Daily globe., 1883-08-07
NEW YORK.
Special Telegram to the Globe. I


New YORK, Aug. 6-The bears held all
the high cards this morning, and led
trumps at the opening. Very alarming
reports concerning the telegraph operators
were early given out. Mitchell, the chair
man of the Brotherhood, announced that
the operators Of the Delaware, Lackawan-
na q Western would go out at noon, and
that twenty-four hours notice had been
given to the Baltimore & Ohio railroad.
The failure of bank in st. Aibans. VT.
and dry goods house in Boston, we're
reported. Johnnie Slayback and their
following sold all their Gould properties.
and later attacked Oregon Transcontinent-
al. During the last hour the whole list
was violently hammered, and the market
closed without rally. The bank failure
was not confirmed, and Boston correspond
ents aver that everything is quiet there,
and leather better in prices. The buying in
Northern Pacific preferred has been good,
all day. Nernan reports Gould, Sage,
Smith, Morgan and VasSerbilt long,
Woreichoffer short. Omahip earnings the
fourth week In July show an increase Of
$4,000. The Granger stocks, although
dull, found few friends. Crop prospec is
are excellent, and reports of increased
earning are received from all the western
roads. The net earnings of the Chicago,
Burlington & Quincy for the first six
months of 1888 show an increase over. the
same time last year of $1,491, ,043. 96.
Weakness characterized the dealings from
the start this morning. The Gould prop
critics were conspicuous in the decline.
Texas Pacific fell to 3115, Missouri Pacific
touched 98115, Wabash wes without friends,
and Denver s. Rio Grands also. North
western went off a point and there seemed
TO be no demand for st. Paul. The
volume of business shows an improvement
over last weeks daily dealings, cansed
principally by the dropping of holdings
by disgusted owners. Western Tnion went
below "a and so remained at the
finish. There was sale of Illinois Cen
tral at 131. Prices improved but little
during the last hour. There appeared to
be no demand, except as an occasional
| short seller bought 10 cover. Wabash
broke to 2234 and preferred sold at 36,
just before the going sounded, and the
whole list looked like going lower, when
the exchange closed. For the past
few days investors have been selling, not
buying. 1t is true that loanable capital
at this time seems more abundant than
ever, for money on call, on thoroughly
good collaterals, is offered at 2, and even at
| IL per cent. per annum, but itwas just as
abundant in 1877, when we know that
trade was at its lowest ebb throughout the
country and distress prevailed everywhere.
| One cause of the plethora of loanable
funds on the street is the extreme stagna-
tion of business on the exchange.
which correspondingly diminishes
| the demand for the use
of money, and yet such is the distrust pre-
vailing there that one of the cliques sup
porting special class of stocks has been
driven to extraordinary expedients to ob-
tain loans, and are getting them at rates
as high as 8 and 8 per cent, while the
banks are Offering money at per cent
Even short spell Of poor trade sufIices to
cause a very sensible diminution OF the
fund which keeps speculation active. 3
number Of wealthy people who have enough
to live on without work, leaves very
small proportion TO the whole of what may
| be called the we'll to 90 classes of the com
munity, but it is these well-to-do, yet not
wealthy, classes who make the public OF
Wall street, and when there is as bad
as it has been for the last year they have
little or no money to come into the street
with, either for Investment or specula-
ton. We are now in the eighth
month of q year which has not
been prosperous, and the first week of the
month is distinguished by series of COM
mercial failures in New England startling
to the community in their magnitude. A
whole industry seems Frustrated at blow
The full effects of it have not yet made
themselves felt, but we may rest assured
that it will put the month of August away
with the other bad months of the year.