Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-08
NEW YORK.
Especial Telegram to the Globe. !


NEW YORK, Sept. THE short element
of Wall street was full of business when
exchange opened this morning, and the
way that their profits dwindled away as
they covered large lines at top prices of
the day furnished amusement to all pres
ent but themselves. The only shadow on
the market was the fact that Denver 4
Rio Grande was the leader, the most &C.
tive, and score1 a greater advance than
the many properties surrounding it. North
western continued in its upward course
and sold about $1.29. Chicago, Burling-
ton & Quincy was steady at about $1.27 un-
til just at the close when it sold at
1854. Its earnings for July are said to
show an increase of 100000. Business
had been pretty we'll distributed and but
few stocks were neglected. Wabashes were
higher and quite active. Considerable
realizing was done at the last. Reports
that grain was advancing, that cold wave
was about to engulf US, and the execution
of many stop orders were the destroying
elements at the finish, and caused q weak
closing all around. For the first half hour
there was sharp upward movement from
one-half to one point, and the good feeling
and strong tone which characterized the
ole sing hour Of the market yesterday pre-
vailed. At these prices there was some
selling, and for the next hour
the market declined trife and became
very dull. A prominent house was reported
as selling some 1900 shares of Oregon
Transcontinental aud Northern Pacific
preferred, but this did not produce the
reaction that was looked for. Union Pa
cific was very strong and also of the fam
cies, notably Denver ard Louisville &
Nashville.
At II O'Clock a large operator sold heav
lily of st. Paul, which was in turn taken
freely by good parties, and still the market
seemed strong in tone, showing no weak
ness anywhere. Denver now began to at
tract large share of attention, and was
rapidly advanced to twenty-nine, a single
house taking 1900 shares for Philadelphia
parties. Following this came report that
Loyeioy would accept the presidency Of
the road provided the company would take
care Of the floating debt. Transactions
in this stock we're enormous. At noon the
bears persistently circulated stories of
frost at the west and Johns i Bell went at
Reading hammer and tongs; also at Louis
| vile and Nashville. Van Emberg came
in as seller of Northern Pacific preferred
and Oregon stumped Off without much
| H. l. L
close without recovery of note, and with
some show Of a still further reaction. The
general market with scarcely an exception
closes below the best prices of the day, and
large proportion below last
nights figures. One house is
reported to have sold $4,000 shares of
various stocks. Canadian Pacific in
creased in earnings during the fourth
week of August $4,000. Omaha increased
for the fourth week of August S5S OOo
Manitoba decreased for the fourth week
of August $4,000. The market has shown
too much manipulation to-day. The heal
thy investment demand for stocks has
almost altogether ceased and the marking
up of the cats and dogs by degrees has be-
come the chief feature of the trading.
The market this msrning was undenis-
bly, strong, but with this, healthy strength
the dividend payers were higher but were
we'll sold. st. Paul especially bears the
marks Of being freely supplied. At
one time there was q sort of
"a bear panic, or at least
there was an effort made to have this i'm
preston created. It had been stated that
the short interest has almost disappeared,
and yet the rise Of the morning is attribu-
ed to the covering of shorts. Baker SAYS
1t is more likely that it was due to manip-
ulstien by bull oiques. Louisville &
Nashville, Wabash and Denver arc thesold
disreputables which led the market to-day,
and this fact proclaimed that this rise has
eliminated, and that reaction is in order.
The reaction came during the afternoon.
There was some judicious short selling,
but more selling of long stock. A still
greater reaction is expected. Strength
was given to some stocks owing to
the dividends soon to come on
Union Pacific, st. Paul, Cen
tral, and Hudson, Omaha preferred