National Republican., 1883-01-04
THE DAY IN WALL STREET.
Cpreg1I Dlenofrb

Special Dispatch
NEW York, Jan. 3.--Stocks opened fever
ish, aud lower under free sales by Keene and
such brokers as Dickinson aud Bird, who are
usually loud-sounding leaders The decline
ranged between and 2l per cent, the latter
in Northwestern preferred, but the shorts
soon began covering aud general improve
ment followed. There was n manifest disin-
clination on the part Of even old bears to fol-
low Keene and the rest.
On the second call tho whole list strength
ened, and there were indications that the
market had scrapod bottom at least for the
present. The short interest is said to be con-
siderable.
Money lent early in the day at z, II er at 9,
and the bankers were predicting that money
would be easier after to-day.
Early in the last hour stocks were dull, but
firm. Michigan Central and Denver were
especially strong The stronger parties ap.
peared to be buyers this afternoon.
Stocks loaned at to 6; later at s.
In the afternoons trading Warden bought
81. Paul largely, Post Wales bought North
western, Freeman & Co. bought Northern
Pacific, Osborn & Co. bought Denver, De Cor
dova bought ST. Paul and Northwestern and
the traders appeared to be pretty well covered.
II was rumored that the Western Union
and Mutual Union had agreed to stop litiga-
tion and sort of truce was proclaimed
Government bonds were strong with good
demand.
Brokers report that Keene and his follow
ing have been the main sellers this morning.
There are strong intimations Of an advance
in Denver.
VSeligman & Co. report the London market
du1l with slight demand for American Sc
-curitics.
Senator Garland's bill, which transfers to
the department of Justice the prosecution Of
railway companies who have by breach of
contract forfeited land grants, is regarded as
a direct blow at the Pacific roads, as the at
torney general will be severe.
In the London market United States 4ps
were lower, Erie !, New York Central J,
Illinois Central !, Pennsylvania Central IL,
Ontario and Western /, and 81. Paul common,
II lower.
The market to-day, as yesterday, has been
in the hands Of professional traders and ma
nipuators, but the course of quotations would
indicate that the drop yesterday was per-
mitted by the operators who believe in higher
prices, with a view to encourage the short
interest and to buying stocks sold last week at
lower prices. The buying to-day has been
very good, and we look for higher prices to-
morrow. The absence of rumors and the
heavy buying gives plenary evidence Of some
further advance.
The time to sell is when the points to buy
are very thick, and the best time to buy is
when the short interest is very large, and the
bears are predicting that prices are going out
of sight.
The great mistake the average speculator
makes is, that he buys and sells entirely upon
tho outward appearance of things, when, in
fact the situation is colored SO as to permit
the leaders in the market to buy and
sell at profit. Gould, Vanderbilt, Sage,
Field, and Keene control, first, unlimited
money; secondly, the press. Against such a
combination it would be unwise to accept all
YOU hear as truth, but nine times out Of ten
it would be safer TO "copper"" The dis
solving of the Mutual Union pool injunction
takes away Western Union bull prop.
The shipments of east-bound freight were
very heavy last week, being the largest Of the
year, being nearly $4,000 tons against $4,000
tons the week before. The "Nickel-P Plate "
road is entirely left out of this calculation.
STOCKS.
The following are the opening, highest,
lowest, and closing prices of the principal
stocks for the day, as corrected by special wire
reports received by Bateman & Co., bankers,
No. Corcoran building: