Daily globe., 1883-08-06
NEW YORK.
Especial Telegram TO the Globe. I

New York, Aug. 4.-If the programme
was arranged TO close the week in Wall
street with one of the dullest days yet wit
messed, it has been faithfully carried cut.
There was no activity, however, during the
morning and the same state of affairs ex-
listed at the close. Western Union made
feeble squirt early to 8014c, followed by
a relapse, and sold at 1870. There were
g couple of sales in Pullman Palace at
131 and 131 116, little gain over yester-
days figures. Stocks dragged during the
last hour, and prices as a general thing
were easier. There was good deal of
general debility. The situation becomes
more and more discouraglng to holders of
stocks. The bears leave no stone un-
turned to further their ends, and are re-
ported as furnishing material to the strik-
ers, thus encouraging them in holding out.
The bank statement continues to show a
loss in reserve this week of about $4,000.
Money is very easy. Manitoba earn
ings during the fourth week of
July decreased $4,000. Only about
$4,000 shares were sold in all stocks.
Boody, Mcclellan y Co. said the strength
is due largely to the absence of the
matched order transactions. Whenever
the market is left to itself prices take an
upward turn. There is complaint among
commission brokers that any attempt to
fill an order for the purchase of stocks re-
suits in an immediate advance in prices.
An order to buy even 500 shares has an
undue effect upon the market. This Illus
trates its nervous condition. The bulls
say that stocks are so closely held that
there IS no safety for the bears, and with
the small volume of business it is an easy
matter for any recognized operator to cut
prices upon much higher plan. They
don't explain why some leader does not
put prices up.
Kiernan says: The stock market 10 " is
a puzzle even to those who in or
binary times profess TO under
stand it. There is no buy
ing whatever. No big men are
apparently interested in it, and many OF
the most active members of the exchange
are away for the summer, disgusted. The
business that is done is managed by room
traders and scalpers on eighths and quar-
tiers. There is no one courageous Or auda-
cious enough to predict which way the
market is going to jump. Nor are the big
men giving away points. The only piece
of news was that the Wabash officials as
serted that scalpers in Chicago were selling
Chicago & Alton and Illinois Central tick
cts between Chicago aud st. Louis for
$1.5O below regular rates, and claim that
the scalpers are given facilities for obtain
ing tickets at or about Sc. The Wabash
has put on its war paint, and declares that
its rate will hereafter be $3.50 either way.
IN case the other roads follow suit, a small
war of rates may start in to break the
monotony of things"
Day, Field & Colbron said: "We see but
one feature worthy of notice in the
condition ofss the market for the past!week.
Failures of large amount have taken
place IN city supposed to be commercial
ly conservative and financially sound, and
in staple business. Though not alto
Gether unexpected by financial magnates.
these failures were a severe shock 10 pub
1.c cOnuQSnCS. instead OF causing free
sales of long stock and a depression Of
prices, it was difficult to see that any i'm
preston was made on the stock market.
Liquidation in iron has taken place; that
in dry goods is about ended, and leather is
fast bringing up thelrear.;While this health
full process is going on We find less ana less
liquidation in railroad stock. The infer
ence would seem to be that it has already
taken place and it is an accomplished fact
The country has settled to better business
basis; economy has taken the place of ex-
travagance and over trading. There is |
little to be said OF the market for |
the day. Dull and moving within very
narrow limits at the pleasure of the room |
traders. The banks now hold $9,256,445 |
above the legal limit. The New Jersey |
Central report to state comptroller for
year ending June 80 shows a gross in
crease of about $4,GO0,OOO.
G. W. Clement g. Co., of Boston, failed |
to-day. Liabilities 100000.
The earnings for the fourth week in |
July of Manitoba were $4,000. Mime
apolis & St. Louis closed at so bid.