Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-22
new YORK.


Special Telegram to the Globe.
Now YoaE, Jan. 20.-There was a good
deal of strength in the early dealings TO-
day. Denver was active as usual, though
the advance seemed to be checked by a
free supply of stock at about 81. st. Paul
made squirt to 1852, but failed to hold.
The heavy storms in the Northwest are i'm
peding the northern lines seriously, and a
falling OF in earnings for time is expect
ed. Canada Southern was again in demand
by the parties who have been persistent
buyers for The past week, and
Northern Pacific common was sought
after during the morning hours. One firm
sold 5000 shares of Erie during The after
noon, evidently with the Intention of
weakening the market, which showed signs
Of becoming q little toppy. The bank
statement gave again a reserve of $780,
coo, which was not quite SO favorable as
some had hoped for. The closing Of
week generally Witnesses considerable real
ling; it was the case to-day,and there were
some evidences OF sales by
the bears, which caused weak
feeling at the end, Lake Shore and gran
gers being particularly feeble. This has
been a day CT see-saw. The first half of
the day saw prices booming and much ac-
tiyity; the last half saw a general decline
and much dullneas. The general average
has been rather in favor Of the bulls. IN
ion Pacific played drag anchor on the
stock market, and its weakness had its
effect on the general tone. which, though
opening firm and developing into strength,
soon broke. One cause that doomed Den,
YER bIackened Union fc'seYes-Denver
extension-though another was used with
Great eclat by the enemies of the Union
Pacifc-the possibility Of the government
commissioners having discovered a larger
floating debt than has been charged to I'm
| ion Pacific thus far. When the slump came
all the hands went by the board, the Van
derbilt, the Gould, the fancies, speoialties,
| coaI-carriers and all, but the reaction has
not discouraged the big holders, who claim
that those who were not in the mar
kes could scramble in at much
lower prices than yesterday or
the day before. Supporting orders were
issued for Western Union, Missouri Paci-
fc, Canada Southern and Lake Shore. One
| of the first stocks to drop was Illinois Cen
trail, in sympathy with drop at London,
where the dividend was disappointment,
something more than cash division hav-
ing been expected. It afterwards recover
| ed on ru1nor that something moro will be
declared in the way of dividend later on.
The advance in Denver at one time during
the morning was stimulated by
rumors of buying in the Chicago,
Burlington & Quincy interest.
London sold the stock again to-day. The
break in Lake Shore was result of raid,
assisted by the room traders, who used the
reported designations in the board of di-
rectors and boosted rumor of inside sell
ing to accelerate the decline. Western
Union declined a trife on the announce
ment of reduction in rates. The ques-
ton of Importance this afternoon has been
whether the bull party has lost its grip or
whether the bulls themselves command at
temporary decline. Each theory has
able supporters. 1t is alleged that
the Gould interest failed to support salts
factorily the high price of stocks, and also
that somebody was found selling Denver.
On this it is claimed prices generally were
let OF in order to bring everybody to
terms. The bull leaders say that a small
bear pool was lately organized to scalp
small profits when stock looked toppy.
This pool did some selling this morning,
and the leaders thought it worth while to
allow reaction, but they asserted with
great positiveness that prices would
be up again by Monday night A con-
sentative broker said this afternoon: "The
market is still narrow, and traders can
manipulate prices. The public has not
begun to buy. The only decided change
for the better is that standing orders to
| sell have been cancelled. This shows an
increase of faith which will develop into
good buying if the market is rightly
managed. 7 am rather glad that the de-
cline has occurred. It is natural enough
to suppose that the leaders found they
were getting good deal of stock, and
thought reaction would lead the people
who are anxious to sell to throw their
holdings overheard at once. The bulls
would in this way get the stock more
cheaply than by maintaining the advance"
I