Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-03
NEW YORK.
Especial Telegram to the Globe.

Especial Telegram to the Globe.
New YORK, June 2.-There was to-day
some noticeable increase in the activity of
the market, with at times a pronounced
buoyancy. Favorable accounts from the
West in regard to crops and the Iowa pool,
the better condition of affairs at Pittsburg,
and deniaIs by bulls OF the recent bear
rumors, we're used to stimulate the market.
The purchases of the large short interest
getting upon the anxious seat afforded the
principal motors in the rise, which was
helped along by the good buying of bulls
Whether the movement was destined to last
and develop into the promised June rise,
or was merely "a flash in the pan," was the
vexed question, but the ''points'' the Cos
sips distributed favored the former Crop
news has taken more favorable turn.
General Manager Talmadge. of the Mis-
souri, Pacific company, telegraphs from
Texas that the prospect for an abundant
harvest in the state is excellent, ''has
never been better" A dispatch
from Des Moines, Iowa, say the crop out
look is far more promising, small grams
never as good, and reports of corn rotting
have been greatly exaggerated. Operators
who have lately returned from western
trips give q much better impression Of the
crop outlook than prevails IN the street,
where opinion is formed largely from
reading reports Of damage. A dis p atch
from Dakota to-day takes q very cheerful
view Of the general outlook. There is a
rumor that insiders have sold their Mani
toba with the intention Of buIling Canadian
Pacific instead. The point has been to
sell Manitoba and buy Canadian Pacific
The Graphic says this evening: ''It has
just been made known that a strong pool
formed to bull the stock market in January,
was obliged to give up the effort after six
weeks hard work, and closed cut at loss
of several hundred thousand dol
lars. 1t was afterward re-organized
and went in to sell the market short. On
this side of the account it was still more
unsuccessful, its members losing about
double what they were out on the former
deal. It is undeniabe that the feeling
that an advance on present prices is justi-
fed by the general conditions has been
gradually strengthening of late. Mr..
Henry n. Smith, who has been a large and
confident holder of stocks for the past
four months, expressed himself as believ-
ing that within the next sixty days stocks
generally will sell much higher. He bases
his opinion chiefly upon the crop outlook.
He comedies that the winter wheat has
sustained some damage, but says that his
advices about the deficiency will not nearly
be made up by the harvest of spring
wheat. Taking the balance of the last
years crop now remaining on hand, he
thinks we shall have this year fully as
much wheat to sell as in any former year.
Last year the corn outlook up to July l
was bad. We all know how it improved
after that time, and how good a crop it
proved to be. This year, at this time, ths
outlook is favorable for all the crops, and
tie prospect is that of corn we shall have
a larger yield than in any year heretofore.
Mr.. Smith estimates that the seasons corn
crop will be at least 1,800.000,000 bushels,
while it will amount to at least 100000
600 bushels, and the corn crop is the great
railroad crop. In respect to oats, rye and
barley, he says that the prospect could
not be better, while the hay harvest prom
Uses to be heavier than any previous year.
Mr. Smith admits that about two weeks
ago he became nervous in regard to the
situation when he learned OF the