Daily globe., 1883-08-29
NEW YORK.
Especial Telegram to the Globe. !

New YORK, Aug. 28.-On the stock ex-
change to-day the bears rather controlled
the situation during the morning hours.
Shortly after noon prices rallied, the bulls
bought stocks pretty freely and showed
considerable grit. The market became
quite active with large dealings in Oregon,
Northern Pacific and Delaware 81 Lacka-
wanna. The Omahas were strong. The
upward movement was of short duration,
however. At 2 o'clock Lake Shore on
reported cutting rates was raided and
went below 100, Northwestern declined
from 122 to 1905, and the feeling became
feverish for time. One thousand shares
Of Reading were reported bought in Phil
adelDhia for New York account. Denver,
it was said, would pay its obligations due
September. AS on yesterday, the light
weights held up and advanced while
the dividend payers we're being depressed.
Mr.. Keene was reported talking bullish
on the situation. The quotations on c., B.
& Q. to-day are x-dividend 2 per
cent. There was a good deal
of excitement in the final
and prices we're rushed up with rapidity
that was somewhat startling. Indications
favor more activity and wide fluctuations,
and tomorrow We may be treated to some
thing in the way of bear panic which
would be quite refreshing to holders of
stocks. Day, Field & Colborn said the
bears soon gathered together and sharp
onslaught was made on the Willard,
Northwest, Lake Shore and Jersey Central.
The raid lasted about an hour and when
the pressure ceased the market became
very lifeless. Towards noon the bears
again hammered the list which action was
accompanied by Kernan's report that the
Northern Pacific company has float
ing debt of $17,OOO,OOO and Oregon
Transcontinental will issue $15,OO0,OOO
bonds to be sold on the market. This
t ook all the life out of the Willard proper
ties, but did not succeed in
bringing out much of the
stock. Slayback hammered Jersey and a
prominent house sold Western Union,
seller 60. A report in the room was that
D. P. Morgan had turned bear. When re
leased from the pressure the market raj
lied, but Lackawanna seemed to be heavy
at 101. The pool sold st. Paul, and heavy
drive was made against Lake Shore. The
orders in Lake Shore seemed to be given
out by one of the Vanderbilt houses. Dur
ing the last three-quarters of an hour the
market became quite active and sold rap
idly under free covering of the shorts. It
is reported that Drexel, Morgan g Co. have
called in $4,000 shares of Oregon Trans
continental. There was great buying of
st. Paul during the early hours. Herman
reported that the Wabash lines east Of the
Mississippi are to be leased to the Lake
Shore. Opinions are very much divided
about H. n. Smith. OAe report is
that he has been following Mr.. Gould; that
the latter was long of Western Union and
short of the rest of the market; that Smith
was long Of Lake Shore and Lackawanna,
and is selling the balance of the list. A
report on the floor this morning was that
Smith had sold all his long stock and gone
short at the bottom. Those that believe
these rumors think he was pulling down
Lake Shore, against which there was
strong opposition, in order TO cover his
shorts. The market closed very strong,
with White, CIews and many other good
buyers. 1t was reported that Keene and
D. P. Morgan were caught short. It Is
likely to be brokers' market until we
know more about the crops, and on q fur
ther rally tomorrow IL may be good
sale.
A telegram to ". I. Baker says there
has been fair activity and much buy
ing by people who believe that the bottom
has beed reached. The shorts have also
covered largely. We hear that J. R. Keene
has changed front on the market and from
furious bear has become a rampant bull.
This is CLEAN of comfort to the bulls.
It is not by any means certain, however,
that we have seen the worst. There was
considerable rally about noon, which was
broken by large sales of Lake Shore which
was crowded below par on a reported
alliance with Wabash. OF the Northern
Pacifcs the common stock to-day showed
the most weakness. The preferred seemed
to find plenty of buyers at about II, and