Daily globe., 1883-08-20
THE CEREAL MARKETS STRONGER.
NEW YORK.
Especial Telegram to the Globe.


affair, had something to do with depres-
sing prices in the early part of the day.
After this some very good buying of West
ern Union Telegraph set in, which was fol-
lowed by a decidedly strong feeling
throughout, with the exception of Denver
& Rio Grande. The latter was the leader
to-day but weak from the opening, and
declined to 291a. Mr.. Gould gets credit
for supporting his favorites. Northwest
ern and st. Paul changed but little. Chi
cago, Burlington and Quincy was in de-
mand and strong. Alton sold at 132. The
activity centered in telegraph, Oregon
Transcontinental, Delaware & Lacka-
wanna, Texas Pacific and Union Pacific.
Western Union was rushed up at the last to
1874, the final sale being at 1873. There
was much curiosity concerning the large
purchasing of it. Some argued SSthat it
ment settlement of strikes and law suits
and better prices next week. The bears
of course laughed at these statements
The market was quite steady for the
majority of stocks at the finish.
The bank statement shows a loss in re-
serve of $2,454,00O. The net earnings of
Chicago, Burlington q Quincy for this
year will equal II per cent. on the capital
stock. The Missouri Pacific system
second week IN August, increased 100000
All lines show improvement but the
Wabash which is behind $5,4OO.
Boody, Mcclellan g. Co. said Denver was
exceptionally active during the morning,
selling down considerably and rendering
other stocks more or less weak and West
ern Union was exceptionally active in the
afternoon being bid up and helping the
other stocks up with it. Both the
fall of Denver and the
rise of Western Union were
caused by manipulation. Woerishoffer
having given the point to buy Denver yes
terday sold it freely to-day, and Slayback,
of Jno. Bloodgood & Co., who is a bear on
the market, bid up Western Union x
point at time, as it is believed with the
desire of selling it. The bank statement
was unfavorable but had no influence.
The close was quite firm.
While there was much manipulation
about prices to-day there was also some
good buying, and the market seems to be
in fair condition for an advance, if any
find their fall trade opening briskly during
the coming week, if crop reports continue
favorable and no more rottenness is de-
veloped in financial circles the public will
begin buying stocks and we shall see fair
advance in prices.
Day, Field & Colborn said: s'The market
was feverish for the first two hours and
there was considerable realizing by room
fra6 of - 1l,o
weak spot was Denver. Western Union
opened % higher and was steadily sold
down to 76. At this price Gould brokers
came in as buyers and bought it most of
the day. The stock sold up sharply during
the afternoon. There were large orders to
buy good dividend stocks in the market.
We ran across over 1000 shares of Omaha
preferred to be bought at 102 and large
orders in Chicago, Burlington & Quincy at
12312 and st. Paul at 102. There was
some good buying in Louisville & Nashville
at the opening"
About noon the tone OF the market grew
better and prices were steadier, and during
the afternoon there was a fair advance
throughout the list. On the whole, the day
may be classed as good Saturdays mar
ket. The market was slightly off at the
close, but the tone was firm. 1t is salts
factory to know that the market has at
length assumed such a state that it can be
rallied. The extent of any rally depends
upon the amount of the short interest, and
this seems to be pretty generally covered,
and higher prices are now looked for.
Postal Telegraph was quoted at bid
in the afternoon, with not much doing.
Investors were waiting for further
Developments. Some lack of confidence
in Mr.. Mackey's bility or determination
to push the stock, was expressed. There
were also several selling orders which aid
ed in keeping the stock down. Mexican
Central was only nominal at 1015@12
with no transactions. When Gould covers
his shorts which we suspect he has al
ready done and goes long 100000 shares
there will be no more wires but the
striking telegraphers will go to work and
the little man will have bettered his for
tunes S5,000,000 worth on the double turn.
They tell Us at the express Offices that a
good many stock certificates
are being sent out of
town. This indicates that
moneyed men are buying stocks and tax
ing them home. Appearances indicate
that the Lake Erie & Western will pass
into the hands of the Vanderbilt people
this fall. The total shrinkage of twenty
of the leading stocks from the highest quo
tation of last year aggregates $244,470,OO0
on a capitalization of 1861, 100000 This
shows the loss borne by the holders of the
properties during the past year.
AS to the report that Gould has recently
made a private settlement with Willard re-
ceiving from him large amount of North
ern Pacific preferred at from zoe to 75c
and of the common at 35c to SIC to cover
up his short lines, we'll informed parties
think it all twaddle. There is said to be
a large Z short interest in Atchison,
Topeka and Santa Fe in Boston estimated
as high as 10000 shares, and this causes
good rallies on every decline. A. Kent, of
Chicago, one of the directors of the road,
is confident of an advance of the stock to
80.
The friends of Minneapolis & st. Louis
are very bullishIon that stock, the COM
mon rose to-day from 2115@234 bid
without any sales, at the close it stood
2314 bid for common, 49l for preferred.
and none offered. There was practically
no sales during the panic. 1t is said to be
in very strong hands.
The bond market was very active and