Daily globe., 1883-10-29
NEW YORK.
[special Telegram to the Globe. |

lNHSSAS-- ~ S--O
New YORK, Oct. 17.-It was a lively day
on the stock exchange. with the bulls well
in possession OF the market. Substantial
advances in prices were established all
along the line. The market opened about
as it closed, and the tendency was to lower
prices on realizing by the longs end some
short selling, Michigan Central seemed
especially weak, and SO did Union Pacific
and Oregon Transcontinental. Canada
Pacific showed the most activity. 1t is a
manipulated stock, and the special
brokers' who deal in it have it all to them
selves. They marked it up to-day regard
leas of outside opioion, and the bears did
not think best to dispute its advance. It
will probabIyidrop as suddenly as it has
| advanced. About. noon Michigan Central
stock was generally called in and made
scarce for delivery. 1t loaned at d pre-
MUM for use. About this time, also, the
report was circulated that the Grand Trunk
were trying to get control of the property.
These influences caused sharp advance in
the stock, and the whole list followed.
The result was high prices all around with
small reaction just before the close.
The bank statement is unfavorable in
decrease OF the reserve Of $290,325. It
is now $303,22 below the legal require
ment. The gains to-day were Michigan
Central 2335, Minneapolis 6 st. Louis 2,
Canadian Pacific 335, Northern Pacific 1,
preferred IL, Lake Shore 115, and other
good stocks showed gains.
Worthington said. Canadian Pacific wes
about the only feature. Trading was con-
fined to room traders, who are satisfied to
take one quarter profit either way.
Clews said: 'The Woerishoeffer crowd
were the big sellers this morning, and
prices are destined to 60 lower before
another turn can be made against the
shorts"
The examination of the Willard has been
referred to the supreme court. This puts
it off indefinitely
About $SO0,OO0 gold arrived from Europe
to-day.
A large block of Michigan Central has
been called in by Hamilton & Myers, said
TO be for friend of one of the younger
VanderbiIts.
A Montreal special announces On au-
thorty Of the vice president that the Cana
dian government has agreed to guaran-
tee 3 per cent. on Cana
dian Pacific stock. The company
has given the government an equivalent
for the guarantee.
Scranton says: ''The bulls have come
to the rescae, bat not in very fierce style
as yes. The rally will be met with long
stocks, so the rally won't be of long dura-
tion. Michigan Central is pre- em1nently
the present. leader Of the market. The
Maokey postal telegraph men are selling
Western Union. The Western Union is
going to issue another pamphlet to the
public to try and influence investors to
come in and buy it AMI release Gould of
part of his burdensome load. If he were
out Of it he would be on top of it, and the
price would now be about 60. R. P. Flower
& Co. sold good deal of New York Cen
tral through their brokers'"
Clews said: fThere is no Disgusting
the fact that there is a strata of greater
confidence and elasticity, possessed by
mostly all the active stocks Than existed
previous TO the recent advance, but it is
self-evi6ent that the bears are now CON-
parativelY tame, made SO by their claws
and teeth having been recently well filed.
A continuation of both bull and bear sides
will still exist Notwithstanding, and Wall
street remain just where it is in the future
as in the past. History will repeat itself
so that We will continue to have lively
fluctuations each day, which will be many
of them large enough to be worth while for
operators to gun for and that kind of
trading we recommend for the coming
week at least"