further develop
ments. Jay Gould said that he was bull
on everything, and that if a man had the
grit to buy and the pluck to hang on un-
til the squall is over, money will be made
at present prices. The melting away of
prices put the coolest heads into fever of
excitement. Junior partners in commits
sion houses telegraphed for senior partners
to come quick, and tonight the town is
full of bankers and brokers, who have
come in hot haste from Saratoga and New
port, and there is general overhauling of
accounts. A general effort is being made
tonight to inspire confidence and turn the
tide.
Western Associated Press.
New YORK Aug. 1.-THE stock market
opened d to 118 lower than the close last
night for the general list of active stocks,
the largest decline being in Wabash pre-
ferred and Omaha preferred. The pres
sure to sell was at first only moderate,
but was soon increased by heavy short
selling directed against Lackawanne,
st, Paul, Northern Pacific preferred, !
Oregon & Transcontinental, Lake Shore,
Union Pacific and New York Central. |
The effect was to bring out pretty large
amounts of long stock of the last six of
the above, under which they all declined,
carrying the rest of the market with them,
and causing considerable amounts of other
stocks to be thrown upon the market.
Among these was Burlington
& Quincy, which declined Pa
per cent. on sales of only about
1900 shares which was
probably nearly all long
stock. The extreme decline was reached
about 1870, at which the decline on Oregon
& Transcontinental was 41S, Burlington &
Quincy 224, Jersey Central 215, Northern
Pacific common and preferred ~, Pacific
Mail 2, st. Paul ~, Western Union II,
Lackawanna rs, Illinois Central II,
Lake Shore ~, and Wabash 13S. From
these extreme declines there was a general
and very rapid recovery, by II o'clock
ranging from to 81 per cent, the latter
on Oregon & Transcontinental to 81 a, and
from that time until II o'clock the market
continued firm, and there was evidently a
recovery of confidence not only as regards
the day but largely also as regards the
prospect for the future of the general
market. This was in some
measure due to the belief that the break
was artifcially produced, and that without
hammering of the bears, the market would
only have continued dull and compare
lively steady.
This was the general feeling up to II
o'clock, at which time the suspension of
George W. Ballou & Co. was announced.
The announcement of the failure at first
caused decline of 15@11s in the market,