Daily globe., 1883-07-28
NEW YORK.
Especial Telegram to the Globe. I

New YORK, July 27.-Fhere was some
activity in the early dealings, and an ad-
vance in Louisville & Nashville of 1 per
cent. in a few moments. Prices were
generally better, but before noon the mar
ket became perfectly stagnant. The i'm
prOVement of the morning was not alto.
gether sustained. Earnings continued to
show gains. st. Paul for the third week
in July increased $4,000. Business was
about at standstill during the afternoon
Prices improved trife during the closing
half hour. The street has been free from
rumors of any kind. 1t has been about
the dullest day of the season, and may be
followed by more of the same sort. Louis
vile & Nashville appeared quite firm
at the last, and sold at 5O%.
There were but two quotations
0r the Northwestern from the opening.
There has been buying of Texas Pacific by
traders and by brokers identified with the
stock. One of the latter said to-day:
"Texas is to be made active. A new pool
has been formed and has secured stock at
price which promises a handsome turn.
The reduction in operating expenses will
make good showing of net earnings for
the month, and will afford basis for legit-
innate buying. Gross earnings from this
time on will show handsome gains. Wa
bash again shows decrease. The Iron
Mountain lease which was to do SO much
for Wabash earnings, does not seem to be
doing much yet. Notwithstanding these
unfavorable facts, I think the prices of
the Wabashes will be advanced by main
strength. It is certain that Mr.. Gould
holds large amount of the common stock,
and the man who buys it at these prices
will certainly realize handsome profits if
he holds his stock a few months"
1t was announced that Mr.. George Scott
had secured control of the Richmond &
Danville system. The stock is understood
to have been bought not as speculation
but for permanent control of the road.
This change of ownership is likely to pre-
vent the proposed issue of new stock, and
will probably bring about changes in the
management. The directors met and ap-
pointed committee to prepare a circular
explaining to the stockholders the reason
for the proposed increase in the capital
stock.
Points to buy Erie were in circulation
this afternoon. It is alleged that the stock
has advanced less than almost anything
else, and that somebody will put it up il
the market continue strong Bear points
have been given on Union Pacific. The
givers say that Denver competition is al.
ready affecting earnings unfavorably, and
that the rate of dividends will have to be
reduced. Insiders in Union Pacific
say that Denver ompetition is having nc
perceptible effect upon the earnings of the
read, and that the prospect for fall bust
| ness is quite as good as il has ever been
1t may be necessary some time to reducj
the rate Of dividends, but recent indi
cations are that the time is remote. A con
servative operator said today: lam sur,
taat Mr.Gould has covered shorts in Uniol
Pacific, and l see no reason why the stocl
should not have q considerable advance
The company provided for the floating
debt, which VAS SO long a weapon for tn
bears; it Las nearly completed its exten
sion, and during the next year will hav
comps paratively little occasion TO raise mon
ey. The crops in Nebraska promise ex
ceedingly well this year. Connection vii
soon be made via the Oregon short lin
with the Northern Pacific. In fact, every
! thing seems to be il favor of the road fo
some tine to come.