Daily globe., 1883-07-29
NEW YORK.
Especial Telegram to the Globe. |

|
New YORK, July 28.-The market for
stocksto-aay has been anything but active,
Prices displayed considerable strength,
however, Northwestern sold at 129; Mani
toba gained about per cent, and Pullman
palace sold at 1872 during the morning.
reserve of $249,600. 1t had no unfavor-
able effect in prices. After the publica-
tion the highest figures for the day were
made in many instances. Delaware &
Lackawanna showed good deal of firm
ness at the last. The Wabash stocks were
almost lost sight of. The earnings of the
line continue to show falling off from
week to week. Late reports from along
the Manitoba road are very favorable
The improved outlook causek the marked
advance in the stock to-day.
Vanderbilts have been rather neglected
and show but little change, there was no
animation in the late dealings and the ex-
change was deserted early.
There is little to be said of the market
save that it was about as dull as it could
possibly be. The market is confined to
the room traders and the professionals and
even they are chary about venturing far
from shore on the sea of speculation.
Early transactions were almost VIII Dlly in
small lots. Commission brokers appeared
to have very few orders, and traders sat
about the room quite out of accordance
with their late habits. The sentiment of
the room was considerably more bullish.
Brokers' who have been talking very
bearish took the ground that the sell
ling pressure appeared to be over; indica-
tions that the bear clique had covered its
shorts. This being the case it was inferred
that there would be no resistance to an
advance and perhaps the bear pool might
have taken some long stock for a turn. A
broker who was inside on the decline said:
surprising if there was quite a reaction
first. 1t was necessary to give the market
a rest because the short interest had be-
come so large as to be troublesome. It
would be good thing to make the little
bears cover. They would run on an advance
of about two points, and probably go long,
all of which would be very much in our in
terest when we are ready to sell the mar
ket again. 1t is simply trading market.
When prices are down you can buy for
two or three points rise, and when they are
up you can sell for four or five points de-
cline. Just now the chances favor some
advance. There has been good
buying of Northern Pacific, and
the rumor of new pool in the
stock finds many believers. The plan is
said to be to effect an important advance,
particularly in the price of Northern Pa
| cific preferred, next month. The reports
of large loans made by people in the
Northern Pacific interest, is supposed to
be in preparation for a bull campaign. 1t
is considered certain that insiders have
lately covered their holdings. The corpor-
alton is free from any asset or liability of
doubtful nature. 1t had assets at the
last report of S18,814,470 against liabili-
tes of $18,547, ,207, leaving balance of
! $267, 1868. There are 100000 shares of
Oregon Transcontinental, which at II are
worth $30,800,O00. The company has 128,-
535 shares of Oregon Navigation selling al
1877, $4,000 Northern Pacific preferred
selling at SO and 1922 shares of Nor.
thern Pacific common selling at 40 from
which it is evident that the purchase of
Oregon Transcontinental at n is buyin e
the above stocks from II to 10 per cent
below their market price. Operators Ell
ther undervalue Oregon Transcontinental
or are paying too much for its equivalent
in Northern Pacific or Oregon navigation.
The managers of Western Union have
been summoned to appear in Philadelphia
to answer to charges in five suits against
the company for alleged damages received
through transmission of messages. The
company is understood to be preparing q
modification of the order requiring mes
sages to be received subject to delay OF
waiting.