Daily globe., 1883-07-16
NEW YORK.
Especial Telegram to the Globe. |


New YORK, July IA. - The bears have
had carnival from the opening of the ex-
change until the close of business. Stocks
which have heretofore resisted the attacks
gave way to-day. AS an instance, Cana
dian Pacific, that has Just declared its first
dividend, fell off from 624 to so, and
Central Pacific, although declaring d three
per cent. dividend which was not generally
expected, failed to rally, but declined in
stead. The situation was about as near
complete decentralization as anything wit
messed in long time, ST. Paul, so strong
ly held OF late. sold as 102 as against 1O4
last evening. Northwestern lost the same
The whole line was weak during the after
noon, with great activity in ali the leading
stocks. The decline to-day has been severe
enough 10 wipe out margins in many cases,
and stop orders have also assisted to weaken
prices. The last half boar witnessed active
purchasing. North Pacific preferred was
taken in large amounts by prominent
house, but there was no indication of any
special attempt to arrest the downward
course, which has continued from the OPEN
ing hour, with hardly an interval.
Stress is laid by the bulls upon the
fact that the bears are unable to
accomplish anything except by the circu-
lation of sensational reports which in every
case thus far have proved untrue and the
concentration of effort upon single stocks.
Commission brokers say they are doing
less than anticipated, but there is increas-
ed INQUIRY from customers, which shows
that the impression is becoming more gen
eral, that stocks have about reached hard
pan. The downward movement was
created by the circulation of uufavorabIe
rumors, it being reported that there was
trouble in the trunk line pool: that Lack
awanna would not come in, and that the
New York Central was not earning It's dlvi-
dend. None of the. reports could be verified,
and it is possible that the story about
trouble in the pool may originate from
the announcement that meeting of the
representatives OF eastern and western
lines has been called for next week to con-
slider the question of freights. New York
Central was sold down, and some of the
chronic bears tried to push it lower by
offering the stocks below the bidding price
on the floor. The government of the mar
ket for the last few days has left the aver
age operator in very uncertain frame of
mind. a prominent trader said this evening:
Il never was more mixed up in my life.
The market wants to rally, but just as soon
as it shows any signs of going up an
attack is made somewhere which demoral-
ICES every thing again. We all see this and
cover our shorts. The result is that the
short interest is getting out of the mar
ket very fast, which of course leaves prices
without that support,and as a consequence
there may be tremendous break 1t looks
like Gould's work; nobody else confuses
the street so completely.
The Developments of Missouri Mining
Lands.
JEFFERSON CITY, 1.-The Walnut Land
and Coal company, of Bates county, Mo-,
was incorporated to-day with a capital
stock of S1,0OOO0O. The incorporators
are Gov. Charles Eos, ,er, ex-Speaker War
rem Keifer and Congressman Amos Town
send, of Ohio, Senator Plumb, of Kansas, |
Senator Miller and Thomas NJ. NichoI, of |
New York, John Sculler, of st. Louis. B. F. |
Walters, of Fort Scott, Kas., and James L. |
Paine, of Butler, No. The object is the |
establishment of the proposed town of |!
Walnut, Bates county, and the develop !
ment of ad accent mining lands.