Daily globe., 1883-08-16
PACIFIC ALSO UP.
A General Belief that the Market Will
Continue to Improve.
BETTER PRICES FOR CEREALS.
All the Chicago Markets Exhibiting a
Healthier Tone.
NEW YORK.
Ispecial Telegram to the Globe !


change to-day, the market was again fever
ish and excited, but was stronger and closed
with substantial advance on the entire
list, except Western Union. There was a
fair demand for stocks this morning, and
the rallies were sharp. Oregon Transcon-
tinental was up 8 per cent. from yester-
days lowest figure. The Northern Pacifcs
advanced between three and four points.
The bears covered large lines when they
retired from the field, prices weakened and
the market became feverish.
The failure of Stedman & Co. was an
nounced. Their liabilities are light. It
caused pretty free selling, however, and
demoralized the market for time. In the
last ho9r the feeling changed for the better
There was a good buying of the better
class Of stocks. The day has been an &C
tive one and we expect many more of the
same sort from now on.
Day, Field & Colborn said: "The mar
ket was very feverish but freer from ex-
citement than at any time for week past.
1t was ascertained that there was large
buying yesterday for investment by the
best investment houses. The tone of the
street was that the selling was about end
ed. A prominent commission house was
referred to as in trouble. Different promi-
nent operators expressed themselves as
thinking that the market was turned
Towards the end of the first hours work
Strong & Co. bought Oregon from 6215 to
64I. Northwestern, Rock Island and
Burlington we're advanced sharply.
Northern Pacific was very strong, and
the covering was quite general throughout
the list. After the middle hours the mar
ket became weak under free sales of
Western Union. and closed some what weak
in tone for Western Union, but generally
steady to firm on the rest of the list. It
was announced late in the afternoon that
the Grand Union hotel at Saratoga was
burning up, but later information said the
fire was under control
A very small failure was announced,
that of E. G. Stedman & Co., with no liza
bilitie5. Carried down by Cecil, Ward &
Co.
The Northern Pacific directors met this
morning and adjourned till tomorrow,
when the question of dividend will be
decided. Insiders think there is no doubt
that per cent. will be declared. Several
prominent commission houses and some of
the late bears, notably Kiermer, express
themselves that the market is a purchase
in depressions. Herman says Vanderbilt
is trying to get control of the Wabash.
The earnings of Manitoba for July de-
creased $239,O00. Jersey Central loaned
at a premium for use.
Henry Clews said: 'The feeling is bet
ter at the close, but Western Union is the
only sore spot. It is doomed for much
lower prices and is only held up by Gould's
brute force"
Boody, Mcclellan & Co. said the market
gave evidence at the opening of better
tone. The opening figures were consid-
erably above last nights closing, and the
improvement began at once. The buying
was almost all for long account. The
short interest has been successfully cover
ed on all stocks except Jersey Central and
New York Central, il both of which it
remains large. Jersey Central is leading
at Il per cent. for use. Oregon Trans
continental gained most, and sold up to
65I. Northern Pacific was also
active and strong. Two small
failures were reported, but
seemed to be disregarded. During the
afternoon there was natural decline from
the highest figures on sales to realize, but
the general market remained strong and
there promises to be a still further advance
on outside buying. Western Union was an
exception and showed considerable weak
ness, selling as low as on yesterday and
closing Is lower than last night. 1t is ex-
pected that something definite will be
learned tomorrow about the dividend on
Northern Pacific preferred. Oregon Rail-
way & Navigation company was 1880 1876.
Western Associated Press.t
NEW YORK, Aug. 15.-Large numbers
of persons thronged the visitors gallery
of the stock exchange this morning ex-
pecting to see the scenes of yesterday re-
peated. Western Union which closed at
"a yesterday, dropped to 72115 on the open
ing of the market to-day. 1t was feared
that railroad stock would suffer similar
decline but they opened at slight ad-
vance on the closing figures of yesterday,
and soon Western Union rallied and sold
at Az, but shortly declined to 73. Several
brokers expressed the opinion that no
failure would occur to-day, and that this
feverish feeling would decline before the
close of the days business. Others were
not SO sanguine, and found no encourage.
ment in the former feeling on Change
but thought it more than possible that the
improved condition was temporary, and
feared that the day might bring forth dis
astrous results. Officers of the stock ex-
change thought there was foundation for
hope and encouragement in the outlooF. J
Geo. VIM. BalIou & Co. have not yet pre-
pared staten ent of their condition. They
expect, however, to have it completed some
time during the day
New York, Aug. 15.-George w. Ballou,
VIM. H. Bingham, David H Darling, and